Fire

Building Combined Section

Office Contents

Business Interruption

Theft

Business All Risk

Glass

Personal Accident

Accidental Damage

Public Liability

Electronic Equipment

Money

Motor

Goods in Transit (GIT)

Employment Practices Liability Insurance

Agriculture

Heavy Commercial Vehicles & GIT

Additional Sections

Business (or Commercial) Insurance policies

Commercial Insurance, also know as Business Insurance, protects your businesses from losses due to events that may occur during the normal operations of business. Most Commercial / Business insurance policies offer similar cover options, but it is still necessary to search the market and cover all grounds to ensure the most suitable portfolio according to your needs as well as your business’s needs. Business insurance policies include coverage sections such as Fire; Buildings combined; Office Contents; Business interruption; Theft; Money; Glass; Goods in Transit; Business All Risk; Electronic Equipment; Motor; Public Liability.

FIRE

Fire insurance is vital for any business. All the assets that a business has accumulated over the years could be lost in an instant. The fire section provides the necessary cover for damages/losses to the whole or part of the property which includes damages/losses to buildings, contents, items, stock, and rent.

BUILDING COMBINED SECTION

Buildings Combined is a unique policy, originally created to address the so-called "A-class risks", were no manufacturing processes take place for example:

Private individuals.
Offices and residential buildings (flats).
Community services and churches.
Educational institutions.
Professional businesses, e.g. attorneys.
Business services.

Buildings Combined insurance was initially introduced to insure buildings only.

These risks are listed as low risks.

Depending on the risk, other types of buildings can also be insured under this section with the insurer’s approval. Factors

The full description of the property and activities / risks applicable to the building are all factors affecting the type of building cover needed.

OFFICE CONTENTS

While there are many different policies for businesses, there is a unique policy specially designed and created for office contents. This policy was exclusively designed to insure the contents of bona-fide offices which includes damages/losses to office contents and documents.

BUSINESS INTERRUPTION

If an unexpected event occurs and your business is not able to operate normally, the Business Interruption cover will help the business to get back on its feet during this interruption and help towards retaining margins.

THEFT

The Theft section is regarded as a high-risk section.
The risk of theft is based on several factors, of which the type of content and the security is the most important factors.
It is important to determine the specific risk applicable to the business.

BUSINESS ALL RISK

The Business All Risk Section is a unique section that provides much more cover and will protect your business assets whilst not on the premises.

The section is normally used to insure portable items in two ways:

Specific items that are specified on the schedule – example cell phones, cameras, etc.
A group or set of items of a similar type – example a toolbox with tools.

Cover for the insured property is not limited to a specific premises.

As certain items are almost continually in transit or moved around, there is surely a need to insure it under the Business All Risks section.

GLASS

Cover is provided specific for accidental. The client (building owner) has already insured his building, which includes the glass, under the Fire section against insured perils such as fire, storm, wind, impact, etc.

The reason why the glass should be insured separately is that the Glass section provides specific cover for accidental breakage of glass associated with a risk.

PERSONAL ACCIDENT

Personal accident covers the employees of business owners against injuries sustained at work.

ACCIDENTAL DAMAGE

Unique cover for business goods against accidental loss or damage.

PUBLIC LIABILITY

This covers your business against third party claims related to your business.

ELECTRONIC EQUIPMENT

In todays’ era of electronics, this section is probably one of the most important sections of a commercial policy.

Various types of computers are used in specific industries and this section do not only cover the ordinary desktop computer, but also include a large variety of electronic equipment.

Examples of electronic equipment:

Electronic office equipment, such as fax machines, switchboard equipment and photostat machines.
Communication, broadcasting, radio, and sound equipment.
Photographic and graphic equipment.
Electronic-medical equipment.
In-house / Out-house TV camera, recording, transmission.
Research, material, motor and other measuring, testing, and GPS equipment.
Alarm and security systems.
Bioscope and film equipment.
Navigation equipment.
Intercom systems.
Sound recording and output equipment.

Any type of electronic equipment can be insured if it is operated under normal circumstances. Electronic equipment is usually referred to as “low voltage equipment”.

MONEY

The main purpose of the Money Section is to insure the money of a business against theft. The policy itself also offers cover for other losses that involve money.

It is a type of all risks cover with certain exclusions attached to it.

Whether you prefer to keep the cash at your business premise or depositing your business earnings weekly, having Money Insurance could save you from unexpected financial loss in the event of robbery or theft.

MOTOR

Vehicle fleet - One of the biggest assets and biggest risks for any business. Fleet insurance can be approached on various ways.

Some insurers set a target criterion of a minimum number of vehicles to qualify as a commercial fleet.

Niche commercial fleet underwriters on the other hand may look at a smaller number of vehicles to qualify as commercial fleet. They may also consider tailor-made solutions from small delivery vehicles, car hire companies and allowance schemes for businesses.

Every commercial fleet is unique on its way and needs to be considered with its own criteria.

It is important to not only take in mind the damages to the vehicle but also the liability that may be caused by the ownership or use of a vehicle.

These types of claims can lead to tremendous amounts, and it is essential for any business to indemnify itself against it.

The Commercial Motor section entails mainly four sections:

Motor General

Motor Specified Vehicles

Motor Fleet

Motor Industry Risks

GOODS IN TRANSIT (GIT)

Over the past few years, owners of trucks have been troubled by theft and hijackings of their vehicles and the cargo. Theft and hijackings among others are becoming a serious problem.

The main purpose of the Goods in transit (GIT) section is to provide cover for loss of or damage to the whole or part of any commodity (cargo) specified, which are owned by the Insured or for which they are responsible for, during transit by the means of conveyance (transport vehicle) or other means incidental thereto.

Goods in Transit also protects the Transport Operator or the Courier Distribution Service for their responsibility, in the event of damaged or lost freight being transported.

Goods in transit as the means of conveyance is limited to roads, rails, and air transport.

Goods in transit by sea is excluded but another policy, known as Marine Cargo insurance, is available for these purposes.

Factors that need to be considered to ensure the correct coverage:

The type of commodity
The type of vehicle used
The annual turnover of the business.

EMPLOYMENT PRACTICES LIABILITY INSURANCE

Employment Practices Liability Insurance (EPLI) provides employers comprehensive coverage for claims relating to employment-related litigation, CCMA action and the inherent financial risk to businesses. In today’s increasingly litigious business environment, employing staff is inherent with legal exposures and employers need to ensure coverage against allegations of unfair labour practices & disputes.

ADDITIONAL SECTIONS

Accounts Receivable
Fidelity
Internal / External
Machinery Breakdown

HEAVY COMMERCIAL VEHICLES & GIT

Truck or Heavy Commercial Vehicle (HCV) Insurance offer various covering options & extensions available. Truck or Heavy Commercial Vehicle (HCV) covering is available from Truck owner drivers to huge Heavy Commercial Vehicle (HCV) fleets.

Truck or Heavy Commercial Vehicle (HCV) Insurance cover options may include the following:

Comprehensive truck and trailer cover;
Third party fire and theft;
Third party only;
Loss of use;
Goods in transit cover etc.

Goods in Transit (GIT) Insurance entail coverage for property against loss or damage while freight is in transit from one place to another or being stored during a journey.

Goods in Transit also protects the Transport Operator or the Courier Distribution Service for their responsibility, in the event of damaged or lost freight being transported.

AGRICULTURAL

Hail, heavy rain, and drought can have a disastrous impact on the agricultural/farming industry. This includes its crops, livestock and assets (e.g., tractors, harvesters, systems etc.) The result is lost in farm income. It is essential for Farmers to invest in Agricultural (Agri) Insurance.

Agricultural (Agri) Insurance cover is tailored specifically for the unique risks and requirements the farming industry faces. Not only does Agricultural Insurance provide cover for crops on the one hand, but also has cover available for aspects such as farm dwellings, farm buildings, farm machinery, equipment and/or implements, personal contents, and agricultural liability.

The two broad areas of Agricultural (Agri) Insurance entail:

Crop Insurance: Insuring your crops against certain perils (some on a direct risk basis or systemic).
Asset Insurance: Fixed and moveable assets (Items such as tractors, pivot irrigation, electronic equipment etc.)