Under-insurance is a key challenge for South African businesses, especially when you consider that SMEs represent 98% of South Africa’s workforce.
Smaller businesses, in particular, often fall into the trap of underinsurance because they are either unaware of the repercussions or are trying to save on premiums. But the last thing business owners need after a loss is to have to outlay additional funds to get back on their feet
Case Point
If your electronic equipment, for example, is insured for R100 000, but valued at R200 000 by an assessor, you are deemed to only be insured for 50% of the full value. Should all this equipment get damaged in a flood or fire, or be stolen, your insurer will only pay 50% of your claim – meaning you will have to spend R100 000 to resume full operations.
Commercial insurance is typically broken down into the following broad categories
& can be further expanded to include:
We understand that each business is unique and comes with it's own set of risks , there is no one-size-fits-all solution.
No matter the size or type of business you run, Graham Silva Insurance can assist you in choosing the correct insurance products to suit your specific needs. One of our consultants will come out to your business and assess your needs.