As we embark on a new year, now is the ideal time to review and optimise your insurance coverage to fortify your business’s financial foundation and equip yourself to weather the storm and embrace the opportunities that lie ahead. Taking an early and proactive approach ensures your assets, operations, and workforce are safeguarded against potential risks.
Here are some key commercial insurance tips for business owners to consider:
Business & Property Coverage
Review & Revise
- Conduct a comprehensive inventory review of all business assets and adjust coverage for inflation or recent upgrades.
- Reassess your property’s value to ensure the sum insured is accurate, especially following major changes like renovations or security enhancements.
- Consider improvements, repairs, or alterations to the property to mitigate potential risks before they become dire.
Additional Options
- Ensure your policy reflects the current scope of work, revenue, and operational structure.
- Add additional insurance coverage to compensate for any supply chain disruptions or downtime from equipment failure that may occur.
- Review your liability insurance coverage for sufficient protection, ensuring you are aware of any specific conditions or exclusions in your policy.
- Collaborate with Risk Management specialists to implement proactive and necessary risk prevention measures.
Vehicle Coverage
Reassess & Address
- Review your vehicle policy to ensure it covers all existing and newly acquired vehicles. Updating the fleet’s insured value leads to accurate underwriting and administration in the event of a claim.
- Evaluate driver performance from the previous year and take proactive measures to address any risky behaviour or repeated claimable events.
Safety & Prevention
- Ensure all drivers are properly licensed, insured, and fully understand the policy conditions that apply to them to avoid claim repudiation.
- Schedule driver training and health checks to ensure planning and readiness for the year ahead.
- Conduct thorough vehicle safety checks and implement updated safety procedures to address emerging risks.
- Add or update GPS tracking or telematics to monitor driver behaviour and potentially reduce variable costs.
Additional Options
- If operating in high-risk areas, consider coverage for natural disasters and extreme weather events particularly for maximum cover available for any-one risk address (most insurers have limits of R100 Million per property.
- Consider SASRIA cover to safeguard your business against potential political risks, if not already included in your policy.
- Review the accuracy of additional cover options, such as Theft & Hijacking and Goods in Transit cover.
It’s more than insurance, it’s a partnership.
By conducting regular policy reviews, you can avoid being over- or underinsured and stay prepared to navigate an ever-evolving risk landscape. At Wyngaardt Brokers, we’re dedicated to delivering tailored short-term insurance and risk management solutions designed to meet your business’s unique needs.
Visit www.wyngaardtbrokers.com to connect with us and take the first step towards safeguarding your assets.
Disclaimer:
The information provided is intended for informational purposes only and does not constitute legal, medical, or financial advice. Ts and Cs, limits, and standard rates apply.
Wyngaardt Brokers (Pty) Ltd is an Authorised Financial Services Provider (FSP 53138).