Starting a small business? Here’s why business insurance is a must!

With South Africa battling the effects of a pandemic and the economy on an all-time slow, more people are looking at additional means of income. As industries fight to stay afloat and thousands have been forced to take drastic salary cuts, it is no surprise that many young South Africans are keen on starting their own businesses. While this will boost the economy and could help the unemployment rate, it is not a decision to be taken lightly. Beyond the initial planning phase and drawing up of business plans, every business needs to be financially secure in the event of damage to the property of the business or its vehicles.

Comprehensive and budget-friendly business insurance will make a significant difference in the day to day operations of the business, giving you peace of mind and allowing you to live your way. Neglecting to put a solid business insurance package in place will leave your business and its assets vulnerable in light of an unforeseen incident. Here are a few disadvantages of not having business insurance.

The Risk of Not Having Business Insurance 

The biggest risk remains losing much-needed capital that may have been budgeted for already. Not having solid business insurance cover may result in going out of business, not being able to repair business resources such as vehicles, not being able to afford payments on compensation claims, the inability to recover from financial business interruptions and of course, legal cases that may arise as a result of poor or inadequate insurance. Business insurance can cover everything from property damage to employee accidents, vehicle write-offs or loss of stock. Business Insurance should be flexible and to your unique line of business.

Here are three advantages of business insurance cover that is sure to help any business owner rest easier at night.

• Protection of business assets;
• Protection of business products, material and resources; and
• Protection against employee dishonesty (driver dishonesty, fraud and theft, etc.)

Business insurance does not have to cost an arm and a leg. MiWay offers comprehensive business insurance that is adjusted and tailored to suit the financial needs of our clients. MiWay also offers All Risk Cover for business assets that are used outside of your business premises.

For a comprehensive, budget-friendly and tailored insurance plan that offers premium cover at affordable rates, get an online insurance quote so you can continue to live your way!

MiWay is a licensed insurer & FSP (33970). Ts & Cs apply.