Grudge payments: taxes, medical aid and insurance, to name but a few. We have to have them because the alternative is too serious to contemplate. If you are in business and you are an artisan or an engineer, you better believe you need insurance.
Electricians: Consider an electrical fire after you have signed off the clearance certificate. Think you are covered? Best double check; you may be wrong. Plumbers: Consider a tap head blowing off and ruining an entire house; including the furniture, cupboards and wood floors.
This type of mishap could not only mean the end of your business and your livelihood; but may destroy your reputation and future.
Yes, your policy has defective workmanship cover – if you asked for it. But did you know defective workmanship cover insures you against the broken tap in our example above, and not the resultant damages? These costs can easily run into the thousands, and even though none of us wants to invest any time, energy or money into more insurance, we probably should.
And bear in mind – not all insurance policies offer these kinds of insurance; so it is by no means a foregone conclusion that you can just add it.
If you are a contractor, any type of artisan or engineer, it is strongly suggested that you obtain some more information on your insurance policy.
Ask your broker what exactly is covered and use the examples above to plot where the cover starts and ends – and save your future.
Written by small business strategist Michelle Schourie.
Details: Michelle@Knightshade.co.za
