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The small business insurance every entrepreneur needs

We know you’ve got a lot on your mind making sure your business stays in business. Whether you’ve just started an exciting new venture or you’ve been running your own thing for years, small business insurance is probably the last thing you want to think about. Plus, it costs you money every month even though there’s a chance you might never need it, right? But there’s also a good chance you will need it someday. And when that day comes, you’ll be glad you took out small business insurance, especially if something happens to your premises, your business itself and all its equipment, your reputation, or your financial position.

Let’s take a look at the types of cover every small business owner needs.

Small business insurance

Every small business owner should have some kind of basic cover that will protect them financially should something unforeseen happen. The kind you need will depend on the type of business you run. However, most insurance solutions will cover a business against loss, damage, theft, and third-party liability. 

Loss and damage

Insurance against loss and damage usually includes the business premises, the furniture within it, stock, equipment, and machinery.

Your insurance will cover you against acts of nature like lightning, storms, fires, high winds, hail, snow, earthquakes, floods, and explosions. You’re also covered if an act of theft or attempted theft leads to damage to your premises, such as broken windows and locks.

Theft

Your machinery, equipment, stock, and furniture, like laptops and desks, at your premises are covered if they are stolen.

Third-party liability

Every type of business is vulnerable to being held legally liable for mishaps that occur during the course of usual business. This could be an employee or customer who is injured on your premises, or you could provide a service that leads to financial loss for a client. Third-party liability cover protects you financially should you have to face lengthy and expensive court battles or pay damages should you be found negligent.

Portable Possessions Insurance

Depending on how your business operates, you might be out and about visiting clients. If you do, you’ll be carrying some valuable possessions with you, such as your laptop or business smartphone. Business portable possessions cover will make sure you can repair or replace these items if they are lost, damaged, or stolen.

Directors and officers insurance 

If you’re a director or officer for a small business, we understand you’re constantly under pressure to perform. Sometimes this pressure can lead to innocent mistakes that can cost the business money and reputational damage. When this happens, you could be held legally liable. Directors and officers insurance protects you financially if you’re held legally responsible for an error in judgement and need to pay damages.

Errors and omissions insurance

If your small business provides a service, such as consulting or professional advice, there’s a chance you’ll make a small error that could lead to disastrous consequences for you and your client. Errors and omissions insurance is specifically designed to cover businesses that provide professional services in case they face legal action.

Buildings insurance 

Buildings insurance is for entrepreneurs who own their workplace rather than renting office or retail space. It covers the fixed structures on your premises against accidental damage, loss, and theft. These include the main building, gates, lights and decorative items in your parking lot, and sometimes the pipes and geysers on the property. 

Having said that, sometimes stock and moveable items will be covered under a business buildings insurance policy rather than under standard business cover. If you rent your premises, check with your landlord whether your moveable possessions are included under their policy. If not, you’ll want to take out buildings cover so these items are insured even though you don’t own the building.

Business motor insurance

If you use a vehicle in the course of your business, whether it’s your personal car that takes you to clients and site meetings, or delivery vans to get your goods to your customers, you’ll need business-specific motor insurance. You can either insure your personal car for business use or you can take out a separate business motor insurance policy. This would insure you for more than standard car insurance, such as cover for your tools, goods in transit, third-party liability, fire, and theft.

Our 1st for Women Small Business Motor Insurance includes roadside assist that will help get you and your vehicle back on the road in no time if you get stranded on your way to an important meeting. You can also add car hire for an additional fee because no accident or vehicle breakdown should slow you down when it comes to doing business.

Loss of income insurance 

Loss of income cover is one of the most valuable small business insurance products an entrepreneur can have. Unlike large corporates, small businesses often don’t have the financial safety net to endure a protracted loss of income. If you are unable to run your business for an indefinite period of time, whether it’s due to damage to your premises or an infectious disease that forces you to temporarily stop trading, loss of income cover can be the difference between reopening your business or permanently shutting your doors.

Small businesses covered

Any kind of business can benefit from small business insurance in South Africa. At 1st for Women, we offer a number of insurance solutions specifically designed for different businesses. These include:

• 1st for Business Women: If you own a physical shop, like a retail store, coffee shop, hairdresser, or salon, our 1st for Business Women solution is for you. It provides tailor-made cover for those dealing directly with the public on physical premises.

• 1st for Professional Women: If you offer professional services or are in a career which is governed by a professional body, this is the right cover for your business. It’s designed for lawyers, engineers, accountants, doctors, consultants, and any other profession where expert services are supplied. These industries often have specific legal requirements for insurance, which we are able to accommodate.

• 1st for Executive Women: Whether it’s your small business or someone else’s, fulfilling an executive role creates a lot of pressure to perform at your peak at all times. Our 1st for Executive Women cover helps reduce your financial obligations if you’re held legally responsible for a mistake that affects the business or a client. 

Small Business Insurance Quotes

The smallest businesses often face the biggest risks. If something goes wrong, it can be difficult for them to recover from the financial implications if they don’t have small business cover. That’s why we offer a range of products that not only cover you should something go wrong, they also come with a host of benefits to help you build your empire. These fall within our Business Assist benefit that comes standard with any business insurance policy. You can get tailor-made assistance with starting and growing your business, including:

• Financial advice and planning. This includes receiving an in-depth credit report, help setting up a trust, creating a last will and testament, debt counselling, financial planning, and more.

• Collecting unpaid debts. So you can concentrate on making money rather than chasing it.

• Digital marketing. This includes setting up social media accounts, creating a corporate identity, website domain registration, setting up and sending email campaigns, and more.

• Emergency medical assist. Any time, any day, if you need urgent medical attention, we’ll organise it. We’ll arrange transport for you to the nearest medical facility in a medical crisis. You can also use our 24/7 medical advice helpline if you’re worried about your health.

• Road assist. Whether you break down, have an accident, lock your keys in your car, run out of petrol, or burst a tyre, our roadside assistance is just a call away.

• Office assist. If you have an emergency at your workplace, such as a burst geyser, a broken window, a damaged lock, an electrical fault, or an insect infestation, we’ll send someone from our large referral list of qualified technicians to fix the problem. This includes plumbers, locksmiths, electricians, pest control, tree fellers, security services, and glaziers.

• IT helpdesk. If you are stuck with a tech problem, our IT helpdesk will help troubleshoot the problem. You also have the option of having our tech experts manage your IT operations for you monthly.

• Tender assist. Keep track of all relevant tenders as they become available with our handy tender assist service.

• Safe and convenient driving services. If you’ve got an important meeting in another province and can’t afford to miss your flight, use our reliable driving services for airport transfers.

Ready to make sure your business is protected from even the most seemingly unlikely scenarios? Get a Small Business Insurance quote from 1st for Women today. You can start a quote online, call us on 0861 11 16 67, or email us on [email protected] and one of our consultants will be ready to assist.

Terms and conditions apply. Long-term insurance products are underwritten by 1Life Insurance Limited, an authorised financial services provider (FSP24769).