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Commercial Short Term Insurance | Reid RaetzerReid Raetzer

Commercial Short Term Insurance

Short Term Business Insurance

Short term business insurance is one of our key areas of expertise.  Our business insurance brokers know how to assess your business’s unique needs and potential risks, and will advise you on an insurance solution that’s tailor made for you.

This covers losses as a result of fire, lightning, explosion, storm, wind, water, hail, snow, earthquake, impact by animals, trees, aerials, satellite dishes, vehicles, aircraft and other aerial devices or articles dropped from above, as well as malicious damage. Numerous extensions of cover are available, like for ‘sprinkler leakage’ if you have any automatic sprinkler systems installed, so please talk to us about any extensions you might need.

  • Basis of Sums Insured:
    Plant, machinery, fixtures and fittings, all other contents and tenant improvements. The sum insured must be calculated at the new replacement value. Tenant’s improvements must also be included as well as sprinkler malfunction cover if applicable.
  • Stock
    The sum insured must be at the cost price to you. This includes raw materials, work in progress and finished products.
  • Buildings
    Always take the following factors into account: fire fighting charges, cost of demolition and removal of debris, professional fees, public authority requirements, new replacement cost of rebuilding the entire building, new replacement values of gates, fences, driveways, parking areas and lighting etc. We would also recommend that you include accurate escalation and inflation percentages.

Where a building is mainly occupied as offices or for residential purposes it is possible to insure the building on a “Building Combined Basis”.

This includes the cover of the Fire & Allied Perils  insurance plus theft following forcible entry to the building, loss of rent after an insured loss and property owner’s liability. Please note: that loss of rent cover will cease once the building can be occupied, regardless of whether or not it has tenants.

The basis of establishing the sum insured is the same for the Fire & Allied Perils Insurance.

This section covers all contents within your office excluding electronic equipment which should be more specifically insured under Electronic Equipment Insurance.

The sum insured must be stipulated at replacement value and not at the depreciated value.

Theft cover is limited to 25% of the sum insured and is subject to forcible and violent entry.

A Business Interruption Claim must follow a loss which would be covered in terms of the Fire & Allied Perils Insurance.

The quantum of the Business Interruption Claim is established by applying the Rate of Gross Profit to the Reduction in Turnover caused by the loss. The Rate of Gross Profit is arrived at by applying the policy definition, relative to your requirements, to past trading results as per your financial statements.

Cover is applicable for a Period of Indemnity following the loss. You should choose the Period of Indemnity to represent the length of time that you estimate it would take to re-establish your business and re-attain turnover levels, prior to the occurrence of the loss.

As the intention of this insurance is to provide you with your gross profit as if a loss had not occurred, it is important that the sum insured is accurately based on the Budgeted Gross Profit for the current period of insurance plus, ‘trend’ for the relevant period of indemnity after the renewal date. This ensures adequate cover should a loss occur just before the renewal review.

There are various extensions of cover that are available, which we would be happy to discuss with you. These include:

  • Interruption of public utilities, i.e. water and electricity.
  • Interruption of public telecommunications.
  • Interruption as key suppliers
  • Interruption to customer’s premises plus a prevention of access to premises.

This provides cover in if your accounts are destroyed by an insured peril, burglary or another insured event.

Data should always be backed up and either removed from the premises at the end of each business day or stored in a secure, fireproof safe.

Some important factors to be noted with regards to this insurance are:

  • Cover is subject to forcible or violent entry or exit from the building.
  • Theft by an employee (as principal or an accessory) is excluded.
  • Money is not covered and must be specifically insured.
  • Damage caused to the building is limited to R 5 000. This amount may be increased.
  • Theft of goods in the open is excluded.
  • Theft of building fixtures and fittings is excluded.
  • If your cover is subject to a burglar alarm warranty, you must ensure that you comply with its conditions.

This insurance is not subject to ‘average” and the limit of indemnity you choose should represent the maximum value of goods that you estimate could be stolen.

This insurance is not subject to ‘average’ and you choose the limit of indemnity of the cover you require.

The limit of indemnity you choose should represent the maximum amount of money you would have at risk either at your premises or in transit to or from the bank.

Here are a few important things to think about concerning this insurance:

  • Cover of money not contained in a locked safe out of business hours is limited to R 1 500.
  • Theft of money by an employee must be discovered and reported to insurers within 14 days.
  • There are limitations on the policy with regard to the amount of cover provided in a locked safe out of business hours, depending on the SABS grading of your safe.
  • Money in transit depends on whether the cash is in the possession of employees or a security company. We strongly recommend that you refer to your policy documentation to familiarise yourself with these limitations as non compliance could severely prejudice your claim.
  • Money in the possession of collectors or delivery drivers must be specified.
  • Cover in respect of ‘receptacles’ is limited to R 2 000. This may be increased.

This covers internal/ external glass including mirrors and sign writing. It is important to ensure that you are adequately covered for the full replacement value as this section is subject to average. Glass cannot be selectively insured and therefore the total value of all the glass, mirrors and sign writing must be included in the sum insured.

This section also provides other costs such as boarding-up frames, fixtures and fittings and the cost of hire for a watchman. The aggregate limit for the above is R 2 000.

This insurance covers losses of money or goods which you may suffer as a result of fraud/ dishonesty by an employee which results in personal financial gain for the employee.

The cover can either be arranged on a named employee/ position basis or on a blanket basis covering all employees.

Please note that cover excludes losses as a result of dishonest manipulation of any computer programme, system, data or software by employees in the data processing unit.

This insurance covers your property whilst in transit by road (your own/hired vehicles or third party carriers), by air or rail. Cover by sea can only be provided by a specific marine insurance policy.

This cover is not subject to ‘average’ and you choose the limit of indemnity required.

The limit of indemnity should represent the maximum value at risk that you would have on any one conveyance at a time. Note: where “sold” goods are being covered, we recommend that the limit of indemnity be based on ‘Insured Value’ and the policy noted accordingly.

Here are some important considerations:

  • Cover can be on an All Risks basis or restricted to ‘fire, collision and overturning of the conveyance’.
  • ‘Hijack’ losses (if on an All Risks basis) carry a higher excess/ first amount payable.
  • Theft (if on an All Risks basis) from an unattended conveyance is not covered unless accompanied by forcible and violent entry to the conveyance or any building in which the conveyance is housed.
  • Inadequate packing could lead to the invalidation of a claim.
  • Losses due to breakdown of refrigeration equipment are excluded.

This insurance cover is specifically for equipment that is used away from your business premises, such as notebook computers, mobile phones, or where specific All Risks cover is required at your premises, such as closed circuit TV equipment, security cameras etc.)

Theft from unattended motor vehicles is not covered unless there is forcible and violent entry to the vehicle or any building in which the vehicle is parked. Losses are also specifically excluded if they are as a result of:

  • Wear and tear
  • Dishonesty of any employee.
  • Mechanical or electrical breakdown
  • Process of undergoing repair, cleaning etc.
  • Other exclusions noted in policy documentation

If any equipment insured is upgraded or changed, we must be advised of the details of the new equipment including serial numbers. Sums insured must be based on new replacement value.

This insurance doesn’t replace any other cover of your insurances but is merely “top up” cover. Please contact us if you have any queries in this regard.

We recommend that you discuss this very complex form of insurance with us. In a nutshell, this insurance covers your legal liability to third parties arising out of and in the course of your business in case of:

  • Accidental death, bodily injury or illness to any person not in your employ.
  • Accidental loss of or physical damage to tangible property not in your custody or control.

The basic forms of cover available are:

  • Property Owners Liability.
  • General Public Liability.
  • Tenants Liability.
  • Products Liability.
  • Defective Workmanship Liability
  • Legal Defence Costs (statutes).
  • Wrongful arrest and Defamation
  •  E.C. Liability

Other specialised forms of cover are:

  • Product Recall
  • Contaminated Products Liability
  • Defective Design/ Inefficacy

This insurance provides cover for legal liability for death, bodily injury or illness of an employee occurring in the course of and in connection with his/her employment.

As the Compensation for Occupational Injury and Disease Act would generally cover the above instances, the Employers Liability Cover would apply only in the event that compensation in terms of the Act is unavailable.

This insurance provides cover in case of death or bodily injury caused by accidental, violent, external visible means to employees specified on the policy schedule.

The benefits provided by the policy are as a result of:

  •  Death
  • Permanent disablement
  • Temporary total disablement
  • Medical expenses

The basis of the cover can be specified for working hours only or full cover on a 24-hours basis.

It is important to note that the proceeds of any claim on this insurance is paid to ‘the insured’ i.e. the employer and not to the employee covered by the policy.

This insurance covers damage to customers’ vehicles either at or away from your premises. Please contact us if you need more information about this.

This insurance provides cover for specific electronic equipment such as laptops, computers, and data storage devices. Please talk to us for more information.

This insurance provides a wide range of cargo and marine insurance products. Please contact us to discuss the best possible cargo insurance solution for your business.

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