By Veronica Cruz 
Welcome To The I&DRS™ Website
Welcome to Industrial & Domestic Risk Services (I&DRS™). We are risk professionals offering an insurance broking and risk management service to corporate, large, medium and small organisations and private individuals.
Our strengths are our experienced people and our national footprint represented in Johannesburg, Cape Town and Durban, all working in unison to build strong partnerships with clients, and insurers.
Beware: Vehicle Recall Scam Alert.
Article ,FA NEWS, 02 December 2019
Koogan Naicker, Operations Quality Assurance Manager at Netstar
Criminals claiming to be vehicle dealership representatives have in November alone scammed four vehicle owners in Gauteng into handing over their vehicles as part of a purported recall exercise. When the victims contacted the dealerships they had no knowledge of any such recall being actioned.
South African vehicle tracking company Netstar has warned the South African public after clients notified the company of the stolen vehicles. Netstar is aware of one incident that occurred earlier in the year and four in November, of which three of the vehicles were recovered.
“The criminals claim to be from a vehicle dealership when contacting potential victims, saying there is a factory fault on their vehicle for which they have actioned a recall campaign,” explains Koogan Naicker, Operations Quality Assurance Manager at Netstar. “Following this initial contact, the criminals arrive with a flat-bed truck and the vehicle is towed for so-called repairs,” he says.
Naicker says criminals have a massive head start before the client discovers the scam and Netstar is notified of the crime. “Approach these cases with utmost suspicion and confirm with your vehicle dealership if you receive a call of this nature,” he warns. “Notify the South African Police Service immediately if you suspect the caller may be a fraud,” Naicker concludes.
Holidays are near, Is you car Road Trip Ready?
Business owners advised to be vigilant
Crime stats show the continued need for vigilance and proper preparation as business owners.
BUSINESS owners across the country should view the recent police crime statistics as a reminder of the continuing need for vigilance, advises a local security company.
The South African Police Service (SAPS) announced in September that commercial crime increased by more than 14 per cent in a year, with 83 823 cases reported. These crimes included fraud, embezzlement, corruption, forgery, money laundering and certain cybercrimes. “It does seem that business-related crimes involving physical force declined for the year being reported on by the police, but that does not mean that business owners can now relax and drop their guard,” said Vaughan Pillay, KwaZulu-Natal district manager at Fidelity ADT.
He said there was a continuing need for preventative measures to deter any criminal activity.
“I would suggest you start by looking at a daily schedule of events at your business, to determine any periods at which you are particularly vulnerable. This could be for example when new stock is delivered, when your cashiers are cashing up for the day, or when your shop is particularly busy. Business owners need to consider whether they are adequately protected for these periods,” said Pillay.
Perimeter security measures are also a valuable and important area to focus on, he added.
“We have responded to a number of incidents already where culprits gained access to shops and businesses by lifting roof tiles and entering through the ceiling. You should also make sure that all access points are controlled and monitored, so that your security company can immediately respond if anyone tries to rob you after you have closed up for the day.”
He said smaller business owners could also combine their resources and find ways to cooperate with each other to increase safety.
“Perhaps you can get together and install a CCTV system that looks after the small shops in your suburb.”
FATIGUE -SIX TIPS TO AVOID BEING DROWSY AT THE WHEEL
- Motor Torque Nov 12, 2019 BY SAMANTHA GREATHEAD
We all know the feeling of drifting off and letting our eyelids sag and gently drifting off into sleep – okay at home on the sofa but not good if one is behind the wheel of a motor vehicles.
Companies in particular need be aware of the dangers and be proactive in dealing with the deadly matter of fatigue.
We recognise that the issue is far more complex than just providing tips but at least let these serve as a reminder which can be shared in toolbox talks.
The sleepy six tips
Tip 1: Get enough sleep at the right times. Easy to say, but hard in this world of 24/7 alertness. But getting enough sleep before getting behind the wheel is key to avoiding fatigue. Also, there are certain times of day and night when you should avoid driving, if possible. Your body is naturally drowsy between the hours of 12am and 6am and from 2pm to 4pm. Additionally, a recent study suggests that driving safety-related incidents are highest during the first hour of driving after waking from sleep. So, even if you can’t avoid driving during the ‘drowsy hours,’ don’t rush to the vehicle as soon as you open your eyes.
Tip 2: Maintain a healthy diet. Skipping meals or eating at irregular times may lead to fatigue and/or food cravings. Also, going to bed with an empty stomach or immediately after a heavy meal can interfere with sleep. A light snack before bed may help you get a more restful sleep. It’s important to note that induced fatigue may cause slow reaction time, reduced attention, memory lapses, lack of awareness, mood changes and reduced judgment ability. Look for all the help you can get with your diet. Get to know the safe stops along your route that offer the healthiest selections of food.
Tip 3: Take a nap. If possible, you should take a nap when feeling drowsy or less alert. Naps should last a minimum of 10 minutes, but ideally, a nap should last up to 45 minutes. Allow at least 15 minutes after waking to fully recover before starting to drive. Studies show that short naps are more effective at restoring energy levels than coffee. Additionally, naps aimed at preventing drowsiness are generally more effective in maintaining a driver’s performance than naps taken when a person is already drowsy.
Tip 4: Avoid certain medications. Most drowsiness-inducing medications include a warning label indicating that you should not operate vehicles or machinery during use. Some of the most common medicines that may make you drowsy are tranquilizers, sleeping pills, allergy medicines, and cold medications. If you must drive with a cold, it is safer to suffer from the cold than drive under the effects of the medicine.
Tip 5: Recognise the drowsy signals. Indicators of drowsiness include frequent yawning, heavy eyes and blurred vision. Research indicates that being awake for 18 hours is comparable to having a blood alcohol concentration (BAC) of 0.08%, which is legally intoxicated and leaves you at equal risk for a crash.
Tip 6: Don’t fall for your own tricks. Smoking, turning up the radio, drinking coffee, opening the window, and other ‘alertness tricks’ are not real cures for drowsiness and may give you a false sense of security. You may feel more alert for an instant, but you won’t maintain a necessary level of alertness. In addition, excessive caffeine use can cause insomnia, headaches, irritability, and nervousness. If you must drink coffee to kick-start your shift, be aware that it takes several minutes for caffeine to get into your system and deliver the boost you need. So, if you are already tired when you first drink a caffeinated beverage, it may not take effect as quickly as you might expect. Moreover, if you are a regular caffeine user, the effect may be much smaller.
Takeaway for Managers
Make sure you have a policy that discourages drowsy driving and offer training to help your drivers stay alert on the road. Put your drivers on a realistic schedule. It will not only keep them and everyone else on the road safe but will also keep you in compliance and out of court.
HOW IT WORKS : State Owned Insurer- SASRIA
Many have wondered what SASRIA is and how it works on your policy. Click on the link here and Take a listen :
Dashboard Camera Recorders and Road Safety
Article : arivealive.co.za 11.11.2019
Technology is making a significant contribution to safer roads. Not only are developments in technology maker vehicles safer, but also increases our ability to measure and evaluate driving behaviour.
What is a Dashboard Camera Recorder?
A dashcam is a video camera mounted inside a vehicle. Most dash cams record both audio and video continuously. These cameras are sometimes called Digital Video Recorders (DVRs) or In-Car Cameras.
The dashboard-mounted cameras record the sights and sounds while the car is driven, providing footage to document what happens on the road or in the car. The vast majority of dash cams are actually mounted on the windshield, not on the dash. Most of the cameras are forward-facing but some dual-lens cameras (front and back) are gaining popularity as well
All these cameras work in basically the same way. The camera automatically switches on and begins recording as soon as the car engine starts. Some cameras are capable of recording in High Definition and deliver great video quality. Depending on the camera it either has the GPS module installed in the camera or it has an external Module. The speed, driving route and the video are all stored on a Memory card / Micro disc card which you can simply eject from the dashboard camera and plug into your computer via an adapter ( USB or memory card). You must install the supplied software for the particular camera in order to view the details.
These dashboard cameras record constantly until their limited flash storage is full, then it is erased and recorded again. If nothing goes awry during the drive, you’re not losing anything important when the video is overwritten. If you end up in an accident, the files can be pulled off the device and saved for possible use later.
Dashboard camera recorders can record speed along a specific route and are usually able to plot your exact location via GPS. Some of these dash cams are equipped with infra-red sensors to enable recordings in the dark too.
Many of the dashboard cameras come fitted with shock sensors. In the event of a physical shock from an accident, these cameras sense it and automatically store the video shot instead of deleting it.
Dash Camera Recorders in Russia & Increased Public Interest
There has been a significant increase in the interest amongst road users globally towards installing dash camera recorders in their cars. The horrific truck crash in Pinetown, captured with a dashboard camera recorder, has also sparked this interest in South Africa.
Pinetown Dashboard Camera
But what may be the reason for the sudden interest? It is important to consider the significant contribution by road users in Russia towards awareness and the tendency towards sharing experiences via social media!
According to a report by Al Jazeera, an estimated one million Russian motorists have dashboard video cameras installed in their cars. They have become nearly indispensable for Russian drivers -reasons include:
- Driving camera recorders are used to help stamp out police corruption – the Russian Highway Patrol is known for brutality, corruption, extortion and making an income on bribes.
- Dash cams are seen as affording some protection from baseless accusations.
- Hard winters do serious damage to the roads, leading to tough driving conditions and an increase in road crashes on snow and ice.
- Even a minor crash in Russia often results in accusations, accompanied by a demand for immediate payment and a threat to call the police.
- The cameras can help cut down on scams where other motorists or pedestrians try to stage car crashes.
- Ineffective law enforcement has also made it easier for organized crime to make millions from insurance scams. The perpetrators can easily present witnesses that corroborate their version of events.
- Russian courts have to sort out the he-said-she-said versions of what happened during traffic crashes. Judges rarely accept verbal evidence in these cases. Dashboard cameras with visual evidence do not lie, so they are important for any hope of winning a case.
- Aggressive drivers are abundant on Russian roads – The dashboard camera recorder may help you when ending up on the receiving end of the battery, road rage or property destruction.
Social Media
- In Russia we find a very flexible/ sloppy online content policy – sensors are not cutting video clips with bad injuries, too much blood or other overly violent content.
- Websites in Russia frequently share the uncut, the horrible accidents–trucks flipping over, people being smashed into pieces and sedans flying up in the air and exploding.
- They also share footage on reckless driving, near-misses, incidents of road rage etc. and are not censored such as the television stations –making it popular amongst the public!
- The videos of uncut crashes from these websites find their way to YouTube and links on Facebook and Twitter make them available to us all!
Vehicle Telematics and Road Safety
A wise man once said, “Look after the facts and the Law/ Justice will look after itself”. The dashboard camera recorder can play an important role as a vehicle telematics device to collect, record and present the facts about driving behaviour!
What is vehicle telematics?
- The technology of sending, receiving and storing information via telecommunication devices in conjunction with effecting control on remote objects.
- The integrated use of telecommunications and informatics, for application in vehicles and with control of vehicles on the move.
- Telematics includes, but is not limited to Global Positioning System technology integrated with computers and mobile communications technology in automotive navigation systems.
Most narrowly, the term refers to the use of such systems within road vehicles, in which case the term vehicle telematics may be used. This use includes emergency warning system for vehicles, GPS navigation, integrated hands-free cell phones, wireless safety communications and automatic driving assistance systems etc.
The dashboard camera recorder is capable of supplementing information gathered by these other telematics and tracking devices!
Benefits of Dashboard Camera Recorders
There are many reasons why a dashboard camera recorder may be a good idea. Here are just a few:
Clear identification of cause and consequences in a car accident / Evidence in case of an accident/crash reconstruction
When you get into road crash, a dash cam can be the perfect eyewitness and real proof of what took place! Dash-cam footage is the only real way to substantiate your claims in the court of law. They are excellent in the reconstruction of road crashes and establishing what caused the crash.
People who drive large SUVs and trucks are often blamed unfairly when they are involved in an accident. Many drivers are also accused of lane hogging, tailgating and other driver behaviours that might have caused a crash. Dash cams are popular among these drivers and may offer proof that they are not at fault.
A mechanism to Fight Corruption and Fraud
Some unscrupulous people will purposely cause a crash then blame the other party. They may try to extort money from the victim or fake injuries to collect payment from insurance companies. Dash-cam video footage can provide the perfect mechanism to stop these fraudsters in their tracks.
The dashcam can be a very handy device for the driver who may be falsely accused and confronted to solicit a bribe by a traffic official. Not only will he have evidence of his driving prior to being stopped, but also can the subsequent conversation be recorded.
To prevent vehicle abuse and misuse / Driver behaviour measurement
Not only can the company vehicle driver be monitored but everyone else driving your vehicle. You will know exactly how your vehicle was treated by that driver. Dashcams with GPS will even provide the route and speed travelled.
In the fleet management and vehicle logistics industry the dashboard camera recorders can contribute towards better management and efficient fleet maintenance. They can be used alongside vehicle tracking systems for effective supervision of speed, driving route and general driving behaviour. They can reveal unnecessary lane changes, poor following distance and many other dangerous driving activities. This can both reduce crashes and costly expenses for vehicle maintenance caused by excessive wear and tear.
Responsible driving by young drivers and effective parenting
Parents of teens often worry endlessly about letting their children take their cars out. Many parents tell their teens these days that they need to accept driving with the dashcam on if they want to take the car out. The camera footage can provide evidence as to whether the teens are responsible behind the wheel. This can also be beneficial when checking up on the au pair driving the kids around!
Reporting bad drivers
There are many ways to report bad driving nowadays to both transport authorities and fleet managers! Video evidence from a dash cam can be used to report drunk drivers, distracted drivers, dangerous drivers and road rage incidents. The dashcam video provides real proof of what happened. This will also keep drivers alert and responsible when driving with the knowledge that they may be on camera!
Promoting road safety and educating the public via video footages
Footage from dashboard camera recorders can be an educational tool and used effectively in driver training. The video is an effective way to show not only the don’ts on the road but also advice and offer education on how to drive safely.
Dashboard cameras are fun!
When driving on a very scenic route it is fun to record magical moments, share with friends and family later at home. You can create an awesome road trip video of your holiday travels.
Assisting Car insurance companies with Insurance Claims
It can be very hard for any insurance company to determine who exactly caused an accident. Footage from dashboard camera recorders could be useful to support an insurance claim and to apportion blame after a collision between vehicles.
Insurance companies could begin to offer discounts to dash cam-equipped cars similar to discounts offered when vehicles have tracking devices installed. We could soon find the development of insurance products linked to having a video camera in your car. In fact, dashcam material can significantly reduce claim-processing time for insurers since claim adjudicators can find out the truth much faster.
Pay-as-you-drive insurance is already being successfully offered by several insurers. Pay-as-you-drive insurance calculates premiums according to an individual’s driving behaviour, rewarding secure driving while tracking and increasing insurance costs on dangerous driving styles. A “black box” device installed in the vehicle tracks key parameters of the journey and transfers the data to the insurer, who then regulates the premium rate. A dashcam is a logical extension of this insurance that can complement it with more data and insight.
Some industry experts refer to this as possible “pay as you tape” insurance products!
Captured with PAPAGO! driving recorder
Privacy Concerns
Should data privacy concern in this case? This should not be the case when used in your vehicle, as long as the video stays with the car and is not transmitted elsewhere. At the moment most dash cams use a memory card which is constantly being re-written since the video is recorded in a loop. This results in only the last few hours or days of the video available (depending on memory card’s size).
We are already being monitored by CCTV cameras all around us – if you do nothing wrong – you should have nothing to fear!
Finding a high-quality dashboard camera – what do I need to focus on?
The technology running dashboard cameras have become very affordable –one of the reasons for the increase in availability and popularity! Buying a dashboard camera can be a small expense that can conceivably save thousands in the event of a crash.
There are many dash cams on the market right now and we would like to offer advice on what to consider when purchasing such a device:
Video Quality
This is usually the first criteria. When purchasing a dashcam, it is important to get one that shoots in high definition (720p or 1080p).
Discreetness
It is important to have a camera that is “discreet”. This can be defined as being of small size, mountable behind the rearview mirror. Also, consider colour. Black is the least noticeable colour for a dashcam and often blends in with the rearview mirror. Consider the importance of not merely adding another device that may be a driver distraction!
Reliability
Search for references and testimonials from other users. If many users are having serious problems with a dashcam (sensor burning, blurry picture, recording hangs) it is advisable to look elsewhere. Look for cameras that can withstand high temperatures, especially if you will be using the dashcam in parking mode.
Safety Features
The higher-end models may include very handy features such as speed camera warnings, lane diversion warnings and warnings on following distance!
Conclusion
With so much lawlessness on our roads, we need to do what we can to be safe and to protect ourselves from criminality. These crimes are often not only reckless driving from those around us but also the threat of being exploited by fraudsters and corrupt road users and officials. We can expect to see many more drivers using dashboard camera recorders for this additional protection!
Professional indemnity cover – more crucial than ever
FA NEWS: 06 November 2019- Stalker Hutchison Admiral
The severity of risks in the liability space have increased two-fold – not only is the frequency of litigation on the rise, but exposures related to professional error have also increased. This is mainly due to factors relating to the poor economy and a skills deficit.
This is according to Malcolm Padayachee, Managing Executive of Professional Indemnity and Liability at SHA, who says that despite the above fact, it is worrying to see that many professionals still do not have professional indemnity (PI) cover in place.
“Our annual SHA Risk Review shows that around 12% of the professionals we surveyed have been sued at least once during their careers. Yet, only 57% of professionals currently have PI cover in place.”
Padayachee adds that the professional liability landscape has changed dramatically in recent years. “SHA’s claims statistics show that the cost of litigation against professionals has become considerable. The average intimated PI claim size for architects is around R1 million and climbs to roughly R3.7 million for attorneys, while for engineers is shoots right up to R13 million.”
He explains that the major trend driving this rise in the size of claims is the fact that litigation following a liability event has increased. “It seems that far fewer clients are now willing to settle disputes in an informal manner, rather opting for the litigation or arbitration route.”
Compounding this, the cost of litigation has also seen a considerable increase. “Looking at SHA’s own panel of attorneys, the cost of legal representation has grown by between 8-10% per annum. Consider the fact that PI claims can take up to 5 years to resolve, the inflationary effect of legal costs during that time, is significant. The cost of foreign litigation has increased by even more, with the average cost of attorneys in international cases nearly doubling between 2016 and 2018.”
Padayachee says that the other major reason for the toughening risk landscape is the fact that more professionals are unknowingly putting themselves at greater risk. “Competition on pricing between professional firms increases the risk of litigation. Firms that significantly cut their costs, often cut down on the resources and man-hours that are allocated to projects. It is also increasingly common for professional firms to supplement their incomes by diversifying into services that are not part of their core skills. Both of these behaviours greatly increase the likelihood of a professional or their firm making mistakes that could lead to litigation.”
From an insurance standpoint, Padayachee says that, subject to the insurer’s risk appetite, an underwriter may be able to structure adequate PI policies that account for the increased risks resulting from these behaviours at an additional premium. “However, there are many instances where this risk becomes uninsurable. In SHA’s own experience we have seen cases where firms expect their existing staff members to perform functions for which they are not qualified. If it is found that the professional gave gratuitous advice or performed services that they were not qualified for, their PI policy would not respond and the litigation costs will land on the firm’s balance sheet.”
Lastly, he points out that renewing PI policies on time is of absolute importance. “SHA’ research found that 20% of professionals do not understand how late renewals affect them, and 22% indicated that they do not rely on a broker to explain policy requirements. It is a troubling finding, since only renewing a PI policy after it has lapsed means that the professional’s retroactive date no longer applies. Effectively, this means that if a new liability claim arises from a mistake that the professional made some years before, it will no longer be covered by the new policy. Long-tailed liability claims are commonplace, especially in incidents involving children, which is why it is vital to have uninterrupted cover.”
In closing, Padayachee reiterates that professionals across all business sectors are more vulnerable than ever to litigation by clients. “Even if it is found that the professional had acted responsibly, one is at risk of bankruptcy from the cost of legal defence alone. With this in mind, it is critical that professional service firms indemnify themselves and their professionals against the ever-increasing minefield of liability risks,” he concludes.
Driving in the rain
The Realities of AARTO and Insurance
Article : www.cover.co.za Posted on in Short-term
Yolande Van Niekerk (39), CEO of Ibiliti Underwriting Managers, heads up only one of many short-term insurance companies which have to pause and consider the implications of the Administrative Adjudication of Road Traffic Offenses Act (AARTO Act), signed into law by President Cyril Ramaphosa on 13 August 2019. Although the law only takes full effect in June 2020, the implications for the insurance sector require considerable preparations. Van Niekerk shares her expertise on the realities of AARTO for the insurance sector and its clients.
- AARTO impact on the industry as a whole
The AARTO Act will not only impact how the insurance industry underwrites and issues policies, but the Claims processes may also change. So, unfortunately, the AARTO Act could potentially impact the insurance sector negatively. Among other impacts:
- Drivers may not be able to get insurance, even if they have only committed minor parking offences such as parking fines.
- More uninsured vehicles may be on the road as more people are likely to take a chance to drive without a licence.
- The insurance sector could get smaller as the insurance of vehicles is a big part of the sector in South Africa. In turn, this may lead to job losses.
- AARTO effect of demerits
There are some infringements, among others, which come close to the maximum of 12 demerits and significantly affect insurance cover:
- Exceeding the speed limit (Minus 2 to 4 points).
- Exceeding the speed limit by 40km/h (Minus 6 point).
- Driving under the influence (Minus 6 points).
- Accumulated 12 points because of lousy driver behaviour on the roads (Licence suspended for 3 months).
- Driving without a licence or professional driving permit or operator card (No insurance cover).
- AARTO and a suspended licence
Here are Ibiliti’s top tips for policyholders if their licence gets suspended.
- Notify your insurance company immediately. Your policy may not pay out if you drive unlicensed and have an accident.
- Adjust the wording of your policy (if allowed) and nominate another person to drive your vehicle.
- If your licence gets suspended, do not cancel your policy, as your vehicle remains covered for other insured perils. You can arrange limited cover for fire and theft while you wait for your licence to be reinstated. e
- AARTO effect on policy underwriting
It is perhaps alarmist to say in policy underwriting: No licence! No insurance! However, the new AARTO Act will no doubt impact the underwriting and wording of insurance policies in future. AARTO has a profound effect on how insurers may view new applications.
How so?
- Firstly, clients must disclose suspended licenses. Insurers consider this as material information and non-disclosure could lead to rejection of claims. However, such disclosure can be an advantage to the insurance industry as it may lead to a reduction in fraudulent claims.
- Secondly, we predict it to be conditional before the issue of any insurance policy to obtain the client’s consent to access their AARTO information to make sure that their licence has not been suspended. Also, the insurer can then better determine whether they can sign on a client, especially if their licence has been suspended several times. Besides, the insurer must then investigate the reasons for the suspension of the licence. For example, several small speeding or parking fines will probably not be considered as dangerous as driving under the influence.
- However, if a client’s licence gets suspended and they must retake it, there may be no or less cover until due process is complete. The driver may have no cover until due process has been completed to reinstate their licence.
- AARTO effect on claims
From a claims perspective, insurers may implement a verification system to ensure that licences get checked quickly and accurately. The cost to verify licences in all likelihood to be costed towards the insurer’s account.
- AARTO: Any Good News?
Yes, indeed! AARTO also holds many benefits for the insurance sector:
- Insurers could reward law-abiding drivers by discounting their premiums.
- Underwriters may be able to assess the risk of a prospective insured before they sign a contract. They would require a prospective client to declare at inception or during renewal, their demerit status and history over three to six months or even longer.
- Insurers can determine if a prospective insured is a high-risk driver by considering their demerit status for purposes of coverage and for charging the appropriate premium.
In sum:
The AARTO is a reminder that the world keeps changing and to stay in the game; it is essential to adapt with ease and agility to new legislation and other disruptions. Instead of fighting the old, it is more fruitful to embrace the new. To do so, insurers must find out how new legislation will impact the insurance sector. As for the insured, open disclosure to their insurers enables a mutually beneficial resolution to AARTO related implications.
5 Reasons You Need Business Insurance
Running a business is like juggling in a circus! You not only have to deal with the competitive market but also have to deal with the company’s inner issues. Your employees can get injured, you can face a lawsuit, or get struck by a natural disaster. All these unexpected matters can bring along with it an extra financial burden that can be difficult to manage. That’s where business insurance helps you!
Business insurance is an insurance that safeguards your finances and investment from any financial pitfalls occurring due to unexpected risks and events. You might think that it is just another additional expense and that you will never need it. But you never know how or when things might turn against you, and you have to deal with possible disastrous financial problems.
If you still think that company insurance isn’t what you need, then here are some reasons to change your mind:
Law’s Demand
It is the law for you to cover some aspects of business insurance. Once you set up a company and hire workers, the law demands you provide them protection. For instance, the company should provide the employer’s liability or have compensation insurance for workers.
The company is responsible for the safety and health of its workers. In case of any employee injury, you might have to deal with fines and penalties along with the cancellation of contracts. Business insurance deals with all the financial losses in such cases, and you don’t have to bear any financial burden.
Client Lawsuits
Businesses have to deal with different clients. Some are so good that they feel like family to you. While others can turn into your worst enemies due to a small argument or delay. A client turned to an enemy is one of the worst threats to businesses. They can sue you for millions of dollars in case of a contract breach or any other issue.
It can get so bad that you might become bankrupt if you don’t have business insurance to cover the expenses of a lawsuit. It is good to be careful with your clients, but you should still go for business insurance to face any unexpected issue.
Equipment Care
Some businesses must-have equipment to exist. If their equipment should be damaged or gone, it is the end of their business. Like, a photocopier needs a photocopy machine, a chef needs an oven and other culinary tools, and a photographer must have expensive cameras to run their business.
If any of their equipment is damaged, it is over for them, if they don’t have money to repair or buy new equipment. Personal insurance doesn’t cover such expenses, but business insurance compensates for all the business-related equipment damages.
Protects Key Person
Every business has people who are like the backbone of the company, also called key personnel. The one who owns significant skills for creating a quality name for the company, as well as generating profits. It can be your creative director, marketer, or you.
Any injury, damage, or death of that key person can bring a huge financial loss to the company. Key personnel injury insurance protects you from financial loss in your business in case something happens to your key person, and he/she is not able to work or generate profits for your company.
Peace of Mind
It is very hard for business owners to have peace of mind with the fear of facing unexpected problems. You can handle the market competition by working hard, but what about natural disasters or employee injury? You can’t handle them, but you can minimize the risk of any damage due to disasters, lawsuits, and injury with business insurance – and get peace of mind. And once you have peace of mind, you can think of more creative ideas to boost your business.
So, get business insurance and with it, financial protection and peace of mind
