Top tips to see your business through 2017

It’s only the end of February, which means there is still ample opportunity to give your business insurance portfolio a thorough review. As insurance is often left for last, Aon South Africa, a leading insurance brokerage and risk advisor, offers ten important tips to help get your business insurance into top shape for 2017:

Get cyber-savvy
If your business has a network, an internet connection and holds sensitive or personally identifiable data, your business is at risk of cybercrime. Talk to your professional broker about how to protect your business against cyber hacks.

Vehicle insurance
Your business vehicles should be insured at no less than retail value, which is what a car dealer would sell it for, taking into consideration age, mileage and condition. Don’t forget to add extras, such as tracking systems and tow bars.

Business interruptions
Business interruption insurance is vital to protect your business against lost income as a result of physical damage, until your business is back to operating as usual.

Directors and officers insurance
The cover that a directors and officers liability insurance policy provides is a necessity when it comes to the protection of the personal interests of directors, officers and other employees who are charged with supervisory and managerial responsibilities, and can be held liable for wrongful acts that may occur in their day-to-day management activities.

White collar fraud
The fundamental solution is a commercial crime framework, incorporating indemnity for losses resulting from employee dishonesty, forgery or alternation, fraudulent transfer instructions and third-party computer crime. 

Sums insured
Check that the sums insured on your building and its content are sufficient. Don’t forget to factor in the impact of inflation and the falling rand exchange rate. 

Fire insurance
Make sure you have enough cover to protect your in a worst-case scenario in terms of contents, building, business interruption and any liability that may arise due to injuries or loss of life.

Keys and locks insurance
Loss or theft of smart-device keys, many complete with transponders and programmed microchips, can cost a lot more than your business bargained for. Check to see whether the sums allowed for replacement of locks and keys is sufficient.

Trade credit
Coverage is designed to prevent disruptive losses, reduce risk of key account concentration levels, and provide risk transfer of bad debt issues. With trade credit in place, companies can also boost their bank financing in terms of improving the lending relationship, enhance their balance sheet and gain access to more capital at reduced rates. 

Employee benefits
An experienced professional consultant or broker will help you find a comprehensive compensation and benefits solution that will prove invaluable in formalising the benefits program for your business and retaining employees.

Regardless of size or status, there is no “one size fits all” approach to business risk insurance, saysl Aon. Consulting with your risk advisor is an invaluable exercise in protecting your business, reputation, clients, colleagues and bottom line.