We all know that running a business is tricky. No matter what precautions you take, it’s never possibleto fully account for all the eventualities and problems you might encounter. That’s why many insurance companies are offering an Accidental Damage Insurance plan. This is a kind of “top-up” plan that insures your company against unforeseen damage. It covers damage or loss to property which is not already covered by an existing insurance policy.
It’s possible that you’ve taken out all of the relevant insurance policies for your business. For example, you’re covered against damage to your goods in transit and made sure your employees are covered in the event of an injury on site. As well as damage from inclement weather like a thunderstorm? You’ve got that one too. No matter what precautions you take, things can always go wrong in ways you never thought possible.
Let’s look at an example of how this might happen…
Let’s say you are the owner of a small restaurant. You’ve taken out insurance on damage to your food stock, as well as weather damage from a lightning strike. In the process of cleaning after a busy night, a worker’s broom collides with one of the terminals and knocks it over, irreparably damaging the machine. However, you may have neglected to insure your GAAP terminals individually from damage or theft. These machines are not cheap, and the cost of replacing it could set your company back quite a bit. As a necessity to your business the machine will need to be replaced quickly.
If you’ve taken out an Accidental Damage Insurance plan, such bouts of bad luck will be covered. You will also be able to acquire a new machine without dipping into much needed business capital.
This plan covers damage or loss to property not already covered, or for which there is already a plan available from Compendium. However, this cover is not designed to replace other insurance plans.
To find out more about how Compendium Insurance Brokers can help you and your business, visit www.cig.co.za