In a country such as South Africa there are a lot of new companies starting up on a daily basis. Individuals are unable to find work in other companies and so start their own so that they can earn an income. There is nothing wrong with this in concept. There is a problem with getting the correct business insurance in position though. Not every new company owner knows who to speak to when it comes to getting their business insured.
There are some people that you can speak to though there are two that will be the very best for you. The very first is a company financial planner that does not represent any kind of particular insurance company and also the other would be a lawyer. They’ll be able to take a glance at your company as well as identify areas of risk that you should cover with some kind of commercial insurance.
A financial planner will take a look at your financials as well as enable you to figure out exactly where your income is coming from and who’s the most important individual to your company and just what products are the most popular and that kind of thing. You should then ensure that you get key person insurance coverage for the individuals who are critical to the running of the company so that if something happens to them you don’t lose more income than you have to. You will also have to then have a look at the most popular products that you have on your brochure and ensure that they are covered with copyright as well as patents along with a little insurance to make sure that if some thing does go wrong with an item you sell you’ll be able to compensate your client with out causing a large financial loss to your company.
A lawyer will be able to assist you with identifying areas where you might be open to lawsuits and help you to find the correct type of insurance coverage to cover those areas of vulnerability. You do not want to have your own fledgling organization go under because of some lawsuit that you could have avoided if you simply had the right kind of insurance coverage in place. They will also likely be in a position to help you to decide on what sort of worker risk insurance coverage you need as well as things like vehicle insurance and building insurance coverage.
If this isn’t enough info for you then you may also speak to an advisor from the insurance provider that you intend on doing business with. They will be able to tell you where to get business insurance. They may have items that your lawyer or financial planner are not aware of and can cover you for things that you may find essential to have cover for.
As you can tell, there is a lot of business or commercial insurance coverage out there that you need to think about. Make sure that you protect your organization and your livelihood through getting the best insurance for your personal requirements. The last thing that you want is to have your organization fall out from under you because you do not have the best insurance coverage.