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Not all businesses are the same. At CTA, we believe that every business has a unique set of insurance requirements. We take the time to get to know you and your business in order to customise a package that suits your needs.
Our objective is to build lasting relationships with our commercial clients, sticking together through the best and worst of times and always delivering a personal service and offering the best advice. Our access to all the major underwriters in South Africa ensures that you are provided with the best insurance advice at the best price.
Please note that the Commercial Insurance policy is subject to the following conditions:
Covering loss of or damage to any vehicles specified and listed, under this section, in the schedule.
If your company transports stuff - read this.
Some insurers only advise clients of these exclusions after a claim has occurred, but with us you can trust us to put the fine print under a great big spotlight.
This cover excludes Mechanical and Electrical Failure or Wear and Tear.
Covers loss of or damage to items specified and listed, under this section, on your schedule while at an insured premises or while temporarily removed to another place. Cover includes theft, accidental damage, fire, lightning, etc.
Don't get caught out by the fine print. Here's what you need to be aware of:
Get striker plugs/lightning protection - most insurers require it.
Your insurance company normally has some sort of security/theft requirement on this section e.g. Linked Alarm System and another requirement of this section is that there must be forcible/violent entry/exit to the premises in event of a theft claim.
Ask about optional extras, for example, increased cost of working (the cost to rent a computer after a covered loss can be insured) or reinstatement of data (the cost of employing a person to load data after covered loss can be insured).
Mechanical and Electrical Failure or Wear and Tear is not covered.
Covers items such as Stock, Equipment, Plant & Machinery, Industrial buildings etc. The fire section actually covers damage resulting from fire and explosion as well as water, hail, wind, storm, malicious damage or impact from trees, animals or aerial devices, etc. A better description would probably be "Acts of God", but malicious damage is also included.
Here's the sum of it:
The sum insured must always reflect current replacement value as it will affect you negatively if you are underinsured.
When insuring a building the sum insured should include additional costs such as Professional fees, Architect fees and Engineers fees etc. Subsiding/landslip is an optional cover.
Geysers have to be specified, to be covered for bursting.
Covers the loss of or damage to buildings, walls, driveways, fences etc. The building section is almost the same as the fire section above. It covers damage resulting from fire and explosion, as well as for water, hail, wind, storm, malicious damage or impact from trees, animals or aerial devices etc. A better description would probably be "Acts of God", but malicious damage is included.
Building cover and Building combined cover differ – Buildings combined is different in that it also includes theft of the building and it fixtures and fittings, a requirement on theft cover here is that must be forcible/violent entry/exit to the premises in the event of a theft claim.
Here's the sum of it:
The cover also extends to accidental damage to sanitary ware.
When insuring a building the sum insured must reflect the current rebuilding cost and should include additional costs such as Professional fees, Architect fees, Engineers fees, clearing costs and VAT etc.
The sum insured must also reflect and include the values of e.g. fences, gates, brick paving and fixture and fittings, sanitary ware etc. (unless specifically excluded).
Geysers have to be specified, to be covered for bursting.
Loss of rent can be included as an optional extra.
Legal Liability cover "as owner of the building" is also included for R1-million. This may and should be increased.
Covers the loss of or damage to the contents of the offices. To avoid confusion, this section would be better named "Office Furniture including Office Kitchen" as it specifically excludes any electronic or data processing equipment.
The Office Contents section only covers damage resulting from fire and explosion, as well as water, hail, wind, storm, malicious damage or impact from trees, animals or aerial devices etc. . A better description would probably be "Acts of God", but malicious damage is included.
Covers the financial loss following an interruption of the business at the premises, for which the insurers have accepted liability under the Fire, Building or Office Contents sections of your policy, or losses caused by one of the fire perils.
Don't underestimate the unexpected.
Maybe it will, maybe it won't, but whatever happens (or doesn't) as a business owner, you can't afford not be covered. Clients often underestimate the potential for a small incident that can dramatically decrease their profits. The misconception is that if you have insured the assets, you are well covered if anything happens BUT what people fail to think about is how that damage could put a dent in their bottom line, cripple operating ability and be bad for business.
With that in mind, there are extensions to this section of your policy, all of which cost a minimal additional premium but guarantee maximum peace of mind.
Covers the loss of or damage to all contents as a result of theft or attempted theft. This section would be more aptly named "Burglary" as it refers to burglars breaking into your premises and stealing. The tricky part is to remember that your items can also be stolen while in transit or at the home of employees, and this is not covered under this section.
The fine print:
A requirement of this section is that there must be forcible/violent entry/exit to the premises in the event of a claim. Your insurance company normally has security requirements for this section e.g. Linked Alarm Systems.
This section does not cover money or glass and theft by employees is excluded.
Covering the loss of or damage to money etc.
The bottom line:
Theft of money by employees is excluded but you can cover employees under the Fidelity section.
Most insurers restrict cash being taken to the bank to between R5 000 and R10 000 at one time, unless it's carried by a professional cash carrier. The transit must also be direct to the bank and at least two adults should occupy the vehicle (unless professionally carried).
The insurance industry requires SABS graded safes for the safekeeping of the money dependant on the sum insured. Never leave safe keys behind at the premises. Check your schedule to make sure you have the correct category safe.
Covering the loss of or damage to internal and external glass.
Your sum insured must include the full replacement cost of all the glass on the premises. You can, however, specify specific glass e.g shop front, smoking area, signage etc. to avoid under insurance.
Cover for Assets, including money and stock stolen by an insured staff member for up to a maximum period of 24 months prior to the discovery. It's not a fun thing to think about, but in this case, it's best to hope for the best and prepare for the worst.
Internal checks are therefore vital to ensure that thefts by staff members are avoided as much as possible.
This section covers the 'tools of your trade', the goods carried in the course of your business - your stock, tools etc. This section can include covers such as theft, fire, accidental damage, accident, hijack and overturning.
Please note: Items such as projectors, laptops, cell phones and other assets which are not 'technically' stock will not automatically be insured by this section and should be specified under the Business All-risk section.
What you need to tell us:
Let us know if your goods will cross any border to make sure the territorial limits of the polcy are still in play.
What you need to be aware of:
Most insurers exclude theft cover if a vehicle is left unattended or items are not locked in a concealed compartment. Staff stealing goods in transit is normally not covered. Let us know if you require cover for theft by employees.
Covers the loss of or damage to all items listed and specified in the schedule under this section, anywhere in the world, caused by accident or misfortune. Cover includes theft, accidental damage, fire, lightning, etc.
Don't risk not knowing, know-it-all:
It is extremely important to remember that if you leave items in an unattended vehicle, they must be locked in a concealed compartment. Leaving your laptop or cell phone in your unattended car on the seat is asking for someone to break in and steal it!
Items of value that leave your premises should be specified here e.g. toolbox, laptops, generators, cell phone etc.
Sum insured should be the current replacement value.
Mechanical and Electrical Failure or Wear and Tear is excluded.
Covering accidental physical loss/damage at premises to the insured property.
Denting, chipping, scratching and cracking doesn't count. Why? Well, if it doesn't affect the operation of the item, it's not considered as damage to the item.
Compensation for which the insured is legally liable after accidental death, injury, illness, loss/damage of property including legal fees. Property in the custody/control is excluded but can be arrange on request.
What you need to know:
Staff and your own property is not covered.
Does not cover liability resulting from professional advice.
Injury to the third party, or the damage to their property, must be due to your company's negligence.
Public liability cover does not covered assumed by arrangement BUT can be arranged on request.
Cover extends to work done away from your premises, but limited to your policy territorial limits, unless the cover is on a "broad form basis".
Defective workmanship
Legal liability from physical work done by you.
Products liability
Legal liability from products you produce.
Personal accident
This cover is limited to accidental death, disability or injuries as well as medical expenses to insured staff. Your directors and staff can be covered for accidental death, disability or injuries that occur anytime, anywhere. And, this cover pays over and above and is not reduced by workmen's compensation (COIDA) payouts.
With some insurers this cover is compulsory. This cover refers to Riot and Strike Risks (S.A. only) and covers damage or loss to property insured on policy caused by riot, public disorder, labour disturbances, strikes etc. It applies to most sections on policy, including Motor Vehicle Section.
If you've been through the multiple choices and none of the above fit what you need to insure, then there is another option.
To qualify for 'Other' cover, you need to consider these three things:
There has to be insurable interest in what is insured ie. you can't just insure someone else goods or vehicles, without discussing them with us first.
An insurance policy always follows law, meaning if an insured event occurs, but it can be established that the cause was due to you or your staff being unlawful, the insurer could prejudice you in the event of a claim, for example, having a vehicle accident under the influence of alcohol.
The insurer always has the option to replace, repair or settle cash for the item, in the event of a claim.
We deliver personal service at the highest level with sound technical and risk-management advice.
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