Mistakes to avoid when taking out business insurance

The costs of insurance is one of the biggest bugbears for many businesses, but those that under-insure or purchase inappropriate cover run the risk of substantial losses, says Kemmonye Phaladi, Manager, Stanbic Insurance Service.

Economic conditions remain extremely tough and many businesses are looking to cut costs. Insurance costs are being scrutinised as a result, but a common mistake is to then become exposed to risks that can ultimately destroy a business. “We see this quite often with businesses that rush to take out the shelf policies. This fails to take into account the environment and evolving risks for businesses, like labour unrest or political unrest in a foreign country,” says Phaladi.

It is in this environment that the national adviser networks are expected to play an increasingly important role in finding the best solutions to the insurance needs of companies. Lower premiums can be achieved as these advisers shop around for the most appropriate coverage at the best price and can also tailor solutions for specific needs and localised business or trading conditions.

Editor's Comment
Happy Independence!

We are 56 years old and what do we have to show for it? Looking at where Botswana started and where it is today, there are a lot of developments, but whether the developments match the number of years we have enjoyed as a country is a topic for another day.The fact that cannot be denied is we have seen major developments, but we are still lacking in several pertinent areas.Our beautiful country imports almost everything. We import fuel, food,...

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