While it's true that all business owners need to make sure they have adequate insurance coverage in all aspects of their business, you may not have considered the fact that there are certain types of insurances specific to the tourism industry. Besides insuring the property and vehicles owned by the business, there are three main types of tourism insurance: General Public Liability Insurance, Passenger Liability Insurance, as well as Professional Indemnity Insurance.

There are various ways to ensure that your business does not go down or be tied up in endless red tape because of the debt or liabilities you have left behind at your death or should you become disabled. A business is a valuable asset, built up by the dedication of its owners. Every care should therefore be taken to protect it for the generation of future income and as a cornerstone of wealth. This article looks at how to secure your business's financial future.

What if one or more of your key staff members – responsible for continuity – or your business partner becomes disabled, or worse, dies? How will your business, your reputation and your income be affected? It's important to take a close look at the risks your business faces so that you can take responsible action. Key Person Insurance is one way of covering your risk. Let's break it down.

When business owners consider risk management for their business, one of the least understood are liability risks, despite them potentially having the largest financial impact. These risks arise from bodily injury or property damage to a third party who alleges that the company and/or its employees are at fault. This article looks at what liability risks are, and why liability insurance is crucial for SME businesses

The office for the Ombudsman for Long-term Insurance was established in 1985. The function of the office is to mediate in disputes between subscribing members of the long-term insurance industry and policyholders regarding insurance contracts. It is an independent office which is accountable to an independent Long-term Ombudsman Council for providing an efficient and independent service to policyholders and others in response to disputes arising from long-term insurance policies.

For many business owners the statement “My business is my biggest asset” would be true. It would therefore make a lot of sense to spend some time on methods a business owner can use to protect their business. For example, in most businesses there are people we call "key persons", whose absence would have an adverse effect on the profitability of the business. It therefore makes sense for the business to insure said key person’s life against death and disability. Read on to find out more about how to protect your business.

The capital structure of a business usually includes loans from their shareholders (in the case of a business), partners (in the case of a partnership), or members (in the case of the close corporation). The problem is that these loans are usually assets that diminish in value and remain unrecovered in the event of the death of such owner. The business may not be able to repay the loans, or to refinance the loans, leaving it in distress. Find out how credit loan accounts can help businesses in these situations.

Businesses sometimes lend money to their owners. This practice is not uncommon. A problem arises if the owner/borrower dies. The business is then faced with the risk that the estate of the owner may not be in a position to repay the money owing to the business. This puts the estate at risk of being sued by the business to recover the loan. The remaining owners are indirectly at risk. If the business cannot recover the capital, then the remaining owners suffer consequential damages. Debit loan accounts can solve this issue.

The family of an owner is seriously exposed to a financial shock that follows the death of that owner. The income that the owner drew from the business cannot continue, since the owner can no longer contribute to the business. If the income is earned as a salary, this salary stops at the death of the owner, leaving the family without income. This is especially important if the business is going to close down or if the family cannot harvest the true value of the business after the death of the owner.

When you have put so much into your own business, it's important to think about the company's future and your dependents' security, at the event of your or your business partners' death or disability. This is where a Buy and Sell Agreement would come into play. Buy-and-sell agreements eliminate uncertainty, since the surviving partner(s) pay(s) fair value for the acquired share of the business. Hence the needs of the deceased partner's heirs are also met. The surviving owners have immediate and unhindered ownership of the business.

We are an independent, non-profit industry ombud scheme. We provide the insuring public and the short term industry with a free, efficient and fair dispute resolution mechanism through an alternative dispute resolution process, applying the law and principles of fairness and equity. We deal with personal lines short-term insurance disputes including disputes relating to motor insurance; homeowners insurance (buildings); household insurance (contents); cell phone insurance; travel insurance; disability insurance; and credit protection insurance.

Every business owner’s main objective is to grow their business and become successful because their business is important to them. A business doesn’t only bring in money for business partners and investors, but businesses help create jobs for many people across South Africa. This is why having insurance for your business is extremely important. Not only does it protect your business, but it protects you and your employees. If you still aren’t convinced, here are some reasons why you need insurance.

The business world is comprised almost entirely of competition. Before we can even start making a profit, we need to be able to survive as a business. One of the most important ways we can do this is through ensuring the safety of our working space. Though insurance is not the same as onsite security, it remains as important. Find out the difference between insurance and warranty, and why they should matter to you.

Having a company car can be hugely beneficial to your employees and your business itself. Your employees will be able to get to and from work easily and you will have more productive staff because of this. A company car can also help to represent your company in a positive light to clients, allowing you to bring in more business, and you can even use a vehicle wrap for maximum brand awareness. It is very important to insure your business assets, especially for your company car. Below are just some of the reasons why your company car needs insurance.

Floods, earthquakes, tremors, power outages, and droughts are an inescapable part of life. Issues such as the poor infrastructure in a country also have an impact on aspects such as access to electricity (i.e. load shedding). Many companies and small businesses suffer losses due to the impact these disasters have on their bottom line. Is your business properly protected against flood damage, etc.?

Entrepreneurs come in all shapes and sizes. Some are full of big ideas, while others are better at execution. Some take risks, and others are more cautious. There is however one thing that unites all successful entrepreneurs – they took the decision to invest in a future that’s theirs to navigate. Successful entrepreneurs don’t overlook business insurance and no doubt have the following precautionary policies in place.

When the inevitable happens and a co-owner dies, the business normally faces a turbulent time. The business may be catapulted into a crisis. The remaining owners, employees, and clients need to come to grips with the fact that one of the main drivers of the business is no longer there. Normally in spite of the best efforts, it impacts the business in the critical 6 to 12 months after the death of such an owner. If the business closes due to a lack of succession planning, it becomes seriously exposed to overheads that exist because of longer-term agreements.

Every business owner’s main objective is to grow their business and become successful because their business is important to them. A business doesn’t only bring in money for business partners and investors, but businesses help create jobs for many people across South Africa. If you still aren’t convinced, here are some reasons why you need insurance.

Businesses sometimes lend money to their owners. This practice is not uncommon. A problem arises if the owner/borrower dies. The business is then faced with the risk that the estate of the owner may not be in a position to repay the money owing to the business. This puts the estate at risk of being sued by the business to recover the loan. The remaining owners are indirectly at risk. If the business cannot recover the capital, then the remaining owners suffer consequential damages. Debit loan accounts can solve this issue.

Liability risk management should be a priority for all businesses, especially small and medium enterprises with limited resources and finances. Why? Well, for the exact reason that new and growing businesses may not have the resources and finances needed to survive a lengthy legal liability battle. So, can you survive a liability claim? Read on to find out why you can’t go without liability risk management and insurance.