Stories

Is your business covered for environmental liability?

5. 09. 2017

A business can face enormous unexpected expenses should it be held liable for an environmental disaster. Particularly as this type of event is usually not covered by a general liability policy.
Environmental liability cover – also called environmental impairment cover – provides cover for the cost of cleaning up pollution and restoring the affected area to its pre-disaster state, after an accident caused by the insured.

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Highgrove Financial Services (Pty) Ltd Acquisition

1. 03. 2017

We are immensely proud to announce that Highgrove Financial Services joined the Garrun Group with effect 1st March 2017.
Currently situated in Randpark Ridge, Johannesburg North they have a staff compliment of 4 very competent and loyal individuals, whom have gained many years of experience in different aspects of the insurance market.

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Directors & officers (D&O) liability insurance: Why your business needs it

22. 08. 2017

The nature of risk facing directors and officers of a company has evolved dramatically over the last decade. Traditional directors’ and officers’ policies used to provide enough protection to cover the company and its CEO, but this is no longer the case. In the age of digitisation and social media, companies and their CEOs are more vulnerable to reputational crises than ever before.

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How insurance companies use big data

11. 08. 2017

As an industry that requires a large amount of data from each client, the insurance industry is learning to leverage this data and use it to their - and their clients’ - advantage.

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Hot work permit: why it’s necessary

25. 07. 2017

Hot works are one of the leading causes of fires in commercial or industrial buildings currently being experienced in the insurance sector.

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When is an insurance event classified as an act of God?

27. 06. 2017

In November 2013, hailstorms in the north of South Africa resulted in claims worth more than R2 billion. More recently, the devastating Knysna fires, fanned by winds in excess of 50km/h, caused major damage in the Garden Route region. More than 26 fires broke out in at least 12 suburbs in the area. 10 000 people were evacuated from their homes and at least 500 homes were destroyed in the inferno. These fires are being called an act of God. In this blog, we take a look at what this term means along with the associated implications.

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How will Protection of Personal Information Act (POPI) affect your business?

14. 06. 2017

According to insurance underwriter Camargue, more than a third of South Africa’s companies have experienced data breaches and a staggering 974 million company records were lost or stolen in 2014.

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What factors determine your car insurance premium?

30. 05. 2017

Have you noticed that car insurance can vary quite a lot for the same kind of car depending on the insured and the insurer? In this blog, we discuss the factors insurers consider when determining what your car insurance premium will be, and what you can do to keep it to a minimum.

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Millennials and insurance

16. 05. 2017

Millennials have been on the receiving end of a lot of negative publicity. We take a look at this young generation from an insurance perspective. What kind of insurance consumers are they and what are they looking for in their insurer or broker?

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The nuts and bolts of fleet insurance

5. 05. 2017

Fleet management is the administration of a company’s fleet of vehicles that are used to transport goods in the business’ daily operations. The South African fleet management market is growing rapidly, it is estimated that the percentage of business fleet vehicles will increase from 21.5% in 2015 to 32.5% in 2020. In South Africa, the freight industry still largely favours road transportation, as opposed to rail transportation, which explains the robust state of the industry.

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How junk status affects short term insurance

20. 04. 2017

Over the last two weeks, there have been lots of questions about how South Africa’s downgrade to junk status will affect consumers. Businesses and individuals are bracing themselves for the knock-on effect of the ratings downgrade.
Essentially, the ratings downgrade activated the rand’s devaluation. There is an inseparable link between the rand’s value, the interest rate and the inflation rate. Downward pressure on the one, over time, almost always negatively affects the other two.

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Do you have sufficient homeowner’s insurance?

29. 03. 2017

Your home - and its contents - should always be insured to the full replacement cost, to avoid the risks of loss or damage due to theft, burglary, fire, flooding and more. More importantly, your home should be insured at the current replacement value to ensure you have sufficient insurance should something happen. This replacement value needs to be calculated regularly – at least annually – so that the value is always relevant.

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Cyber risk in 2017

15. 03. 2017

Many South African businesses are not prepared for the unpredictable and dynamic risk that cyber-crime poses. Out-of-date data and system protection policies keep businesses at a disadvantage, in a risk category that is already difficult to forecast or mitigate.
As awareness around this growing threat increases, it is imperative to stay informed about the latest breach attacks and the recommended mitigation strategies.

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Remote jamming: reasonable precautions required

28. 02. 2017

Remote jamming – or car jamming – has become an everyday occurrence in South Africa - and it is on the increase. The South African Insurance Association (SAIA) confirmed that remote jamming is the second most common way personal belongings are stolen from a car.

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Business interruption - an evolving risk category in 2017

14. 02. 2017

A renowned study analysing the risks faced by corporates on a global scale, was released recently. This blog focuses on the findings of that study, in the ever-expanding and dynamic area of business interruption and its far-reaching effects.

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Fire and flood insurance - are you prepared?

31. 01. 2017

Several severe, seasonal fires have ravaged the Western Cape over the last two months, fuelled by high temperatures and strong winds. At the same time, the north of South Africa has been battling heavy floods. Both have left trails of destruction in their wake - with the insurance industry expected to bear the financial burden. These phenomena illustrate just how vulnerable we all are to weather and fire catastrophes.

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Insurance considerations for the new year

17. 01. 2017

As we dive into 2017 with renewed energy, here are a few important insurance factors you should consider to ensure you’re comprehensively covered this year. Many people are predicting that this will be another tough economic year, but with careful planning and preparation you can protect yourself, your family and your valuables.

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How South Africa’s risk profile affects business insurance

13. 12. 2016

The ratings agency downgrade South Africa narrowly avoided last week was a stark reminder of the challenging business environment South African businesses face. Business owners should continuously scan the environment they operate in for possible risks – new and old – because, as the old adage reminds us: prevention is better than cure.

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Gradual damage – an uninsured event

30. 11. 2016

In this blog, we focus on the important - and often misunderstood - difference between gradual and accidental damage. It is imperative that everyone with insurance understands this difference and is aware of their obligation in terms of maintaining their own property, as well as other key policy exclusions that may result in the non-payment of a claim.
To make the distinction between gradual and accidental damage ask yourself this simple question: How quickly did the damage occur – suddenly or over time?

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Water shortage is a risk for SA business

15. 11. 2016

One of the most severe risks facing South African businesses is the increasing shortage of water. We are used to taking this precious resource for granted but as water shortages become a global reality, water’s growing commodity value is making it the new oil. Prolonged drought could also have a negative effect on electricity generation, further interrupting business operations.

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Drones: The risks and insurance

3. 11. 2016

The increasing popularity of drones for commercial and recreational use, makes this the latest technological advancement to fundamentally impact many industries - including the insurance industry. Although drones have innumerable uses, which can include bringing cost-cutting and efficiency benefits to your business, they also pose substantial new risks.

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Are you insured for hail damage?

18. 10. 2016

As South Africa enters hail season - from October to January - we look at the cover you need to protect your personal and business assets against hail damage. We also explore some precautions you can take to limit hail damage to your property.

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The value of a good insurance broker

4. 10. 2016

The purpose of a broker is to offer personalised advice, get the best deal for you and be available to help you after the sale. Recent changes in the regulation of the financial services industry have resulted in an even more professional service from brokers. This benefits you - the consumer - as now there are a number of recourse routes available if you don’t get satisfactory service from your broker.

In this blog, we address some of the most important reasons you should work with a broker.

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How drinking and driving will affect your insurance claim

20. 09. 2016

As we head towards summer and the festive season, the probability of having a few drinks and then driving becomes higher. Aside from facing a huge fine, a potential prison sentence and a criminal record - it is important to remember that your insurance company is under no obligation to meet your claim if you are under the influence of alcohol when you’re involved in an accident.

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How to protect your business from a cyber attack

6. 09. 2016

These days, businesses are increasingly falling victim to data breaches - so it is safe to assume that your business is also at risk of a cyber attack at any time. Most office employees use email and the Internet every day, making them your first line of defence against cyber crime - but also a soft target for cyber criminals.

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Protecting your business from employees

23. 08. 2016

In a previous blog discussed 10 types of insurance you need to insure your business against. One of the key business insurance options we listed in that blog was Fidelity Guarantee Insurance. Fidelity Guarantee Insurance protects your business from theft or any financial loss incurred from fraudulent activities or theft by your employees while they are employed by you.

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The risk of being under-insured

10. 08. 2016

Being under-insured can have serious - negative - financial implications when something goes wrong. People are under-insured for various reasons, many do not even realise they are under-insured, while others only insure the bare minimum to save money. Unfortunately you’ll only discover the true impact of being under-insured when you submit a claim and find that only a fraction of the replacement costs you require can be covered.

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Burglar alarms and insurance: What you need to know

26. 07. 2016

Installing a burglar alarm will improve your home security. The alarm system may need to be stipulated on your insurance policy, so it is best to check with your broker. It is your responsibility to ensure that you fully understand all the warranty requirements for your alarm system, as this will be vital to the success of your future claims.

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What you need to know about transport insurance

12. 07. 2016

The South African transport industry is a sizable - and growing - industry. It’s a specialised industry with specific requirements that present unique risks. This makes selecting effective, comprehensive insurance cover quite a challenge but very important.

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Winter-proof your home

28. 06. 2016

To most of us winter conjures up cozy images of snuggling up on the couch with a movie and a warm beverage. However, from an insurance point of view, winter presents a number of insurance risks that may cause damage to your home.

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Liability Insurance: A Basic Business Necessity

14. 06. 2016

Liability cover is a necessity for any business owner as without such cover, it can potentially have a devastating effect on a thriving business. Liability insurance provides protection from an array of risks and as a highly specialised insurance field; it is advisable to partner with an experienced and knowledgeable broker.

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The Value of Sasria Insurance Cover

31. 05. 2016

As a state-owned company, SASRIA SOC Limited is a short term insurer that provides cover for people and business with assets in South Africa against extraordinary risks. There is no other insurer that provides this kind of cover in South Africa. Their mandate is to provide cover against special risks such as strikes, lockouts, riots, civil commotion, labour disturbance, public disorder and terrorism.

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Commonly Misunderstood Insurance Terms

17. 05. 2016

In this blog, we clarify a few commonly misunderstood insurance terms:

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