Article provided by MiWay
In its quest to help identify and mitigate the risks faced by South African businesses, MiWay has introduced a new feature – at no additional cost – on its commercial policies: Business Interruption Cover. This cover compensates for times when usual activities must be suspended and are seen as an important addition given South Africa’s unpredictable business environment, says Christiaan Steyn, head of Business Insurance at MiWay.
“There are a number of eventualities which could cause a business’s operations to be curtailed or even halted, such as natural disasters, fires or accidents. The recent fires in the Overberg area, for example, prevented many businesses from operating for varying amounts of time, but they still had to find the money to cover their fixed overheads. Business Interruption cover can help compensate for this kind of disaster, and help the business survive,” he says. “The longer a business is not trading, the less likely it will be to survive.”
MiWay offers all qualifying new clients Business Interruption cover at no additional cost on all non-motor assets insured on the business policy. Existing clients with assets insured on a similar type of policy are also able to apply for this benefit. The cover is specifically intended to compensate clients for the fixed overheads that they continue to incur even though they cannot trade, but it is not intended to replace lost income.
“In addition, we’ve made options available that include higher benefits and longer periods of cover at additional premiums,” he adds.
At the same time, MiWay has also added Staff Dishonesty to its commercial offering to protect clients when employees abuse company time and resources for their or others’ personal gain. “It’s not something anyone likes thinking about, but fraud, theft and other dishonest practices can and do happen in the workplace. They often result in a serious material loss to the business, which puts a company at risk. With our Staff Dishonesty cover, it’s one less risk and one less worry,” Steyn says.
Staff Dishonesty cover insures against theft or fraud by employees of items insured under multiple sections of MiWay business policies – with various options available to help businesses optimally manage their specific risk profiles.
Steyn says MiWay is pleased to introduce these additional options to its policies as it seeks to support South African businesses on their path to success. “Small companies face multiple risks on all fronts. A good business insurance policy – and insurer – should work with business owners to help identify those risks, then put in place appropriate safeguards to mitigate them,” he concludes.