COMMERCIAL INSURANCE

Commercial insurance for a business in motion

As a commercial insurance broker, we take time to understand your operations, assets and exposures, so your cover can keep pace with the business you run today.
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COMMERCIAL INSURANCE SHOULD REFLECT THE BUSINESS YOU RUN TODAY

A commercial insurance policy may list buildings, stock, equipment and vehicles. However, those schedules tell only part of the story.

In practice, the real exposure sits in how the business operates: its premises, production processes, supply chains, contracts, machinery, security controls, customer dependencies and the time it may take to recover after an insured loss.

Inscorp provides practical commercial insurance guidance to South African businesses. First, we take time to understand the operation before recommending cover. Then we identify information that may be outdated and highlight gaps that could affect how the policy responds at claim stage.

WHO WE ASSIST AS YOUR COMMERCIAL INSURANCE BROKER

We help the following businesses with commercial insurance:

  • Small and medium-sized businesses
  • Manufacturers and industrial businesses
  • Warehouses, wholesalers and distributors
  • Retailers and businesses carrying stock
  • Property owners and commercial landlords
  • Contractors, trades and service businesses
  • Professional practices
  • Transport and logistics businesses
  • Aircraft owners and aviation-related businesses
  • Businesses with specialist machinery, equipment or other complex risks

COMMERCIAL INSURANCE SOLUTIONS

The right business insurance portfolio depends on what the business owns, what it does, the contracts it signs, and the responsibilities it carries. For that reason, the options below are a starting point for discussion.

BUSINESS PROPERTY, STOCK AND EQUIPMENT

Commercial property insurance may include buildings, office and warehouse contents, stock, machinery, electronic equipment and other business assets.

As a result, occupancy, use, replacement values and security information should remain accurate as the business changes.

BUSINESS INTERRUPTION INSURANCE

Physical damage may be only the beginning of the financial impact.

For that reason, Business Interruption cover should reflect the appropriate financial basis, realistic recovery time and the business’s reliance on key premises, machinery, suppliers, customers and utilities.

LIABILITY INSURANCE

Contracts, products, services and daily operations can create liability exposures that are not always obvious from the policy schedule.

Therefore, you should review liability limits, indemnities, waivers and client requirements against the obligations the business has accepted.

VIEW LIABILITY INSURANCE

COMMERCIAL MOTOR AND FLEET INSURANCE

You should insure commercial vehicles and fleets according to their values, use, drivers, operating territories and applicable tracking or security requirements.

Businesses involved in transport may also need to consider cargo, contractual and subcontracting exposures.

VIEW TRANSPORT AND LOGISTICS INSURANCE

GOODS IN TRANSIT, CARGO AND CONTINGENT LIABILITY

The important question is not only whether you have insured the goods, but whose interest and liability the policy protects.

Goods in Transit, Carrier’s Liability and Contingent Liability address different exposures. For that reason, you should clearly understand ownership, contractual responsibility, load limits, security and the use of subcontractors.

VIEW CONTINGENT LIABILITY INSURANCE

SPECIALIST COMMERCIAL RISKS

Some businesses require cover outside a standard commercial policy.

For example, this may include Stock Throughput and Marine Cargo, Aviation Insurance, SASRIA-related cover, cyber and data-related exposures, specialist equipment or alternative risk solutions.

VIEW AVIATION INSURANCE

WHERE COMMERCIAL INSURANCE CAN FALL BEHIND THE BUSINESS

Businesses change, but insurance schedules do not update themselves. As a result, common gaps may include:

  • Property, stock, machinery or equipment values that are out of date
  • Business Interruption figures or indemnity periods that do not reflect the likely time needed for recovery
  • New premises, machinery, products or business activities that you have not disclosed
  • An outdated or incomplete business description
  • Liability limits that do not match contracts or client requirements
  • Goods in Transit cover that does not reflect ownership, liability or the movement of stock
  • Subcontracting arrangements that have not been properly disclosed or considered
  • Buildings where the policy does not record occupancy or tenant use correctly
  • Risk-management conditions, warranties, tracking or security requirements that you do not follow
  • Cyber and data-related exposures that nobody has considered
  • Specialist risks that sit within a general policy without proper review
  • Policy limits, excesses or exclusions that you do not clearly understand

Therefore, a regular review helps keep your cover in step with the business.

WHY WORK WITH INSCORP?

We look at the business behind the policy.

As your commercial insurance broker, our role is to ask practical questions, explain the cover and help clients keep their insurer informed when the risk changes. In particular, a commercial insurance review should consider the business’s actual operations, asset values, financial information, contracts, dependencies and insurer requirements.

However, general information cannot replace advice based on a particular business and its policy wording. In addition, cover remains subject to insurer underwriting and the applicable policy terms, limits, conditions and exclusions.

The Risk Always Feels Distant….. Until It Becomes Yours.

Let’s review whether your commercial insurance still reflects the risk you carry today.

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