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Asset Insurance (for fire and theft) If you ae working from home you must disclose this to the insurance company and disclose which items are business assets. Carefully scrutinize your policy, and be aware of that the myriad of reasons that the insurance company can use to not pay your claim. Insurance companies are out there to make a profit, not to be your friend (no matter how much they might claim to the contrary). You need to be sure to insure your assets for their true market value – over insuring just means you pay higher premiums, under insuring means that should you claim, the insurer, will either only pay up until the insured amount, or may say that your assets were under-declared by 50%, so they will be paying just 50% of the loss (if it’s lower than the total insured value). Also be very careful with their conditions. If your policy states that all windows need burglar bars, and when making a claim they discover that you have say a window 5m off the ground, that is so small that a bird couldn’t get into it, that doesn’t have bars, they will most likely repudiate the claim (a nice way of saying “get lost, we’re not paying”), on the basis, that you did not meet the conditions of the policy. Car Insurance Watch out for similar issues as above – If your insured car is involved in an accident, and you for instance have wider tires on the car than the specifications of the car state can be used, or your tires or shocks are worn, the insurer in well within their rights not to pay you out. You can insure your car for private use or businesses use. The insurance premiums for business use are higher, BUT if you insure the vehicle for private use and use it chiefly for business, and it’s involved in a collision while doing business, the insurer could refuse to pay. Other types of insurance (A small sample below). Good in transit – Covers you for goods you are shipping to your customer (you could use the courier company’s insurance but the amounts they will pay are limited). Kidnapping – With kidnapping on the rise there’s insurance for this too. Sasria – This covers you for political riot and other similar risks a standard insurer doesn’t cover – Your insurance company will but this cover for you. Theft of Cash - Covers you for theft of cash from your premises or when banking – premiums are high for this kind of cover. Business continuity – If you have an unforeseen event and you can’t run your business (like floods, fires, sinkhole in front of your premises etc). Tax Risk – pays for attorneys in case SARS comes knocking.
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