Mark Carolin

Some of the different kinds of insurance, amongst others, available to South Africans:

Business or Corporate Insurance

Business insurance is generally a package of insurance options all rolled into a single policy, taking the specific needs of the business owner into account. The primary subtypes of this kind of cover are

Various kinds of professional liability insurance

The business owner’s policy which bundles various forms of cover together to meet his/her specific needs

Construction Insurance

Construction insurance provides cover for the loss of or damage to property during the course of construction.

Credit insurance

Credit insurance will pay all or part of a loan should the policy owner become unemployed, disabled or dies.

Employee Theft insurance

Startling statistics have revealed that as many as 70% of all businesses in South Africa will be affected by employee theft at some stage or another. It is therefore an imperative for all business owners to adequately protect themselves and their property from this unacceptable abuse by employees. This insurance cover compensates the business owner for the loss of money or property caused by theft by an employee. In some cases, any other act of fraud or dishonesty by an employee, is also covered.

Fire insurance

Fire insurance covers the loss of or damage to a building and/or its contents due to fire.

Liability Insurance

Liability insurance is specifically designed to offer precise protection against claims by a third party. Payment is not usually made to the insured but to the person or party who has suffered the loss or damages.

Marine insurance

Marine insurance covers the loss of or damage to ships at sea and their cargo as well as terminals and any other transport or property used to transfer the cargo between the point of origin and the final destination.

Motor Insurance

Motor insurance protects the policy holder against financial loss in the event of an accident or in the case of theft. It offers three different types of cover that effectively covers all bases – property, liability and medical cover

The property cover pays for the damage to or the theft of the policy holder’s vehicle

The liability cover pays for the policy holder’s legal responsibility to others in the case of injury or property damage or both

Medical cover pays for all medical costs relating to the policy holder including rehabilitation and loss of earnings

Property insurance

Property insurance safeguards the physical property of the insured against fire, theft, adverse weather conditions or other disasters. It is a wise idea to opt for all-risks cover that effectively offers blanket protection against all perils, not only the ones itemised in the policy should you choose specific insurance coverage instead.

Travel insurance

All travellers, whether taking a trip locally or abroad, are urged to take out adequate travel insurance. It offers cover for certain losses like medical expenses, travel delays, personal liabilities and the loss of expensive personal belongings.