Tailored Insurance: The Key To Business Survival 

The importance of business insurance

Forecasting a business’s future financial situation is important, but safeguarding it against unpredictable events is even more critical. 

With sufficient insurance cover in place, businesses can withstand unforeseen events like property loss, damage and theft. It will also be protected against the ever-evolving risks of the 21st century. 

Discovery Business Insurance’s Chief Operating Officer, Lana Ross, shares, “If businesses choose the right type of insurance, they can focus their attention to what they do best – operating and growing a productive, profitable and rewarding business for years to come.”

Finding the perfect fit

Most businesses invest a great deal of time and effort in differentiating their products and services from that of their competitors. However, very few are as dedicated in finding the best possible insurance solution for their specific industry’s business needs. 

Because no two businesses are alike, stock-standard insurance policies and risk solutions are no match for tailor-made business insurance. Choosing an insurance solution that is designed to meet a business’s specific needs can be a game-changer. This applies to any industry, be it in the restaurant business, working in healthcare or as a tradesperson, running a fleet of heavy commercial vehicles, being a fuel retailer or operating in the legal and accounting field.

It is important that businesses choose protection that keeps up with fastgrowing risks

Liability insurance gives businesses protection in the event of a lawsuit or a third-party claim. 

This means that the business will be protected against losses if they are legally responsible for paying third party compensation because of their actions or negligence, or the actions of anyone acting on behalf of the business.

Threats like cyber, reputational and legal risks are expanding because of our world’s rapid technological advancements. So, it is crucial for businesses to choose an insurance partner that can keep abreast of the technological landscape and help best manage the evolving risks. 

“South African loses at least R2.2 billion to internet fraud and phishing attacks every year. In response to this alarming statistic, Discovery Business Insurance offers cyber cover to protect businesses against losses relating to an insured cyber event. And our expert partner AVeS Cyber Security offers immediate remote assistance following a cyber breach to minimise losses. This ensures that a client’s system can be restored quickly,” says Lana.

Accidents happen, both in life and in business. So, comprehensive cover against all major risks will go a long way no matter what type of business is insured. With the right insurance partner on board, businesses can do more than just manage their risks – they can thrive.

To get a quote, speak to your broker or contact Discovery Business Insurance today.