A good business insurance risk adviser is important

We live in uncertain times. Global financial volatility, climate crisis and political upheaval are facts of modern life. What can you do as a business owner to try to mitigate risk and cope with serious, often sudden upheavals? The most sensible option is to insure your business.

The first place to go to for insurance advice is your business bank. Specifically, the advice that’s available to all business owners from Nedbank’s insurance risk advisers. Your bank’s insurance broker can play an invaluable advisory role for your business. You are looking for a business insurance broker who is also a knowledge broker – someone who can provide not only appropriate advice, but also policy and claims management, supported by the great servicing team available to our business clients.


Understanding the value of a broker

The right business insurance broker is key to ensuring that you have all risks identified and covered. The broker’s role is first to identify all risks and explain the insurance cover available for you, so that you can make an informed decision.

Your broker should also explain all the types of cover available to your specific business or industry sector, so that you can decide on the types of cover you need, the sums to be insured for, etc. The broker also has a duty to explain all terms and conditions clearly and thoroughly.


How often should you review your business insurance policies?

This really depends on the size and nature of your business. Your broker should be easily available to assist you with professional advice and service on call. For larger businesses, our brokers will put service plans in place, setting out broker services and any pre-agreed reviews and content. 


Our specialist advisers can give you a picture of your total cost of risk and help you tailor your cover accordingly


What should you be careful of?

  • Policy exclusions and any negative or punitive terms, restrictions or loss limits.
  • You should always be aware upfront of all the products, services and covers that are available.
  • Uninsured and uninsurable risks should always be pointed out and explained.
  • Sums insured should always be adequate on a per-section basis, so that underinsurance isn’t applied at claims stage, and you are not paid out less than your loss.
  • General and specific exclusions, conditions, terms and deductibles should always be comprehensively explained to you before claims stage.
  • Any other once-off terms should always be fully explained to you.


What can and should you insure in your business?

You can get a call back from our brokers for advice on any category of business insurance cover you might need. Depending on the exact nature of your business, you might need cover for the following categories

  • Commercial property insurance.
  • Key-person business insurance.
  • Employers’ liability insurance.
  • Product liability insurance.
  • Credit risk insurance.
  • Professional indemnity.

If you’re unsure of your own business insurance requirements, the right place to start is with appropriate business advice from one of our brokers.


How to make the most of your broker’s services and resources

Your own business insurance needs will depend on the specifics of your business. Proper professional advice will help you secure general business insurance cover for office contents and equipment, as well as any specialist cover relevant to your business. Most importantly, our specialist advisers can give you a picture of your total cost of risk and help you tailor your cover accordingly.

Our brokers will engage with you in the following step-by-step process

  • Introduction to our services.
  • Understanding your business risks and risk appetite.
  • Preparation of broking notes and terms from approved markets.
  • Presentation of insurance terms.
  • Placements.
  • General insurance servicing and administration, including renewals, market updates and ongoing client claims administration.

Nedbank Business Insurance offers detailed professional insurance advice in the following business and industrial sectors (but is not limited to these industries)

Agriculture insurance

Construction insurance

Engineering insurance

Property insurance

Debtor’s insurance

Heavy commercial vehicles

In all these specialised business areas your insurance risks and requirements will be different.  From general business to handling large commercial enterprises and fleets, Nedbank can help you with comprehensive broking services. You can rely on us being there when you need us, particularly at claims stage assessments, and we’ll always be available to give advice or tailor your cover to your business insurance needs.