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Ultimately we want to discuss the various insurance options and take a look at them in more detail and hopefully break it down into a much easier to understand topic.
Insurance is everywhere, you get home insurance, health insurance, travel insurance, business insurance and almost anything you think of in modern times can have some form of insurance option attached. As such, it’s critical to make sure that you understand what you are getting into before you sign any short or long term agreements. To many people have gotten themselves into difficult financial difficulties as a result of not knowing what insurance they have just taken out and if it was even necessary to do so!
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The number of exhibitions and trade shows being hosted in South Africa every year is on the rise, as it plays an extremely important role in the wider marketing strategies of companies today.
As a result, more time and resources are being invested in exhibitions, and therefore the risk has also increased substantially.
There are a number of different risks that can affect an event:
Storm and fire damage
Equipment failure that affects the running of the event
Protests which can directly affect access to the even and even if the protest is in a different location, it can affect the transport of employees, guests and equipment needed for the event.
Guest speakers failing to arrive
Penalties from failing to vacate the event premises on time.
Damage to property during the exhibition
And worst of all, injuries occurring during an event which can lead to the injured taking legal action.
These risks listed above are not far-fetched at all, especially here in South Africa, which is why it’s important to make sure you have sufficient cover should you be hosting an exhibition, or even taking part in an event as an exhibitor.
It’s common for insurance companies to cover 3 main areas of an exhibition. Cancellation and Disruption cover, Legal Liability cover and Property Damage and Money cover.
To expand on these:
Cancellation and Disruption Cover. It’s recommended to get this type of cover on a revenue basis as this will protect you as an organiser in terms of projected profits due to cancellation or postponement of your exhibition. Some risks covered are adverse weather conditions during outdoor events, non-appearance of key speakers, mass non-attendance of visitors and travel delays.
Property Damage & Money Cover. This usually can cover anything from advertising materials like your exhibition stands, furniture and equipment, and even money. In essence, any property owned, hired or borrowed for an event can be covered, including the transport to and from the event of said property.
Legal Liability Cover. This is arguably the most important insurance to have in place for both the organiser and the exhibitor. Usually the event organiser is responsible for all areas outside of exhibitor booths. What happens in each individual exhibitor’s booths is the responsibility of the exhibitor. Some exhibitors have live animals or operate dangerous machinery in their sections. This can lead to unpredictable and unfortunate situations so liability cover is a must. But what about if the exhibitor is only handing out flyers? The exact same still applies. If a guest trips in your booth or slips on a flyer laying on the ground and injures themselves, they can take legal action against the exhibitor. As unlikely as this sounds, it has happened in the past, and successful judgements have been awarded in favour of the injured party for millions.
Most exhibitors assume that they are automatically covered by the organisers insurance. They also think that their current commercial insurance policy is sufficient cover for participating in an exhibition. These are dangerous assumptions to make as it leaves you exposed to the risks outlined above. In most cases, specialised exhibition insurance is needed as the normal commercial policy might not meet the minimum coverage requirements. This is especially true if you are participating in an exhibition overseas as most standard policies don’t extend beyond the borders of South Africa.
As an event organiser, it is your responsibility to ensure that every exhibitor has sufficient cover in place before they are allowed to setup at your exhibition. And as an exhibitor, you should speak to the organisers about the insurance requirements and find out if the organisers insurance offers any special coverage rates for exhibitors.
In the old days, taking out car insurance was seen as more of an optional lifestyle choice. You either did, or you didn’t. But now more than ever car insurance is considered essential, no matter how luxurious or inexpensive your vehicle is.
Aside from the fact that we are seeing a rapid increase in the amount of accidents on the road and vehicle theft, with the restrictive budgets we are all faced with, paying off a car through one of the banks is almost the only viable option and with that comes the mandatory need to take out vehicle insurance.
Make sure you have good insurance cover in the event of an accident!
So what are your options?
The 3 most common options you have when looking for car insurance is to either use a captive insurance agent, an independent insurance broker or simply by taking out insurance online. Below we will take a look at these options in a bit more detail.
Captive Insurance Agents. These are insurance agents who belong to one insurance firm. They have an in-depth knowledge of their company as well as the different vehicle insurance packages available and are in an ideal position to advise you on the package that will be best for you especially if you have your heart set on their particular firm. Using a captive agent becomes even more beneficial if you already have other existing insurance cover with the specific company.
Independent Car Insurance Brokers. These are insurance brokers who work with different vehicle insurance providers. This is a good option if you are open to considering the option of using different insurance companies that best suit your needs. By working with an independent broker, you can be certain that the broker is in a position to find you a good deal as they have no bias to a specific company. They are not contracted by only one insurance company so they will explore different options with you. Keep in mind though, an independent broker works mostly on commission so they are normally desperate to get the deal done as fast as possible to avoid the risk of losing you as a client, and losing out on commission as a result.
Taking Out Insurance Online. With the rise of the internet, you are in a position to buy almost anything online. This also holds true for car insurance. If you don’t mind rolling up your sleeves and doing some thorough research and investigation on the different insurance packages available by the different providers, then this is a great option for you. This allows you to bypass a broker completely as you are able to handle everything yourself with the insurance company. The key here is to know exactly what you are buying into before making the final decision.
Important considerations before you choose your car insurance package
The very first step is to know what your priorities are from the very beginning. Is your main concern getting the best deal and the cheapest rate? Do you have a specific type of cover that is essential to your current situation? Or are you mostly interested in an insurance company known to have excellent customer service? Knowing what you want is crucial before you even start looking at the different offers available.
Read the fine print carefully. You have to review exactly what coverage you are getting and the different terms and conditions of the policy. This is non-negotiable as you are paying to be covered, you do not want to end up in a situation where you have a claim rejected due to a specific condition in the fine print that you overlooked. Remember, minimal coverage will give you minimal protection.
Look at the general reputation of the different providers. There are many ways to do this especially having the power of the internet at our fingertips. One popular site is HelloPeter.com, you can see which providers are receiving recognition from consumers for excellent service and complaints about others who are not delivering on what they originally claimed.
Concentrate on the final price. An insurance might be offering you the largest discount but at the same time, charging the highest rates. So be sure to calculate the final cost to you after discounts have been worked in.
Most importantly, shop around. Don’t just settle for the first insurance company that offers what looks like a good deal. At a minimum, compare AT LEAST 3 different quotes. Rates vary drastically from different insurance companies, sometimes by hundreds of Rand for the exact same policy.