Why do Professional Service Businesses need insurance?
You are always striving for the best when offering professional services to your clients, and we offer the best professional service when you’re looking for insurance. Allow Bi-me to help you get multiple quotes from the best insurers in South Africa. Select your preferred policy and you’ll be covered instantly, so you can continue helping your clients.
What should I consider before purchasing insurance for my Professional Services Business?
If you work in professional services as a sole-trader you are personally responsible, both legally and financially, for all aspects of your business. In other words, there is the potential for you to have enormous liability exposure, which may affect your personal assets if things go wrong.
If you have registered a company, you can protect your business and reputation by covering yourself for liability or damages to your property.
Fundamental Insurance for Professional Service Businesses
Regularly selected Insurance for Professional Service Businesses
Insurance for Professional Services
Contents
Contents insurance is designed to provide cover for your office contents (tables, chairs, cabinets) when an insured event occurs – such as fire, storm or theft (only limited theft cover, for comprehensive theft cover see the Theft section). Most professional services businesses don’t have many machines or much stock – but if you do, those items are also covered here.
Cyber Liability
Cyber Liability protects from the number of cyber attacks against businesses which have increased a lot over the past few years with hackers demanding hundreds of thousands of rands for the safe return of confidential information.
Consider the data you are storing and what the implications would be if there was a breach of confidentiality because of your system being hacked. Cyber Liability insurance helps to protect you from claims and supports your profitability in the event of a cyber breach or attack.
Electronic Equipment
Electronic Equipment is important as most professional service businesses depend on their electronic equipment to successfully run their businesses: computers, laptops, printers, scanners, and more.
These high-value items need to be specifically included in your business insurance policy to protect you in case of damage due to flood, fire, snow, hail, wind, impact, explosion, as well as malicious damage, theft and damage caused by power surges or power dips.
Public Liability
Public Liability insurance is designed to provide protection for you and your business in the event that a customer, supplier or a member of the public sustains property damage as a result of your negligent business activities.
This cover does not include professional indemnity. If you are looking for professional indemnity, please contact us.
Buildings
Buildings insurance provides cover for professional services businesses that own property, a building is usually one of their biggest assets. This insurance can protect your business when your buildings are damaged due to fire, storm, earthquake, wind and more.
Business Interruption
Business Interruption is important for the continuity in any business. This type of insurance covers for financial loss as a result of an interruption to your business caused by an insured event (such as fire). This insurance can also include cover if you are prevented from accessing your premises.
Theft
In South Africa, theft is a constant threat to your business’s ability to serve your clients. Consider the potential downside if you arrived at work one morning and everything was taken overnight. Theft cover is to get you back to being operational as soon as possible after a theft incident.
Employee Dishonesty
Employee Dishonesty is important as your employees are fundamental to what your business does, but a few bad apples can cause your business to suffer. Having protection against losses from employee theft or fraud is crucial for most professional service businesses.
Getting the Right Insurance for your Professional Services Business
Your professional services business is unique, having its own risks and insurance needs. Bi-me gives you access to multiple quotes to compare with some of South Africa’s top insurers, so you can choose the right cover to suit your business.
Our friendly team is only a phone call or a few clicks away to assist with getting your business covered in minutes.
Did you know?
If you are renting your business’s premises, part of your commercial lease may require you to take out glass cover.
Could this happen to your business?
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Slipping up
An accountant was sued by a visitor to his premises after the visitor slipped and fell on some tiles that had been recently mopped and there was no signage to advise caution of the wet floors. The claim was successful due to the signage not being present which was negligent.
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Happy Hackers
Hackers gained access to the clients database and stole all their customers personal information and demanded ransom to get the information back. Cyber Liability assisted to cover the cost to get the information back.
Frequently asked questions
Yes, you can insure your vehicles under the Motor Section, and you can insure your laptops, cellphones, tools, equipment, samples, and more in the Portable Possessions section. If you transport goods to sell, those can be covered in the Goods in Transit section.
We do not offer professional indemnity on the Bi-me website for now, but we will be offering it very soon. Contact us if you want to get covered manually.
Yes, you can cancel your policy with immediate effect 24/7 on your Bi-me portal. We will then process your pro-rata refund (if applicable) – the money should be back in your account within 7 working days.