When you run a business from home it is important that you are covered for all or any eventualities. It is with Regent insurance that you can achieve this peace of mind.

Optional cover for guesthouses and B & B establishments is usually available only if the guesthouse is run from your home or residence.

Some insurance companies offer optional cover for guesthouses as part of the household contents insurance policy, but this is normally the case if the guesthouse is run from your home or place of residence.

The insurance cover from Regent insurance for this purpose is extended to the personal property of the guests as well to the personal liability of the holder of the insurance policy.

Guesthouses and B & B establishments are then fully covered should something happen to their guests while staying on the property; for example in the instance of contracting an illness, get food poisoning or slip and fall and are injured in any other way on your property while residing there. All thanks to Regent Insurance.

In order to qualify for a grading by the Tourism Grading Council of SA, you have to have liability insurance to be graded by the industry. Cover yourself and your fledgling business with the king of insurance companies, Regent insurance.

In any event, it would not be wise to have this type of establishment without the correct cover.

It is a known fact that cheap business insurance in South Africa is really important; most SME’s understand that this is really important, but take note they do not know that there is insurance that should be specified when covering your business.

Remember that too much effort and finance has been put into a business to not cover it properly. Yet the fact remains that too many small businesses are not adequately covered by the insurance cover. Quite simply, businesses are hard enough to run; therefore it is a soul-destroying fact that when something DOES go awry, and the small to medium business owner suffers a loss and is not sufficiently covered, then the consequences could be dire.

The main issue here is that business owners really do not know exactly which cheap short-term business insurance to take out for this adequate cover. Select insurance that is affordable and simple but is still comprehensive enough for specific cover plus the exposure and the

risks as well as the needs of your business.

For example a courier company would need automobile insurance cover while an electronics business that distributes goods would need comprehensive asset protection.

Business owner’s insurance will provide you with general basic cover but there are SME’s that fail to consider this. Remember that having cheap business insurance cover in South Africa is one entity, but having adequate business insurance is extremely important.

SA Government Regulations Protect Short and Long Term  Insurers

•    There are two sets of regulations that have been put into position by the SA Government in order to protect insurers, whether the insurance is long term or whether the insurance is short term.
•    The regulations are first and foremost to take care of the consumer.
•    You will now be protected from unscrupulous brokers that come your way.
•    Direct marketers have to be honest right from the outset and you have a right to know what it is that they are selling right from the start.
•     The FAIS Act states that you should always be given and supplied with suitable financial advice and products.
•    The PPRS is in place to make certain that all dealings entered into by your insurance company and house is honest.
•    No contracts or documentation should be ambiguous and they should be easy enough for you, the consumer to understand.
•    It is your given right to know all the amounts, charges, fees and commissions that are charged right from the outset.
•    Financial advisers are not permitted to sell you any products of a financial services company.
•    You have the right to cancel a contract where you have not been paid out, within thirty days after you receive the insurance policy.
•    Take note that an assistant business policy is when the holder of the policy does not have to  undergo a medical examination before getting insurance.

Find out what your rights are when you take out insurance for your business or in your own personal capacity, and don’t be afraid to ask questions if something is not clear or does not make sense to you.

Keeping your nose clean and running your business in an ethical manner will pay off at the end of the day.

•    Committing insurance fraud just does not pay; if you do commit fraud you will find that you will end up on the wrong side of the law.
•    This of course, does not mean that you have to stand by, keep quiet and put up with shoddy service from either your insurance broker or your insurance company.
•    Watch out for Hula Hoop Fraud? When an owner of car insurance connives with a syndicate to have a car stolen and then sells the car; the owner then shares the profits of the sale of the stolen car.
•    No mercy at all is shown by the SA Bureau of Crime when fraud is commit and when you try to cheat insurance companies; the result is a stay in jail and a criminal record, have your possessions repossessed and a hefty fined could be added on top of all that.
•    Committing insurance fraud is plain stupid, and you will get found out if you decided to go this route.
•     Insurance fraud has become pretty commonplace;  claims often include luxurious items in order to replace those that are ageing.
•    If you need to report fraud or an insurance crime, there is a toll free number that you can call which is confidential and free.

Remember insurance fraud is no different to theft.

It is a known fact that business insurance is really important; most SME’s understand that this is really important, but take note they do not know that there is insurance that should be specified when covering your business.

Remember that too much effort and finance has been put into a business to not cover it properly. Yet the fact remains that too many small businesses are not adequately covered by the insurance cover. Quite simply, businesses are hard enough to run; therefore it is a soul-destroying fact that when something DOES go awry, and the small to medium business owner suffers a loss and is not sufficiently covered, then the consequences could be dire.

The main issue here is that business owners really do not know exactly which short-term insurance to take out for this adequate cover. Select insurance that is affordable and simple but is still comprehensive enough for specific cover plus the exposure and the
risks as well as the needs of your business.

For example a courier company would need automobile insurance cover while an electronics business that distributes goods would need comprehensive asset protection.

Business owner’s insurance will provide you with general basic cover but there are SME’s that fail to consider this. Remember that having business insurance cover is one entity, but having adequate business insurance is extremely important.

Succession Planning Is Vital

Succession planning is important, especially for family businesses. What is succession planning?
Succession planning is the process of planning for the day the owner of a business needs to step down or wants to step down from the role as leader.

Death and taxes are unavoidable but few of need to deal with it simultaneously. You might have a successful going concern, or you might struggle to get the business off the ground; whatever the reason there is no time quite like the present to think of the future for you and your business.

Many of us prepare for retirement but not everyone who is running a business from home prepares for when someone need to take over the reins. Entrepreneurs that are prepared always have an exit plan in place even though they might not be in an active role any longer.

In the case of death these plans simply HAVE to be in place

• Consult an insurance professional or a financial professional with expertise in the succession planning field.
• It is imperative to take the time out to sort out the matter of succession planning.
• Your business will then be able to continue and fulfill your long-term vision thereof.
• Careful succession planning will avoid a lot of sadness and heartache.

When the head of the business dies
• No one should have to deal with the death and sorting out a business when someone dies.
• By not making provision for the transition when someone needs to take over the reins is one of the main reasons why family businesses do not succeed after the death of the head of the business.
• Succession planning ensures that your business continues to operate in an organised manner and limits future complications in the business.
• This is the best way to provide for economic well-being after the business owner is no longer there and it reduces the tax liability and implications for the person taking over the reins.

To find out more about succession planning for your family business, ask your insurance professional to give you some pointers.

• Remember that cleaning damage to carpets, curtains and furniture is not covered by your short-term insurer unless specified.

• Even specifying these under household contents makes no difference to this rule.

• Damage done by animals is also not covered.

• Insect damage is also not covered by your insurance, such as termite damage.

• Loose carpets are usually covered by your insurance; this usually includes theft, fire and flood damage, as well as damage caused by other elements.

• Exceptions will differ from one company to another.

• When removing blinds, carpets and curtains for cleaning, always first find out what insurance cover you have for these items.

• Your fitted carpeting is covered by building insurance.

• Alarm systems are covered by your building insurance, too.

• Most policies for household contents cover you for your total contents, as long as your insurance cover amount is correct.

• Most insurance policies have a limited amount that is paid out to you.

• Always specify expensive items on your policy, so that the full and entire amount will be paid out to you when claiming.

• You need to show the proof of purchase of expensive items, for example certificates for jewellery.

Some pointers for car insurance:

• Living in a secure area will reduce your premiums.

• Living in a secure environment could reduce the premiums on your car.

• Reduce your premiums by making sure your insurance company adjusts your vehicle’s value every year.

Find out where you can cut back on your car and home insurance; source this information online from at least ten different insurance houses, and this way you will find the best deals and perhaps save a substantial amount on your monthly premiums.

It is no secret that the hospitality industry is growing phenomenally in SA and with the recent hosting of the FIFA Soccer World Cup we have shown the world outside what SA is capable of. It is therefore not surprising that the B & B business is flourishing.

For so many small to medium business owners, this is the perfect way of becoming entrepreneurs and not surprising these types of businesses make up at least half of the economy in SA.

Therefore it is also not surprising that insurance that covers this kind of establishment is in great demand; with so much competition in the commercial world there are many products that are available at excellent prices, so shopping around for the perfect insurance cover for your establishment makes a whole lot of perfectly good sense.

Available to the hospitality and industry and B & B industry are two main kinds of cover:
These are:

•    Specialised insurance cover; this cover will specify any and all requirements that are tailored for your individual needs.
•    Standard commercial insurance cover; this would cover the main part of the establishment.

Having no insurance or not enough insurance is an error which can easily be avoided, with the consequences being quite catastrophic, and only having cover that is standard is also not good enough if your establishment is quite specialized.

•    Should something untoward happen to a guest staying at your establishment, liability cover is something that should be considered.

•    You should also have cover for theft and loss of revenue.

Specialized B & B policies are planned with the sole requirements of persons with this industry in mind, but do remember to shop around to find the best quotes and packages that are available.

Restaurant owners have accountability not only to their patrons but to their staff and also their business and themselves. When compiling a budget, remember that insurance should be on top of the priority ladder, and built into the budget.

There are many reasons why restaurant insurance or business insurance is so important:
•    Commercial fridges are hugely expensive to repair, and if they are filled with food, food spoilage is a costly exercise all round.
•    Stoves and ovens that stop working could mean loss of earnings.
•    Any and all commercial equipment in the hospitality sector is expensive to repair and to replace.
•    Lawsuits against either you or your business could cripple your operation; liability insurance is therefore imperative, and if this is not included , then separate insurance for this eventuality simply must be taken out to cover any or all accidents or eventualities.

A particular point to take into consideration is that the area where your restaurant is located will determine how much and what type of business insurance you will require.

There are many different kinds of insurance that you should consider when looking for cover for your establishment; here is a list of some of the kinds of insurance that would protect your establishment:

•    Personal insurance
•    Business insurance
•    Public liability
•    Liability for events
•    Machinery breakdown insurance
•    Business interruption insurance
•    Defective workmanship liability
•    Guest house insurance.

It would be a crime should something untoward happen to you, your staff, your business, your equipment or your clients, and you did not have full cover.

Comparing business insurance quotes from numerous insurance companies online will take the legwork out of this exercise; therefore there is little if no excuse when it comes to covering your business or assets with the correct insurance product.