Business owners, who are planning for the year ahead, should not overlook the importance of reviewing their insurance policies to ensure they are adequately covered against insurable risks.
Malesela Maupa, Head of Product and Insurer Relationships at FNB Insurance Brokers said that every year businesses face unique challenges ranging from credit and market risks, technological disruptions, compliance, operational and regulatory risks, amongst others. As a matter of precaution, insurance policies should at least be reviewed or updated once a year.
Maupa advises SMEs to consider the following factors when reviewing their policies:
If there are any employees who have left or joined the company, ensure that your policy is updated accordingly.