Is Insurance really necessary?

posted in: Did You Know | 0

Is Insurance really necessary?

Is Insurance really necessary

The simple and straight forward answer is – Yes.
Some of you may ask why? The answer to this is also pretty simple – Life is unpredictable.

Below are a few examples of some of the basic, if not most important insurance policies you may need in your personal capacity and for construction/business.

Personal Insurance
The 5 basic insurance policies that everyone should have, although not everyone can afford all of the below, it is a good idea to have them, look at it this way – the cost of insurance is relatively cheap well at least far less than the cost of not having it if something goes wrong.

• Health Insurance
• Car Insurance
• Homeowner’s or Renter’s Insurance
• Life Insurance
• Disability Insurance (Long and short term)

Construction Insurance

Uwe Putlitz, CEO of the Joint Building Contracts Committee, says “generally five types of insurable risks generally apply to all construction projects:

Contract Works Insurance (CWI): This deals with the whole works during the construction period including plant and materials, work by specialist contractors, and additional professional fees where damage to the works occurs. Such a policy must be extended to include possible damage to existing buildings during alterations and additions and/or to include adjoining structures;
Supplementary Insurance (SI): Deals with expense or loss caused by events outside the normal control of the parties, including civil commotion, riots, strike action etc. not included in the CWI policy. SI can be obtained from the South African Special Risks Insurance Association (SASRIA) in South Africa, or the Namibian Special Risks Insurance Association (NASRIA) in Namibia. Supplementary to the CWI, SI is not available to the public and needs to be arranged by a broker;
Public Liability Insurance (PLI): Provides indemnity in the event of a death or injury to any person and or accidental loss or physical damage to tangible property;
Removal of Lateral Support Insurance (RLSI): This applies where the execution of the works may cause weakening or damage or interference with the support of land or property on site or adjacent to the site and the consequences thereof; and
Other Insurances (OI): This applies to cover risks in transit of goods imported from overseas specifically for installation in a project.”

The concept of insurance is straightforward but the actual selection of appropriate policies for specific contracts is not.
“That is why it is important to deal only with a broker experienced in construction industry insurance matters: this type of cover is not a do-it-yourself activity and, if dealt with improperly, all claims will be rejected. The insurance must be carefully considered to include and list all identified risks including the location of the works, the type of structure, the method of construction and where existing structures or other site conditions may be at risk,” he explains.

Business Insurance:

From the day anyone starts a business, you are exposed to risks. Before the first employee is hired, a business is at risk. This is why it is so important to have the right insurance policies. A lawsuit or catastrophic event could cripple a small business before it has a chance to get off the ground.
Fortunately, businesses have access to a wide range of insurance types to protect them against these possibilities. Here are some insurance types that a business should have in place as soon as possible.

Professional liability insurance:
Professional liability insurance, also known as errors and omissions (E&O) insurance, covers a business against negligence claims due to harm that results from mistakes or failure to perform.

Property insurance:
Whether a business owns or leases its space, property insurance is a must.

Workers’ compensation insurance:
Once the first employee has been hired, workers’ compensation insurance should be added to a business’s insurance policy.

Home-based businesses:
Many professionals begin their small businesses in their own homes. Unfortunately, homeowner’s policies don’t cover home-based businesses, ask your insurer for additional insurance to cover your equipment and inventory in the event of a problem.

Product liability insurance:
If your business manufactures products for sale on the general market, product liability insurance is a must.

Vehicle insurance:
If company vehicles will be used, those vehicles should be fully insured to protect businesses against liability if an accident should occur.

Business interruption insurance:
If a disaster or catastrophic event does occur, a business’s operations will likely be interrupted.

So to end, you can see how necessary having insurance actually is.
You may not want to pay the monthly instalments but you will grateful you did if something ever happens (let’s hope that nothing that requires a claim happens).

Please ensure that you have enough insurance policies in place to cover any event that could affect the running of your business or your life and make sure you or anyone affected is covered.

For Insurance cover or enquiries please contact:
Brad Hutton
brad@surelinkwealth.co.za

 

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Sources:
Mint
Entrepeneur

About Sally Nell

I joined Leads 2 Business in November 2011. I started in the Daily Tenders department and later moved to the Directory Department in May 2014.

Industry Events: International Conference on Concrete Repair, Rehabilitation and Retrofitting, Africa New Energy and Mining Leaders Africa Summit

Industry Events: International Conference on Concrete Repair, Rehabilitation and Retrofitting, Africa New Energy and Mining Leaders Africa Summit

Construction Events

Event:

International Conference on Concrete Repair, Rehabilitation and Retrofitting

Date:

19 – 21 November 2018

Event location:

UCT Graduate School of Business, Cape Town, South Africa

Event Description:

The International Conference on Concrete Repair, Rehabilitation and Retrofitting, organized by the University of Cape Town will take place from 19th November to 21st November 2018 at the UCT Graduate School of Business in Cape Town, South Africa. The conference will focus on themes like Concrete durability, Deterioration Science, Condition assessment, Materials technology, Concrete repair technology, Rehabilitation and maintenance, Retrofitting and strengthening, Performance and health monitoring, Education, research and specifications.

Contact Details:

Tel: +27 (0) 21 650 5181
Email: Hans.Beushausen@uct.ac.za

Event Details:

Website
Pre-registration

 

Event:

Africa New Energy

Date:

26 – 27 November 2018

Event location:

Radisson Blu Hotel Waterfront, Cape Town, Cape Town, South Africa

Event Description:

The Africa New Energy is the biggest platform for business-critical networking, learning, and commercial growth is back, featuring even more industry decision-makers, high-level representations from government and private sector.

Contact Details:

Tel: +44 (0) 207 375 7177
Email: rwatt@newenergyupdate.com

Event Details:

Website
Pre-registration

 

 

Event:

Mining Leaders Africa Summit

Date:

28 November 2018

Event location:

The Venue Summit Place – Menlyn, Pretoria, Pretoria, South Africa

Event Description:

The Mining Leaders Africa Summit provides the attendees with illustrations on the regulatory challenges in the mining industry in Africa. Africa’s most exclusive and interactive C-Level event. The summit will talk all things new and hot right now in the industry, covering key topics around Digital, Innovation, Cyber Security, HSE, Government and more.

Contact Details:

Tel: +44 (0) 7929 238 382
Email: darren.roach@energlobeltd.com

Event Details:

Website

 

 


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About Sasha Anderson

I enjoy making new professional acquaintances and corresponding with existing clients. Reach out if you want to talk, L2B, social media, construction, technology, shoes, dachshunds, popular culture or travel.

Insurance: Expectation vs. Reality

posted in: General | 0

Insurance: Expectation vs. Reality

That Piece of Paper that helps you:

  1.  Own a home
  2.  Drive a vehicle
  3.  Help cover healthcare costs and legal expenses

The Question I think should be asked is:

Do we fully understand the contract deals, terms?
Truth be told, your broker can never explain EVERYTHING to you and who has the time to read all the fine print? Hence we then make hasty decisions based on our expectations.
Some of us get sold with a just a single telephone call without giving ourselves time to study the facts.

Expectations vs Reality

Our Expectations:

Can be based on a lot:

How well known is the insurance company?
How long has the company been around?
Who uses them?
How often and how well the company trends and advertises themselves.
Positive feedback from existing clients

An individual has the following expectations:

  • A Lump sum pay-out
  • No premium increases
  • Saving
  • Expect the Insurance company to be on your side
  • Get a pay-out even when we know that our premiums have not been constant
  • Inherited pay-outs

The Reality:

Insurance can offer you a second chance, a new beginning and a brighter future if all is correct and in order.

  • There is an insurance that suits you
  • Insurance cover is generally much cheaper when you are younger and healthier
  • You can insure just about anything these days
  • Think about the effects of missing one premium
  • Some Insurance pay-outs are TAXED
  • Insurance is a piece of mind, you rest well knowing you are protected

 

Accidents and Death are unfortunately inevitable for every home no matter the age, we will all come across unexpected issues in life that would require us to be able to take care of ourselves.

 

 

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About Michelle Ngubo

I have been working at L2B since March 2014 and my current position is Content Researcher - Africa Department and Classy is the best word that describes me.

Featured Project: The Palms – Building

The Palms – Building

The Palms

Description
Construction of a residential complex in the heart of Kimberley in the Northern Cape. The development will be known as The Palms.

 

Status Region
Underway Northern Cape
Category Value
Building
R 100 million+
Industry Timing
Residential 2013 onwards
Sector Class
Public Private Partnership Invited / Negotiated

 

Please visit Leads 2 Business for more information on this project.
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About Michelle Hosford

I work full time, study part time and now am the proud owner of the cutest puppy. Sleep...? What is that?

Featured Tender: Planning, Design and Project Management of Paved Streets in Rosedale

posted in: Featured Tender | 0

Planning, Design and Project Management of Paved Streets in Rosedale

Project Management

Contract Number:

TN095/2018 – Dawid Kruiper Municipality

Description:

Greater Tzaneen Local Municipality invites tenders for Mawa Block 12 Low Level Bridge.

Category Industry
Consultants Road
Institution
Region Site Inspection
Northern Cape 2018-11-16 10:00 AM
Closing Date Contract Period
30 November 2018 No Details

 

Please visit Leads 2 Business for more information on this Tender Notice.
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To view notes with screenshots on how to use our website, please visit the Leads 2 Business Wiki.
To view more articles, please visit the Leads 2 Business Blog.

About Michelle Ngubo

I have been working at L2B since March 2014 and my current position is Content Researcher - Africa Department and Classy is the best word that describes me.

10 Things to Remember When Buying Insurance

posted in: Did You Know | 0

10 Things to Remember When Buying Insurance

There are a lot of insurers out there with different policies, and this can make it overwhelming when looking for a policy that suits you and your needs.

1. Research a Reputable Insurance Company:

Protecting you and your family’s assets and financial well-being is something that you depend on your insurance company to do without question. However, you can’t trust your family’s future to just any company without checking it out first. There are hundreds of insurance providers in the market. It’s important to choose one with a proven track records, from reputation in the market (awards and reviews) to customer service to claims history.

Therefore, gather as much information as possible on both good and bad experiences from others: Speak to friends, browse the web, read forums, you would be surprised at how much information is available if you just ask.

2. Shop and Compare:

Thankfully, insurance comparison shopping is not as difficult a task as it once was, as the internet today can be a valuable source of helpful information. You don’t need to physically go from agent to agent or even online from company to company to find the best value on an insurance policy. By using insurance comparison websites, you can obtain a few quote comparisons in order to compare and help you to make a more informed decision. There are many great insurance comparison shopping websites out there for example www.hippo.co.za and others.

3. Discount Advantages:

Insurance needs can be an expensive undertaking especially in today’s economic climate. Therefore, take advantage of possible common discounts that can help you find the best value on an insurance policy. These could include multi-policy discounts, safe driving discounts, home ownership discounts, discounts for safety devices installed, and many more. There may even be hidden discounts not readily seen on a website or that your agent tells you about, however it is worth enquiring about to save on costs and achieve maximum benefit.

4. Cheaper Is Not Always Better:

Cheaper insurance prices can unfortunately also mean lower customer service and claims, not to mention a lower degree of coverage and payout. Always bear in mind that there is sometimes truth in the saying that you often get what you pay for.

5. Ask the Agent for a Best Offer:

If you are using an insurance agent instead of buying directly from an insurance company, he may be giving you what he thinks is a good deal on an insurance policy. However, it doesn’t hurt to ask if you can get a better price or perhaps a more comprehensive coverage package plan. Independent insurance agents often represent many different companies and would have more quotes for comparison than a “captive agent.” A captive agent is one who only represents one company and will only offer you the policy options from the company he represents.

Once given a final price, if that isn’t good enough, tell the agent so. Your agent may be able to go back to the insurance company and ask if a lower rate is available.

6. Your Agent does not make the Final Decision:

Insurance agents, for the most part, give good advice about the policy and coverage options you need. After all, most insurance agents receive insurance licensing and training that makes them qualified to give sound advice. However, there are abundant resources available to you if you feel you need to research your options further. It is best to make the best choice for coverage options now than to be sorry later when you have a claim and are underinsured and do not have the right coverage. Then it is too late to get the right policy.

7. Upgrade Policy at a Later Stage:

There may be occasions when financial restraints prevent you from getting the coverage options you want and or need. Enquire as to whether, once you are more financially steady, if you can upgrade your policy to include a more comprehensive coverage package, just in case this is a viable option for you at a later stage.

8. Tell the Truth:

Did you realize that an insurance company is not legally obligated to honour your policy and pay claims if you knowingly misrepresented the truth on your application? For example, such as lying about how many speeding tickets or accidents you’ve had in the past. Getting a cheaper premium is not worth the risk of the company cancelling your policy or refusing the cover because you misrepresented the truth.

9. Coverage Is Not Always Automatic:

If you buy a new vehicle or add additional structures to your property, they may be automatically covered for a time. However, there can also be a time limit to this coverage. Normally, you have a specific time frame, perhaps 30-days (this could be more or less depending on your company) to contact the insurance company and let them know of your purchase or addition. The same goes with trading in a vehicle for another one. The coverage will transfer to your new vehicle, but only temporarily, unless you notify your insurance company, and sometimes not at all. Ensure you have investigated and understand all possibilities to avoid any unexpected surprises in the ‘fine print’ later down the line.

10. Re-evaluate Your Coverage:

Life changes come to all. When you have a significant life change, such as a major purchase, a move, getting married, getting divorced, having children, etc.; it is likely that this will affect your insurance coverage and you may need to update your coverage. Even if you’ve had no major life events, it is still a good idea to do an annual policy check-up with your insurance agent and make any necessary changes.

Finding the best coverage to protect you and your family from whatever life may throw at you doesn’t have to be a difficult or confusing process. Use all the tools and resources you can find to make finding the right coverage a smoother process.

A little homework and research will go a long way to giving you and your family the peace and security you deserve.

 

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Source:
The Balance

 

 

About Liesel Du Preez

My journey with Leads 2 Business started in August 2005 in the Africa Tender Department, where I researched and uploaded Africa Tender Notifications. Once the Africa Tender Department had grown I was then promoted to Customer Relations in the IT Department in January of 2010, assisting subscribers and staff with any problems they may encounter or with any queries they may have.

Industry Events: Southern African Energy Efficiency Convention and Africa Com

Industry Events: Southern African Energy Efficiency Convention and Africa Com

Construction Events

Event:

Southern African Energy Efficiency Convention

Date:

13 – 14 November 2018

Event location:

Emperors Palace, The Palace Of Dreams, Kempton Park, South Africa

Event Description:

The Southern African Energy Efficiency Convention is an important energy event of national scope for end-users and energy professionals in all areas of the energy field. It provides the attendees with the opportunity to fully assess the big picture and see exactly how all the economic and market forces, new technologies, regulatory developments and industry trends merge to shape the critical decisions on their organization’s energy and economic future.

Contact Details:

Tel: +27 (0)63 235 8031
Email: admin@saee.org.za

Event Details:

Website
Pre-registration

 

Event:

Africa Com

Date:

13 – 15 November 2018

Event location:

CTICC (Cape Town International Convention Centre), Cape Town, South Africa

Event Description:

Africacom is a 3 day event which gathers together senior decision-makers from the entire digital ecosystem etc. in the Telecom Products & Equipment industry.

Contact Details:

Tel: +44 (0) 207 017 5609
Email: james.bull@knect365.com

Event Details:

Website
Pre-registration

 

 


If you are interested in becoming one of our subscribers, please visit Leads 2 Business.
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About Sasha Anderson

I enjoy making new professional acquaintances and corresponding with existing clients. Reach out if you want to talk, L2B, social media, construction, technology, shoes, dachshunds, popular culture or travel.

6 Things about insurance you are too afraid to ask.

posted in: General | 2

6 Things about insurance you are too afraid to ask.

insurance

I know in the world we live in, things change on a daily basis and I am sure everyone is aware that so does your insurance.
Do you really know what you are covered for? Are you paying too much for your Insurance? And my ultimate favourite are you over or under covered?

When searching for affordable insurance you need to ask the most important questions that you might be too afraid to ask as you may think that it is not relevant or the insurer is on top of it.

Let’s have a look at the top questions that you should be asking when looking for insurance or even query with your current insurer so you are not left in the dark when you need it the most.

  • What type of insurance do I need to cover me?

When sitting with your financial advisor it is always important to dive into as many questions as possible in order to get the satisfied outcome you desire.
You need to know exactly what insurance will be best for your company and will allow for you to have peace of mind that all your assets/labour are covered in any event.
Not getting the right policy might put you in a position where you will have to personally cover an accident/theft.
Present all your assets/labour to your financial advisor so they are aware of exactly what you need and let them draw up a policy that will be best suited for you.

Do not take any insurance out on a whim!!

  • Do you know the Insurance Company you are buying from?

It is always good to know the insurance company’s competitors within the industry so you know the type of quality you will get from them.
Find out a bit more from the insurance company, small things might make your decision a bit easier or deter you from the company completely.
Know how they will treat you, you do not want to find out about your insurance company after it is too late and you have already spent unnecessary costs on cover with a company that did not meet your expectations.

  • After sale service?

Always find out from your financial advisor if they have after sales service and what they do to keep a customer happy. After sale service is very important and can help you become a long standing client and remain happy with the Insurance Company you are with. You as a customer need to know who your contact person is and if you come across any issues they will be handled professionally and on time.

Bad service = unhappy client (You do not want to get yourself in that position)

  • Fine print and cost?

Of course this will also be the breaking point for you as a potential client. You need to ensure you know all costs involved in taking out your insurance, you do not want to sign and give the go ahead and when payment is made it is not what you expected. Ending up paying for “Hidden Costs” will not help if you as a company have a certain budget and thought you were paying a certain amount but in reality that is not the case.
Always read your Ts & Cs!!

  • What does your financial advisor gain from you taking out insurance?

This question is one that people stay away from mostly, you do not want to ask a personal question to your financial advisor about what he takes home from your deal. But it is something you as a client can find out, paying too much can be a result of how much your financial advisor is making it is always great to have that open communication as you are in this together.

Negotiation is the key to seal the deal!!

  • Over Insured?

You as a potential client do not want to end up paying for insurance that you do not need. It does not necessarily mean you will never need it, but right now do you need to be over covered?
This is why the policy needs to suit your current position and focus on important things that you need assistance with.
Ensure you ask your financial advisor or insurance company to send you a breakdown of exactly what you are covered for so you are able to tweak what you need to ensure you know you are paying for exactly what you need.

 

 

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About Ashlee Kelly

I am Ashlee Kelly and I have been with Leads 2 Business for a year and 3 months. Although new to the Company I have been in the construction industry for 4 Years. My passion is working with clients and ensuring that they grow their business in the right direction by getting involved in projects and tenders we can offer. I am a very out-going person with many characteristics, and love to help when a client needs any assistance.

Featured Tender: Construction of Administration Block, Assembly Area and Bulk Earthworks at Taung Hotel School

posted in: Uncategorized | 0

Construction of Administration Block, Assembly Area and Bulk Earthworks at Taung Hotel School

Taung Hotel School

Contract Number:

DOT01NWER009 – IDT

Description:

Construction of Administration Block, Assembly Area and Bulk Earthworks at Taung Hotel School (Dr Ruth Segomotsi Mompati

Category Industry
Building
Infrastructure
Renovations
Institutional
Hospitality & Leisure
Region Site Inspection
North West 2018-11-16 12:30 PM
Closing Date Contract Period
03 December 2018 No Details

 

Please visit Leads 2 Business for more information on this Tender Notice.
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About Claire Donaldson

I started working at Leads 2 Business in February 2005, and have served as Head of Department of Daily Tenders from 2007 until the present. I oversee both the Daily Tenders South Africa and Africa Departments.

Featured Project: Tlhabane Square – Retail

posted in: Featured Project | 0

Reconstruction of the Durban Christian Centre Jesus Dome

Corobrik Megafactory

Description
Construction of a shopping centre 30 000m² for the Rustenburg mixed use development known as Tlhabane Square located in Rustenburg, North West

 

Status Region
Tender North West
Category Value
Building
Unknown at this stage
Industry Timing
Retail 2019 onwards
Sector Class
Public Private Partnership Open Tender / Possible Pre-Qualification

Tlhabane Square - Retail

 

Please visit Leads 2 Business for more information on this project.
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About Melanie Miles

One girl who would rather wear boots than high heels...

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