Things you should notes about Short Term Insurance

Definition:
Short term insurance is the insurance you take out on your personal assets such as your car, your house and your household contents. Businesses also require cover for their buildings, office equipment, plant and machinery etc. The purpose of short-term insurance is to indemnify you against losses that you may suffer as a result of events such as accidents, crime, floods or fire and to place you in the same position you were before to the unforeseen event.

Personal Insurance
Personal insurance is insurance that one takes up to cover their personal possessions such as the house (building), household contents (furniture), cell phones, cameras, jewellery and computer equipment. Items are covered under the short term insurance for unforeseen events such as theft, fire, water damage, accidents and acts of nature (floods or hail damage). The purpose of personal insurance is to put you back in the same passion you were in before suffering a loss from an unforeseen event.

Generally personal insurance is a month to month insurance cover with the premiums payable monthly, but can also be paid annually. The premiums are calculated based on the values of the insured items as well as the individuals risk profile– i.e. location, age, claims history, etc. Khanyisa Insurance Brokers works with the leading insurance companies in the country and will ensure that your personal possessions are comprehensively insured. Give us a call and allow us to get you an obligation free quotation.

Commercial
Commercial insurance covers a Business and its assets against potential losses such as fire and lightning, theft, liability, accidents and other losses that your business might be exposed to. This cover includes buildings, vehicles, electronic equipment’s, loss of profits, injured employees and moreof profits etc. injured employees and more.

Goods in transit
Goods in transit (GIT) covers property against loss or damage while it is in transit from one place to another or being stored during a journey. GIT insurance also protects the transporter for his/her responsibility in the event of damage or loss during transportation. You can take GIT insurance for goods being distributed in your own vehicle/transport or by a third party carrier, both locally and abroad. The means of conveyance includes rail, road and air transportation – for sea transportation refer to the Marine section.

Risk Management
Risk Management is the continuing process to identify, analyze, evaluate and treat loss exposures and to monitor risk control and financial resources to mitigate the adverse effects of loss

Loss may result from the following:
• Financial Risk: such as cost of claims and liability judgments
• Operational Risk: such as labor strikes
• Perimeter Risks include weather or political change
• Strategic Risks including management changes or loss of reputation.

Credit to: Khanyisa Insurance Brokers

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