BUSINESS INSURANCE
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We offer the Best Business Insurance in Lesotho. Our insurance business products suit our clients’ circumstances and lifestyles.
Fire and Allied Perils
Fire and
Allied Perils
Covers businesses for damages plant, machinery, fixtures and fittings caused by amongst others: – fire, lightening, explosion, storm, wind, water, hail or snow, earthquake, amongst many.
Tips: Fire and Allied Perils
- Always base the sum insured on the new replacement value, taking into account the escalation and post-loss inflation of rebuilding costs.
- Remember to include tenant improvements (e.g. flooring, partitioning, etc) plus demolition and debris removal costs in the sum insured.
- Stock – Insure at the cost price to you (inclusive of VAT), NOT at the retail/resale price. Be mindful of stacking heights and ensure that stock is stored on pallets.
- Buildings – Always insure for the full replacement value, and NOT market value which bears no relationship to rebuilding costs. Include boundary and other walls, parking areas, driveways and all other structures.
- Replacement value must include cost of demolition, debris removal, and erection of hoardings during rebuilding. Also include professional fees (e.g. architects, quantity surveyors) for reinstatement, limited to 15% of rebuilding costs.
- Remember to also include air conditioning units and other landlord fixtures and fittings.
- Theft from the building, or of goods in the open (e.g. air conditioning units, manhole covers, piping, neon signs and other signage, gutters, etc), is not covered unless specified.
Covers businesses for damages plant, machinery, fixtures and fittings caused by amongst others: – fire, lightening, explosion, storm, wind, water, hail or snow, earthquake, amongst many.
Tips: Fire and Allied Perils
- Always base the sum insured on the new replacement value, taking into account the escalation and post-loss inflation of rebuilding costs.
- Remember to include tenant improvements (e.g. flooring, partitioning, etc) plus demolition and debris removal costs in the sum insured.
- Stock – Insure at the cost price to you (inclusive of VAT), NOT at the retail/resale price. Be mindful of stacking heights and ensure that stock is stored on pallets.
- Buildings – Always insure for the full replacement value, and NOT market value which bears no relationship to rebuilding costs. Include boundary and other walls, parking areas, driveways and all other structures.
- Replacement value must include cost of demolition, debris removal, and erection of hoardings during rebuilding. Also include professional fees (e.g. architects, quantity surveyors) for reinstatement, limited to 15% of rebuilding costs.
- Remember to also include air conditioning units and other landlord fixtures and fittings.
- Theft from the building, or of goods in the open (e.g. air conditioning units, manhole covers, piping, neon signs and other signage, gutters, etc), is not covered unless specified.
Business Interruption Insurance
Business
Interruption Insurance
Protects businesses against interruptions that may result in loss of profits caused by natural or manmade hazards such as terrorism, fires and explosions, earthquakes, windstorms, bomb threats, hazardous waste spills, workplace fatalities (deaths) and product tempering.
We also have:
- Public utilities interruption cover that protects government companies such as telecommunications, electricity and water supply against business interruption.
- Prevention of access cover that protects businesses in the event that they are not able to access their premises and operate due to amongst others, fire, flooding, etc.
Tips: Business Interruption Insurance
- Business interruption cover can be extended to include key suppliers and key customers. In the event of one of them suffering an insured peril, and consequently affecting your profitability, you will be able to claim your loss.
- Public utilities interruption cover is available for the interruption of public utilities such as telecommunications, electricity and water supply. Interruption as the result of breakdown must exceed 24 hours.
- Prevention of access cover is available should your premises be inaccessible to customers due to one of the insured perils (fire, flooding, etc.) and this results in a loss of revenue. This cover is normally subject to a time excess.
Please note:
- The indemnity period selected must be sufficient to enable you to reinstate the damaged property and get back to full production and turnover. Bear in mind problems such as availability of production machinery, loss or market, etc.
- When calculating loss of gross profit, remember to include all standing charges and net profit. Property owners should include loss of rent, and service organisations’ loss of revenue; the sum insured being the full annual revenue earned.
- In the event of a loss, the claim is quantified by applying the rate of gross profit to the reduction in the turnover because of the claim. The rate of gross profit is expressed as a percentage and is the proportion of gross profit to turnover. The rate of gross profit can be calculated by looking at the past trading results in your audited financials. Statements.
Protects businesses against interruptions that may result in loss of profits caused by natural or manmade hazards such as terrorism, fires and explosions, earthquakes, windstorms, bomb threats, hazardous waste spills, workplace fatalities (deaths) and product tempering.
We also have:
- Public utilities interruption cover that protects government companies such as telecommunications, electricity and water supply against business interruption.
- Prevention of access cover that protects businesses in the event that they are not able to access their premises and operate due to amongst others, fire, flooding, etc.
Tips: Business Interruption Insurance
- Business interruption cover can be extended to include key suppliers and key customers. In the event of one of them suffering an insured peril, and consequently affecting your profitability, you will be able to claim your loss.
- Public utilities interruption cover is available for the interruption of public utilities such as telecommunications, electricity and water supply. Interruption as the result of breakdown must exceed 24 hours.
- Prevention of access cover is available should your premises be inaccessible to customers due to one of the insured perils (fire, flooding, etc.) and this results in a loss of revenue. This cover is normally subject to a time excess.
Please note:
- The indemnity period selected must be sufficient to enable you to reinstate the damaged property and get back to full production and turnover. Bear in mind problems such as availability of production machinery, loss or market, etc.
- When calculating loss of gross profit, remember to include all standing charges and net profit. Property owners should include loss of rent, and service organisations’ loss of revenue; the sum insured being the full annual revenue earned.
- In the event of a loss, the claim is quantified by applying the rate of gross profit to the reduction in the turnover because of the claim. The rate of gross profit is expressed as a percentage and is the proportion of gross profit to turnover. The rate of gross profit can be calculated by looking at the past trading results in your audited financials. Statements.
Business All Risk Insurance
Business All
Risk Insurance
Offers comprehensive protection for business possessions anywhere in the world.
They include:
- Laptops and tablet computers.
- Tools of trade such as a photographers’ camera equipment and doctors’ bags.
- Portable equipment used outside the office.
Offers comprehensive protection for business possessions anywhere in the world.
They include:
- Laptops and tablet computers.
- Tools of trade such as a photographers’ camera equipment and doctors’ bags.
- Portable equipment used outside the office.
Goods in Transit
Goods
in Transit
Covers goods being transported by a business vehicle or by professional carriers. The cover extends to road, rail and air.
The following countries are covered:
- Lesotho
- South Africa
- Namibia
- Botswana
- Swaziland
- Malawi
- Zimbabwe
Covers goods being transported by a business vehicle or by professional carriers. The cover extends to road, rail and air.
The following countries are covered:
- Lesotho
- South Africa
- Namibia
- Botswana
- Swaziland
- Malawi
- Zimbabwe
Money Insurance
Money
Insurance
Covers a business against loss of money on business premises, in transit (In between places) or from a locked safe or strong room. It also covers damage to the safe or strong room.
Tips: Money Insurance
You select the sum insured based on the maximum amount at risk at any one time.
Other cover options and conditions:
- Seasonal increase cover can be arranged for busier periods such as Christmas and other holidays.
- For the full insured amount to apply certain categories of safe and conditions relating to money in transit need to be adhered to.
- Loss of money arising from the dishonesty of any principal, or of persons in the employ of the insured, must be discovered within 14 working days to validate claim, and is subject to a separate excess (first amount payable by you). The incident must be reported to the police and a successful charge laid against the employee.
- Should you require cover for money in the custody of collectors, this must be specified in the schedule.
- Receptacles or containers and clothing lost or damaged because of theft of money or attempted theft of money are covered up to M2,000.00.
- Replacement of locks and keys to any container following their disappearance is covered up to M2,000.00.
Covers a business against loss of money on business premises, in transit (In between places) or from a locked safe or strong room. It also covers damage to the safe or strong room.
Tips: Money Insurance
You select the sum insured based on the maximum amount at risk at any one time.
Other cover options and conditions:
- Seasonal increase cover can be arranged for busier periods such as Christmas and other holidays.
- For the full insured amount to apply certain categories of safe and conditions relating to money in transit need to be adhered to.
- Loss of money arising from the dishonesty of any principal, or of persons in the employ of the insured, must be discovered within 14 working days to validate claim, and is subject to a separate excess (first amount payable by you). The incident must be reported to the police and a successful charge laid against the employee.
- Should you require cover for money in the custody of collectors, this must be specified in the schedule.
- Receptacles or containers and clothing lost or damaged because of theft of money or attempted theft of money are covered up to M2,000.00.
- Replacement of locks and keys to any container following their disappearance is covered up to M2,000.00.
Buildings Combined
Buildings
Combined
Covers a business against loss of money on business premises, in transit (In between places) or from a locked safe or strong room. It also covers damage to the safe or strong room.
Protects businesses against:
- Fire.
- Theft following forced entry into or exit from a securely locked building.
- Loss of rent and a property owner’s liability.
Covers a business against loss of money on business premises, in transit (In between places) or from a locked safe or strong room. It also covers damage to the safe or strong room.
Protects businesses against:
- Fire.
- Theft following forced entry into or exit from a securely locked building.
- Loss of rent and a property owner’s liability.
Fidelity Insurance
Goods in
Transit
Protects businesses against fraud, dishonest and even unlawful actions of insured employees that can cause serious harm to the business’s finances and reputation.
Tips: Fidelity Insurance
- The loss must be reported to the police and a successful charge laid against the employee. Cover can be on a named employee/position basis or as blanket cover on all employees.
- Cover excludes: Loss resulting from dishonest manipulation of any computer programme, system, data or software by an employee in your data processing department, unless electronic data processing department was not networked.
- Extensions for manipulation of any computer programme and associated computer losses can be arranged.
Protects businesses against fraud, dishonest and even unlawful actions of insured employees that can cause serious harm to the business’s finances and reputation.
Tips: Fidelity Insurance
- The loss must be reported to the police and a successful charge laid against the employee. Cover can be on a named employee/position basis or as blanket cover on all employees.
- Cover excludes: Loss resulting from dishonest manipulation of any computer programme, system, data or software by an employee in your data processing department, unless electronic data processing department was not networked.
- Extensions for manipulation of any computer programme and associated computer losses can be arranged.
Public Liability Insurance
Public
Liability
Insurance
Protects businesses against liabilities in the event of accidental deaths, injuries or illness of members of the public using the premises.
Tips: Public Liability Insurance
- Public Liability does not cover injury to persons employed by the insured or a person who is a member of the insured’s family.
- It also does not cover damage to property belonging to the insured.
Protects businesses against liabilities in the event of accidental deaths, injuries or illness of members of the public using the premises.
Tips: Public Liability Insurance
- Public Liability does not cover injury to persons employed by the insured or a person who is a member of the insured’s family.
- It also does not cover damage to property belonging to the insured.
Glass Insurance
Glass
Insurance
Covers business against loss or damage to internal and external glass (including mirrors) and signwriting. The cover includes, boarding-up, frames, fixtures and fittings.
Tips: Glass Insurance
Unless specifically agreed, all glass is presumed to be plain plate/float glass, not exceeding 6mm in thickness, whether coated with a film or not, or 6.5 mm laminated safety glass. Please ensure that your sum insured is adequate as this section is subject to “average”.
Cover should be equal to the full replacement cost of all signage and glass, including deli counters, counter tops and fridges.
Cover excludes:
- Glass forming part of stock in trade
- Glass which at inception of insurance is cracked or broken unless agreed by the company
Covers business against loss or damage to internal and external glass (including mirrors) and signwriting. The cover includes, boarding-up, frames, fixtures and fittings.
Tips: Glass Insurance
Unless specifically agreed, all glass is presumed to be plain plate/float glass, not exceeding 6mm in thickness, whether coated with a film or not, or 6.5 mm laminated safety glass. Please ensure that your sum insured is adequate as this section is subject to “average”.
Cover should be equal to the full replacement cost of all signage and glass, including deli counters, counter tops and fridges.
Cover excludes:
- Glass forming part of stock in trade
- Glass which at inception of insurance is cracked or broken unless agreed by the company
Advance Loss of Profits
Advance Loss
of Profits
This is a business income protection plan which covers businesses against loss of profits due to delayed earnings or income (i.e., loss of rent) resulting from project delays and or delayed business openings.
This is a business income protection plan which covers businesses against loss of profits due to delayed earnings or income (i.e., loss of rent) resulting from project delays and or delayed business openings.
Professional Indemnity
Professional
Indemnity
This cover is also known as “Errors and Omissions” or “Malpractice” protects businesses or individual professionals against claims of negligence, errors or omissions related to his/her professional services and advice. The claims could be for body injuries, property damage, economic losses, consequential damages, and legal fees as well as expenses.
This cover is also known as “Errors and Omissions” or “Malpractice” protects businesses or individual professionals against claims of negligence, errors or omissions related to his/her professional services and advice. The claims could be for body injuries, property damage, economic losses, consequential damages, and legal fees as well as expenses.