Insurance specialist has advice for KZN small businesses affected by #KZNShutdown

Insurance specialist has advice for KZN small businesses affected by #KZNShutdown

In the last few days, many of us have seen more destruction than we have ever before...

Small business insurance for looting claims

According to Busisiwe Mavuso, the chief executive officer of Business Leadership South Africa, it has been reported that more than 200 shopping malls have been lost during the protests and looting in KZN, as well as Gauteng.

READ: Fires, looting, violence. Now where to from here?

This violence and looting have also led to a loss of close to R2-billion.

But most of us don't need to see any numbers to know what destruction, and in some cases, irreparable damage has been caused. We've all seen the videos on social media, saw it in the papers, or on the news.

READ: Shoppers search for basics as many shops in KZN remain closed

It's absolutely devastating.

Especially when you see the small local businesses who were unfortunate enough to get caught in the crossfire.

READ: WATCH: Roads in Phoenix remain barricaded as violence continues

However, when all of this is over, what will become of them? You might even have a small business yourself that has been hit during these past few days and you don't know if you can afford to fix it.

There are probably hundreds of questions going through any small business owner's mind and while we can't do much, we can give you some advice.

READ: WATCH: Makro in Springfield ransacked

We contacted Trish, a short-term insurance broker specialist and advisor, and asked her some important questions, some of which you might not yet have the answers to, and she was more than happy to help.

From "will insurance cover my business should it be looted?" to "what can I do if my business is not covered?"

READ: Durban chamber says city is losing reputation in business market

Listen to the podcast below for all the insurance information you need:

READ: #StaceyAndJSbuBestBits: Let's talk about the #KZNShutdown

The queen of ConsumerWatch, Wendy Knowler, also recently said that businesses and homeowners who have Sasria (SA Special Risks Insurance Association) cover will have legitimate claims met, with smaller claims being paid out within a week.

Wendy further says that: "The state-owned entity provides cover for loss or damage to insured property as a direct result of civil unrest, including rioting, strike action and public disorder — and it’s the only SA insurer that does so. Sasria does not do direct business with the public, but is included in most commercial and consumer insurance policies."

Masondo told TimesLIVE that while criminality may be at play in many cases, “the trigger was what we call civil commotion” — so the claims from businesses and consumers relating to the current looting situation will be honoured.

“Our clients won’t have to go to great lengths to prove that there was a link between their loss and a civil commotion,” Masondo said.

Stacey and J Sbu podcasts
East Coast Radio

Main image courtesy of @FleurhofG/Twitter

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