Source: Johannes Masiteng, Bizcommunity, 28 July 2021, photo credit: Lightspeed
Small businesses are drivers of economic growth and development in South Africa. They play a key role in combating unemployment in the country as the formal sector continues to shed jobs. But, for most entrepreneurs, business insurance might seem like just another unnecessary expense.
The recent spate of violence that gripped parts of KwaZulu-Natal and Gauteng proved that business insurance is an important safeguard for small businesses, its owners, employees and clients against any unforeseen circumstances. Business owners must ensure that they purchase appropriate and adequate insurance products as not having the right insurance products can be the same as not having it at all, leaving businesses with no protection against many types of risks.
During the Money Matters for Entrepreneurs webinar hosted by the South African Saving Institute (Sasi) in partnership with Absa, Gerald Mwandiambira, acting CEO and chief strategist at Sasi, unpacked various business insurance types entrepreneurs can consider and the protection they provide: