Preparing For The Unexpected
Jacques du Rand 2021-08-06
South Africans around the country were gripped in suspense during the week of the 12th of July as thousands of stores were looted around the country. Damage was caused and havoc was wreaked on stores, people and psyche. All most of us could do was to idly stand by watching until the devastation had run its course.
Some businesses have been fortunate to start to rebuild what they've lost. Some large chain stores had on average 140 stores looted, raided and completely plundered. Most of the big chain stores have sufficient insurance coverage to aid them in recouping at least some of the losses. Unfortunately it was not only chain stores that were looted. There were also smaller stores, some, the owner's life's work, that were rendered to nothing. In addition, there was also large-scale peripheral damage including vehicles and passersby caught in the crossfire.
The losses suffered are palpable throughout the country.
Read Your Fineprint
The sad part is that those without insurance, or who didn't read the fine print all the way through, might not be able to recover from this.
South Africa certainly knows how to keep it's residents and business owners on their toes. Many business owners especially do have insurance specifically for such events, but it is not standard in insurance contracts. Even with vehicle insurance, it is important to cover yourself for all events and circumstances. “Acts of God” unfortunately does not cover “riots and looting” or accidentally finding yourself in the crossfire.
The bottom line is to check your insurance policy and make sure you are covered for the non-standard.
We've previously investigated and compared two insurance options, mostly around insuring your tech valuables, but we found one provider that was pretty no-fuss and also offered immediate cover, and that was Naked Insurance. They offer the holistic insurance offerings you'd expect from a provider, but with a modern twist that makes it quite painless and also easy to understand. This means you know exactly what you're covered for too.