7 Myths You Should Know About Business Insurance
In our current struggling economy, businesses are looking to cut costs wherever they can in order to preserve their profits – or even just to stay in operation. If you’re a business owner, you may also be looking to cut expenses that aren’t the absolute essentials, like salaries and rent. More often than not, one of these perceived “non-essential” expenses is business insurance: according to a KPMG insurance survey from July 2023, only 50% of South African businesses have commercial insurance.
“The irony, though, that a business may face even more risks than a larger corporation,” says Jaco Erasmus, Director of Insurance at Cornerstone Financial Services Group. “In addition, the financial strain of recovering from an unexpected event can be far more significant if your business has limite...