MiWay Business Insurance uptake soars

Morné Stoltz, Head of Business Insurance at MiWay.

MiWay’s Business Insurance products, launched 18 months ago to cater for unique South African business challenges, are being welcomed by businesses across South Africa.

Morné Stoltz, Head of Business Insurance at MiWay, reports that business ranging in size from large enterprises to SMMEs are moving to MiWay thanks to the company’s competitive pricing and a focus on service and flexibility in its insurance products.

“Typically, commercial insurance is complex, written on Multimark, and difficult to customise to meet individual business’s needs. This impacts small and micro enterprises in particular, often deterring them from taking the right level of business cover,” says Stoltz. This, he notes, is highly risky.

“Without proper business cover in place, SMMEs are at risk of losing both assets and critical business tools in the event of theft or damage. They may, for example, insure their privately owned taxi under personal insurance cover, only to have their claim rejected when the insurer discovers the vehicle was in fact used for business. Through not having the right level of insurance cover in place, the small businessman stands to lose his source of income and all the hard work he has put into building his business.”

MiWay allows even the smallest business to tailor its level of cover and focus on only those assets critical for day-to-day running of the business. For many businesses, this means a focus on company vehicles, which are at high risk of accident and theft due to the amount of time they spend on the road. Laptops and cell phones that businesses depend on are also high-risk items for theft and loss, and can be insured as stand-alone assets or as part of a comprehensive insurance package.

Stoltz notes that many businesses are not fully aware of the potential risks they face in the running of their businesses, therefore MiWay’s Business Insurance advisors offer extensive advice on the necessary cover. “Businesses may not have considered covering themselves against liability, losses due to protest action or lawsuits relating to their operations,” Stoltz says. “We partner with business clients to ensure that they are aware of all the potential risks and are properly covered against potentially debilitating losses both in South Africa and across our borders.”

MiWay Business Insurance, covering business vehicles and trailers, goods in transit, business all risks and office and contents, is backed by the same high levels of service and support that have made MiWay personal insurance a leading brand. However, because MiWay understands that even one day without a crucial business van or laptop can have a devastating impact on a business’s revenues MiWay Business Insurance processes claims with even greater urgency than personal insurance claims. The company also works closely with business clients to continually evolve its product portfolio and services, aiming to become a business enabler instead of just a business insurer.