Corporate & Business Insurance

Stanbic Insurance Agency (SIA) understands how important it is to get your business back up and running when something unexpected happens. We can give you advice on a wide range of insurance products.

Buildings insurance

Your business buildings will be covered against damage or loss caused by impact, earthquake, wind, hail, lightning, flood, subsidence, as well as damage caused by fire or explosion and malicious damage.

Buildings are also covered against power surge damage, burst or leaking water-supply systems and water pipes. We'll even pay for any fire extinguishing services in the event of a fire.

We cover accidental damage to water, sewerage, gas, electricity and telephone connections between the building and the public supply or mains. Malicious damage to the building is covered as standard.

The cover will pay for loss or damage occurring during construction or alteration, caused by an incident for which you can claim. This includes cover for building materials, fixtures and fittings which you own or for which you are responsible. We'll even pay the extra cost to repair and rebuild the damaged sections so that it complies with the public authorities requirements.

Fixtures and fittings which are temporarily removed from the building for the purpose of cleaning, renovation or repair are covered for up to an agreed percentage of the insured value.

The cover includes the following add on options: -

  • Theft cover - In case of loss or damage to fixtures and fittings inside or outside the building caused by theft, it covers you for the full replacement value of your items.
  • Accidental and malicious damage to fixed glass - This optional cover provides cover for both accidental and malicious damage (including damage caused by theft) to fixed glass forming part of the structure of the building as well as damage to sanitary ware
  • Water-supply tanks and pipes wear-and-tear - Cover for damage caused by the leaking or bursting of a water-supply tank, its parts and any concealed pipes. This cover is specifically for damage caused by rust, decay, gradual deterioration, wear-and-tear, cracking, splitting, faulty materials and workmanship or latent defects.
  • Comprehensive subsidence insurance – Cover for damage caused by any downward movement of soil resulting from natural shifts or human activity resulting in structural damage to your property.
  • Loss of rent receivable - If, after a claimable incident, the building is unfit to occupy - it'll cover you for loss of rent receivable until the building is once again fit to occupy.

 

Business Contents Insurance

Insures your business contents any loss or damage that was caused by flood, snow, hail, wind, impact, fire, explosion or subsidence. Your business contents will also be insured for malicious damage and damage caused by power surges or power dips.  It also covers damage caused by the bursting of water-supply tanks or pipes and we'll also cover the costs of replacing any documents - however, the cost for reproducing the data is not included.

The following add on products further enhances the cover:

o Stock Insurance
o Burglary Insurance.
o All Risk Insurance
o Electronic Equipment Insurance
o Money Insurance

Stock Insurance

Will cover loss or damage to stock kept inside the building where the damage occurred because of explosion, acts of nature, bursting of geysers and water pipes, malicious damage (not theft), impact or fire - we'll even cover the fire extinguishing charges.

The cover includes the following add on options: -

  • Theft Cover - This optional cover also allows you to cover your stock against theft - for either its full replacement value or on a first-loss basis.
  • Damage or theft - outside the building - If you have stock that is designed to operate outside of the building, this optional cover ensures that you'll be properly compensated in case of damage or theft.
  • Deterioration of refrigerated stock - You're covered for loss or damage to stock kept inside a cooling unit where mechanical or electrical breakdown caused the cooling unit to be out of order for more than 24 hours.

 

 

Burglary Insurance

The insurance policy will indemnify the Insured in respect of loss of or damage to the contents Insured caused by theft following actual forcible and violent entry into or exit from the premises. It also extends to any damage to the premises for which the client is responsible following upon or occasioned by an actual forcible and violent entry into or exit from the premises or any attempt thereat.

All Risk Insurance

This is a worldwide cover for items taken outside the office. The policy covers items you take outside the office for loss or damage. This includes items such as notebooks, laptops, cell phones and any other portable equipment.

 

With all risk insurance, you can cover items forming part of a 'tool box' or 'doctor's bag' as a tool set. However, any item in a toolbox that exceeds a certain value must be specified.

Electronic Equipment Insurance

This insures your business electronic equipments against any loss or damage that was caused by flood, snow, hail, wind, impact, fire, explosion or subsidence inclusive of the cost of recovering the data lost. The cover has the following extensions:

  • Theft cover - This allows you to cover your electronic equipment against any loss or damage caused by theft.
  • Cover for accidental damage – This covers for accidental damage to your electrical equipment.

 

Business Interruption Insurance/Consequential Loss

The Loss of Profit policy (also referred to as business interruption cover) offers compensation for profits lost as a result of damage to insured property following an insured peril. Cover will be for gross profits lost, increased cost of operations and for wages that continue to be paid during the period when the business is interrupted.

Some amount is also payable for fees incurred on auditors to document the claim. Cover is suitable for all business organizations.

 

Employee Dishonesty/Fidelity Insurance

Fidelity insurance covers your business for loss of money (cash or electronic), stocks or property, following acts of fraud or theft by an employee.

Goods/Stock-in-Transit Insurance

Stock-in-transit cover provides you with complete peace-of-mind, knowing that you'll be fully covered for loss or damage to your stock or goods while it is being transported (by road or rail) to and from your business premises by any of your business vehicles or by any of your employees. This also includes stock which is being loaded on or off the vehicle transporting the stock.

The cover extends to include malicious damage (not theft), accidental damage and also where fire, explosion or acts of nature causes loss or damage.

The cover includes the following add on options: -

  • Loss or damage caused by theft - Cover when your stock or goods are damaged during theft.
  • Third party carriers - This cover is perfect in cases where a third party service provider will be responsible for transporting your stock or goods.

 

Money Insurance

Covers your business against damage or loss of money as a result of fire, explosion, acts of nature, bursting geysers and water pipes, theft or impact. The cover is for during normal business hours or outside your usual business hours if the money is contained in a locked safe or strong-room inside your business premises or home.

The cover also pays for loss or damage to money that was taken to or from the noted address by an employee or a professional money carrier.

Commericial Motor Insurance

Provides protection against accidental loss or damage to your commercial motor vehicles (including the standard accessories and spare parts), as well as cover against legal liability for third party property damage or personal bodily injury and legal liability arising out of use of motor vehicles owned and or operated by the Insured.

The types of insurances available are as follows: -

  1. Comprehensive motor insurance – Our comprehensive motor insurance package provides you with cover against accidental loss or damage, fire, theft and 3rd party liabilities.
  2. Third Party Liability motor insurance – Local legislation holds a motor vehicle owner legally liable for causing injury to persons or damage to the property of other parties as a result of a motor vehicle accident. This is a cheaper insurance option that provides for the minimum cover.

The following standard and optional extensions can be added to your commercial vehicle or fleet insurance package:

  • Car hire - Provides your business with a rental vehicle for up to 20 days if any of your vehicles are stolen, hijacked or repaired after an accident.
  • Loan Repayment - Provides your business with the loan repayments for up to 3 months if any of your vehicles are stolen or undergoing repaired after an accident.
  • Non-standard accessories - This product will cover vehicle accessories to include non-factory fitted items such as canopies, tow bars or any body alterations.
  • Sound equipment - If any of your commercial vehicles have non-standard, factory-fitted sound equipment installed, this extension will make sure you are covered in case of any damage or loss of speakers, sub-woofers, amplifiers or any other sound equipment that are not already included in the value of your vehicle.
  • Carriers Liability - This optional cover is perfect in cases where a third party service provider will be responsible for transporting your stock or goods.
  • Road Rescue - covers you for accident recovery, towing, battery boost, flat tire, fuel, lockout, off road recovery and vehicle accident claim documentation services. 
  • Political Violence & Terrorism extends your coverage against loss or damage as a result political violence and terrorism activities
  • Excess Protector covers the standard excess payable against all claims as a result or loss or damage.

Our insurance cover includes the following vehicle types: -

  • Private Vehicles
  • Commercial – own goods/general cartage
  • Motor Cycles
  • Special Vehicles (Tractors, Harvesters, Yellow Goods etc.)
  • Public Service Vehicles (Buses, Matatus, Taxis, Car Hire)
  • Tankers
  • Institutional Buses/Vans

 


 
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