When it comes to choosing the right insurance premium for your company, there are no shortcuts. There are so many companies, premiums, rates, and add-ons available that shopping around can become a bit of a hassle.

Nevertheless, having a good business insurance premium should always be a priority. In fact, it should be one of the first things to tick off on your to-do list.

So, to lessen the load of having to surf the net comparing prices and making reviews, here’s a list of the top seven business insurance companies that are worth taking a look at.

1. OUTsurance

The launch of Business OUTsurance came to life in 2003 and has exceeded expectations since its inception. This global giant operates using a direct marketing and selling mechanism, which bypasses third-party brokers and saves on commission.

OUTsurance has built its brand on offering its clients value for money and direct business insurance. This strategy has placed them a cut above the rest for over 20 decades. Their comprehensive business premiums are flexible and customised according to your individual needs and the size of your company.

Their cover types include:

• Business motor insurance
• General business insurance
• Business liability insurance
• Industry-specific insurance

2. Virseker

Virseker is a relatively small business insurance agency that was founded in 2012. The company is specifically aimed towards serving the Afrikaans community in South Africa. Their business insurance portfolio caters to over 700 types of business, big or small, and provides a personal touch in their customer service.

The company prides itself in growing the Afrikaans language and culture and donates a portion of your premiums towards the Virseker Trust, which celebrates the language of Afrikaans.

Their most popular offerings are:

• Business Vehicle Insurance
• Business Assistance

3. Old Mutual Insure

Old Mutual Insure, founded in 1931, is the oldest insurance company in South Africa. With a history that dates back 175 years, Old Mutual Insure has cemented its footprint as one of the leading non-life insurance companies in southern Africa.

Old Mutual’s multi-sure business insurance agency offers a flexible, comprehensive plan that aims to meet all your needs and requirements. The company also provides competitive pricing for Small and Medium-sized Enterprise (SMEs) in South Africa, so you know you’re getting value for money.

One unique feature that Old Mutual Insure also offers is its Business Growth Box. This initiative helps small businesses grow their brand by offering a detailed guide on how to market your business and establish your brand. Of course, there are some financially savvy tips on managing your business insurance profile and making the most of your offerings.

4. Momentum

The establishment of Momentum in 1966 has led to decades of experience in innovative product solutions and optimum client services. The company prides itself on its values-driven organisation and its ability to help you choose the right products to achieve your financial goals and life aspirations.

Momentum’s stand-alone insurance cover is individualised and caters only to what you need. There are also no premium increases for the first 12 months of your plan. The annual premium increases are based on your own business profile, making your cover as comprehensive and flexible as possible.

Their stand-alone insurance offerings include:

• Business car insurance
• Buildings combined insurance
• Office contents insurance
• Commercial fire insurance
• Electronic equipment insurance

5. Santam

Santam Insurance, launched in 1918, is the largest general insurer in South Africa. The company currently owns a 22% market share in the industry, and more than 80 of the top 100 JSE companies have firmly planted their feet in Santam. The company also prides itself on its reputable customer service and prompt same-day claim settlement rate.

Santam’s business insurance solutions offer unique and in-depth policies covering many risk factors under one umbrella. Santam has several awards under their belt that place them as one of the top insurers that offer value for money.

Their business insurance services cover the following risk factors (among others):

• Business interruption
• Fidelity insurance
• Public liability
• Employer’s liability
• Umbrella liability
• Group personal accident cover

6. Discovery

Discovery Limited is a pioneering business model that began in 1992. This global company has dominated the industry by delivering client value products and innovative solutions. Discovery works on an incentive-based insurance plan, where clients are rewarded for the way they run their business. This principle encourages fewer insurance risks and more savings for the client.

Discovery business insurance is a comprehensive plan that offers you market-led insurance premiums at competitive industry rates. The company has a reward system in place for every plan you choose and for the different sizes of a company.

A few examples of their incentive-based insurance plans include:

• A free meal or airtime voucher for company drivers who regularly use Discovery’s smartphone-enabled DQ-track app.
• Up to 30% cashback of your monthly vehicle premiums for driving well.
• Up to 50% discount on vehicle purchases such as tyres and batteries at Tiger Wheel & Tyre.
• Up to 50% cashback on your data spend if your network provider is MTN.

7. Auto & General

Auto & General, founded in 1985, is renowned for its long-term expertise in the insurance industry. The company has steadily targeted the growing SME market and ensured strong premium growth within the competitive and price-sensitive insurance industry. The company’s consistent service excellence makes them a big industry giant as they continue making their mark across the globe.

Auto & General business insurance is tailor-made to adapt to the unique needs of an individual business. They also offer business assist solutions that help you nurture your growing business at any stage you’re in.

The level of mentorship the company offers also helps you assess your needs and how Auto & General can help you cover them. The company has garnered a wide range of experience in different professional fields, and these nuggets of knowledge are beneficial for small companies who could use a leg up.

Their business insurance premium offers:

• Commercial insurance
• Specialised liability
• Small business insurance
• Commercial vehicle cover
• Heavy commercial vehicle cover
• Corporate insurance

Final Review of Business Insurance Industries

Choosing the right business insurance company will always be a heavily-calculated and challenging endeavour. There are many options to choose from, which means carefully assessing your business needs and what you can afford. Any one of the above companies could be just what you need.

Take everything with a bit of consideration and a whole lot of research. Competitive pricing and service excellence are what landed these brands on the map, so make sure that they land you on the map too!