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Are you protected with the right insurance for your business?By J W Seagon and Co Insurance Brokers
We all know the Tourism industry in East Africa has taken a bit of a hammering over the last few years, FCO warnings and terrorist threats to name just two. As a result of the downturn, there has been a real need to have a close look at all business costs, including that ‘necessary evil’ of insurance. Whether it is asset protection, liabilities, or medical, the premiums have, seemingly not reduced with the reduction in revenues.
So, what are the options?
There are two options really:
- Reduce your covers or,
- Look for alternative Insurers for your business.
Both are fraught with danger. The first option exposes your business to financial failure in the event of a catastrophic loss, and the second option is that many ‘cheap’ insurance policies do not provide you with adequate cover.
At J W Seagon Group we recognized that there were few good, suitable insurance policies available in the market for the Tourism industry. There were attempts to provide packages to cover assets but they had no Liability covers available; there is Public Liability cover available, without bespoke asset protection cover, meaning that one has to buy their covers from different insurance providers. Furthermore, what is available is expensive and some covers have certain clauses that make compliance difficult.
Realising there is a gap in the market, JW Seagon Group have launched three new policies for the Tourism sector:
- BUPA Safari Plan
- Safari Plan Combined
- Safari Plan Motor