ITS ALL HANDS ON DECK AS SMES READY TO REIGNITE SA’S AILING ECONOMY
By Nobesuthu Ndlovu, Director: SME, Old Mutual Corporate
25 August 2022: The last few months, years even, have been immensely challenging for SMEs as business owners across the country tried to find their feet post Covid-19, having been crippled by the pandemic and its related impact. In KwaZulu-Natal, several business owners were dealt another blow as the riots of 2021 erased any post-pandemic progress that had been made, while record-breaking load shedding in 2022 contributed to further destruction. Now more than ever, South African enterprises need all the support they can get as all hands come on deck to revive the economy and set it on the right course.
It has long been written and spoken about that to truly tackle unemployment and bring more people into the formal economy, South Africa needs to focus on developing the SME sector. According to the Organisation for Economic Co-operation and Development’s Financing SMEs and Entrepreneurs 2022: An OECD Scoreboard, there are roughly 2.6 million micro, small and medium enterprises in South Africa, with 32% of SMEs creating between 1 and 10 jobs. That is significant, and it highlights the importance of assisting SMEs to grow and, very importantly, future proof their finances and operations to weather any risks that may arise.
With this in mind, Old Mutual launched Old Mutual Insurance for Business – an innovative insurance solution that enables SMEs to protect themselves against theft, loss and/or damage to business assets through one of three affordable cover options – making it easier for entrepreneurs, who are the drivers of our economy, to focus on what matters most.
Old Mutual Insurance for Business was developed in collaboration with iWyze, Old Mutual’s short-term insurance provider, to assist SMEs in need of insurance that caters to the unique circumstances budding businesses grapple with in the SA context.
Old Mutual Insurance for Business cover options:
- Business cover silver
For R249 per month, provides loss/ damage cover for up to R35 000 and liability cover for up to R150 000.
- Business cover gold
For R349 per month, provides loss/ damage cover for up to R50 000 and liability cover for up to R250 000.
- Business cover platinum
For R499 per month, provides loss/ damage cover for up to R100 000 and liability cover for up to R500 000.
In addition, we are proud that Old Mutual Insurance for Business means entrepreneurs and business owners can protect themselves in just four steps:
- Capture your business information
- Select your preferred cover option
- Buy your policy
- Capture the items you covered
At all times, entrepreneurs need to ensure that their businesses are protected, to continue operating and serve customers; however, limited access to short-term insurance cover, due to cost and complexity, have thus far made this an overwhelming challenge for many business owners. But gone are those days, as Old Mutual continues to bring to life its commitment to help SMEs in South Africa to thrive, with Old Mutual Insurance for Business being just one example of how we’re making this happen.
For more information, visit https://bit.ly/3dUZoeN
