by John Henning

  • Phone your insurers, your asset insurance should reduce annually in line with the depreciated value of your assets. 
  • Work at your online business, people will still buy online during this period. 
  • Bring your CPD up to date. 
  • Perform staff appraisals. These can be done via video conference. 
  • Look at ways to improve processes in your business. Small improvements can add up to a massive improvement. 
  • Consider using online platforms for your planning and communication. 

By law, everyone in South Africa must have credit insurance on loans, home loans and credit cards. This means your outstanding debts will be settled if you die or are permanently disabled. 

Since 2017, the law changed. Since then your instalments will also be covered for up to 12 months if you become unemployed or unable to earn an income, not necessarily due to illness. Even if you aren’t fired, but put on unpaid leave, check you maybe covered. 

The banks have confirmed that if you lose your salary due to the lockdown, your instalments may be covered during this time. 

Look at your income protection / credit protection policies. 

South Africa’s big banks have also announced individual measures to assist clients, with some offering three-month payment holidays on home loans, vehicle finance, personal loans, and credit cards. 

Momentum short-insurance clients can get cash back (to a total amount of R26 million) early from their no-claims and safety bonuses. 

MiWay clients will automatically get an average 10% reduction in their car insurance premiums during the month of April. 

OUTsurance clients who miss a premium and are within six months of their OUTbonus payment, the bonus will be available for use in lieu of the premiums. Clients can also contact the insurer to temporarily reduce their cover, without impacting the terms of their cover. 

For an example, a customer who has a comprehensively insured vehicle, which is not financed, may want to temporarily reduce cover to third party fire and theft. 

Although natural perils (flood, fire, hail etc) is not generally covered under third party fire and theft during this period OUTsurance will include this cover. 

Excess payments for those clients who do have a claim between April and June 2020 will also be reduced. 

Santam is offering “premium relief” to some clients – but you have to you to contact your broker or to find out if you qualify. 

SA has banned the export of face masks, hand sanitiser – and an unproven Covid-19 drug.