Insurance News

Understanding Key Person Insurance

Running a business comes with several different sources of stress. From managing finances to training staff, there are often a few surprises along the way. The loss or incapacitation of employees central to the success of your business is never pleasant. In addition to the emotional strain, there’s a large amount of financial pressure that accompanies incidences like these. It’s why we strongly advise that all business owners consider key person insurance in order to successfully mitigate their risks, with fewer economic consequences.

Key person insurance for important employees
For those who aren’t quite sure what this cover offers those who own or run businesses, here’s some more information on this necessary policy.

It falls under assurance
In the insurance realm, it’s common to encounter insurance and assurance. Whilst these are both blanket terms for types of cover, they aren’t one in the same. Insurance policies are those that provide financial compensation and cover for unfore..

Disability Cover: The Most Underrated Employee Benefit

Those on the market for a new job will know the importance of employee benefits as part of their remuneration package. Whilst many become fixated on leave days, bonuses, and even car allowances, disability cover is far more important.

The right benefits can give you peace of mind
At Compendium, we understand just how vital disability cover can prove to be. Those who have it have been able to claim and maintain normal lives long after their accidents have left them impaired. On the flip side of that coin, we’ve also witnessed those who don’t have it struggle as the result of poor planning. Here are a few things to know about it.

Everyone Should Have It
One of the most common misconceptions about disability assurance is that it’s only for older people or those who work in risky professions. This is totally false. Whether you’re young, middle-aged or working behind a desk or in a mine, you need a policy that makes provisions for accidents either at work or wherever you are.

Tragedies H..

Why You Need Bicycle Insurance

Whether it’s your daily mode of transport or a source of recreation on the weekends, bicycle insurance is fast proving to be an essential type of cover. Whilst many don’t feel like they ought to insure road or mountain bikes, it’s the kind of policy that really does help should you need to claim. For those asking the all important question, “should I insure my bicycle?” We’re providing a resounding, “yes”. Here’s why…

They're not an inexpensive item
If you’ve insured your smartphone and laptop computer, why wouldn’t you insure your bike? This train of thought revolves around the idea that a bike is at as much risk as electronic items are. In fact, some might argue that the risk is even higher as you cannot blacklist a bike once it is stolen, the same way that you can blacklist a stolen phone. Furthermore, bicycle insurance helps to safeguard the initial financial outlay that comes with purchasing a quality bike in the first place.

Don’t ride it out, get mountain bike insurance

Don’t Get Caught Without Gap Cover

We’ve all heard the horror stories about family or friends that have been left with astronomical medical bills that their medical aid wouldn’t cover following a stint in a hospital. Whilst this might happen for a number of reasons due to plan types and limits, there is a way to avoid this. For many people, gap cover has proved to be a saviour in cases where medical aid shortfalls have occurred.

Health and peace of mind go hand-in-hand
If you haven’t got a gap cover policy as yet, here are a couple of reasons why you don’t ever want to be caught without it…

Mind the gap
Before we get into the nitty-gritty of what this kind of cover entails, it’s important to note that it isn’t a medical aid policy on its on. It is in actuality, a supplementary policy, designed to cover any costs that may arise from amounts unpaid by an existing medical aid claim after you have been admitted to hospital.

It’s not a one-size-fits-all policy
Please be aware that not all gap policies are created equal an..

A Beginner’s Guide To Owning A Motorbike

If you’re reading this, you’ve probably given in and bought your first motorbike. Of course, congratulations are in order but now that you’ve taken the plunge, there are a few more things that you need. From bike insurance to the necessary safety gear, here’s our guide to owning a motorbike.

It's more than just bike insurance…
Start with the right insurance
Now that you’ve bought a motorbike a good bike insurance policy is a must. Not only will you be compensated should your bike be stolen or damaged, it will also give you peace of mind so that you can ride without worry. At Compendium, we offer three types of bike cover: Third Party Fire and Theft, Comprehensive Cover, and Third Party Only.

Whilst the kind you choose will be linked to your budget, we do recommend that you opt for as much cover as possible. This is because your bike is a valuable asset that needs to be insured to prevent financial losses. To find out about the types of cover that we offer and which one would ..

What Types of Disability Insurance Are There?

With so many different insurance options out there, it can be difficult to choose the right policies for you and your family. Disability insurance is one of those covers that people often dismiss, wrongly assuming that their life insurance or dread disease insurance will provide the same level of protection. In actuality, if you are a provider in your family, or have dependents, disability cover is a necessary policy to invest in.

Get disability cover that works for you and your loved ones with Compendium.
Accidents and illnesses can happen at any time, and leave you struggling financially. The last thing you need when you’re trying to recover is extra stress. Compendium’s disability insurance safeguards you by providing you with an income if you are unable to work. You can tailor your disability insurance to suit your needs: for example, you can specify monthly payments that will cover your expenses like rent or a bond, bills, or school fees. If you speak to one of our experienced b..

Do You Need to Insure Your Bicycle?

Bicycle insurance might seem like another unnecessary expense, but could you afford to lose your bike? And if your bicycle was ever lost, damaged, or stolen, would you be able to cover the expense of a replacement that matched the standard of your previous bike?

You might think bicycle insurance is only important for professional cyclists, but if you own an expensive bicycle, mountain bike insurance could protect you from an expensive loss. Whether you’re a weekend cyclist, bicycle enthusiastic, or professional competitor, bike cover could come in very useful.

Compendium offers more than the average bicycle cover, too – amongst other benefits, bike cover will keep you protected wherever in the world you are, so if you’re tackling the Munda Biddi Trail in Australia, or the Cape Argus ride, you and your bike will be covered.

Compendium's bicycle insurance covers you around the world.
Compendium’s bicycle cover is fully comprehensive, too. Our policy will cover your bike when it’..

A Beginners Guide To Motorcycle Insurance

You’ve bought your first motorbike, and you’re ready to hit the road and show it off – but before you do, make sure you’ve taken out bike insurance. It’s normal to want to start revving straight away, but it’s crucial to have comprehensive motorbike insurance, just in case.

Compendium’s bike insurance is specially designed for motorbike enthusiasts. Designed in conjunction with bike owners, our policy covers you for the things you really need, offering flexible and affordable cover, so that you can get the perfect policy for you. Compendium motorbike insurance also covers motor scooters, quad bikes and mopeds, so however you like to roll, we’ll provide the right cover to keep you and your bike safe.

From mountains to beaches, Compendium bike insurance has you covered.
What level of bike cover do you want?
Compendium’s bike cover is available at three different levels, much like car insurance. You can take out Comprehensive Cover, Third Party Fire & Theft, or the most limited, Third ..

A Beginners Guide To Home Insurance

Congratulations! You now own your first home. Buying a house is a stressful and exciting experience – there’s much to remember and arrange, but most important is taking out a comprehensive home insurance policy.

When you’ve just moved into a new home, it’s normal to focus on the potential of your house, and your future in it. It’s also normal to want to focus only on the positive, but unfortunately accidents do happen and it pays to be prepared. Your house is not only your home, it’s an investment, and as such it’s crucial to protect it.

Your home is your castle. Protect it with home insurance.
Home insurance is a policy that specifically applies to the structure of your building, and all outbuildings on your premises; including swimming pools, ponds, driveways, air conditioning, fences, security systems and more. It also covers the fixtures and fittings in the building, but it does not cover the contents of your home. To protect your possessions you must take out a household conten..

Take The Anxiety Out of Illness With Dread Disease Cover

It’s easy to take good health for granted, but if you start to suffer from a serious illness your whole life will change drastically. The last thing you want when you’re undergoing treatment or trying to recover, is extra stress about your finances – instead, get peace of mind with dread disease cover.

Taking out dread disease cover will protect you and your family from extra trouble and financial problems, so if you get sick all you need to concentrate on is getting better. By choosing dread disease when you’re still healthy, you’ll be safeguarding against an uncertain future. You can create a tailored assurance policy to suit your needs – speak to one of our brokers on xxx to discuss your options.

Reduce your stress if you get seriously ill with dread disease cover
Also known as critical or serious illness cover, dread disease insurance will provide a financial pay-out in either a lump-sum or monthly payment, depending on which you choose. Most policies cover cancer, stroke, heart..

Buy and Sell Agreements: What Are They and How Do They Work?

If you’ve built up your business with a partner, you’ll know how much you both contribute to the successful running of your company. You’ll also know that losing your partner would have colossal consequences and cause huge problems. It’s natural to want to avoid the thought of your partner falling sick or being hurt, but it’s always wise to prepare for the unexpected – buy and sell agreements will give you one less thing to worry about in the case of a tragedy.

Buy and sell agreements protect you from the financial impact of the loss of a partner. If your partner becomes seriously ill or dies, a buy and sell agreement will promptly provide you with a lump sum of money. This will mean that you can buy their share of their business, and ensure fair compensation to your partner’s family.

Take out a buy and sell agreement with your partner to take the fear out of the future.
This legally binding agreement will mean that there is no confusion if the worst happens, providing clarity in a ..

Does your business need accidental damage cover?

Running your own business means that no day is ever the same – it’s never boring, but it’s always hard work. You know that you can never predict what’s going to happen, however hard you try. But the unexpected doesn’t have to be an extra stress: you can take take out accidental damage insurance to cover your costs, and give you one less thing to worry about.

Accidental damage cover is a special top-up that can be added to your ordinary policy, ensuring you’re covered for any eventuality. It covers you for unforeseen costs. Depending on the policies you have in place already, accidental damage will provide an extra buffer for any claims you might need to make.

Create a buffer against unexpected damages and costs
Accidental damage is especially important to take out if you have several employees: the more people you have working for you, the greater the chance that an accident may occur. You can’t plan for every eventuality, especially when you have more than one employee. If you do e..

You keep your most valued possessions in your home, so it’s vital you protect them with home contents cover. If you already have home insurance, you might think your belongings are already covered, but actually this isn’t the case. Read on to find out why it’s essential to have both contents and building insurance.

Home insurance, also known as home-owners insurance or building insurance, covers the structure of your building. As a home-owner, you know the value of the roof over your head, but it’s important to remember that home insurance only covers the bricks-and-mortar elements of your building. This means if your house is damaged by flood, fire, accidental impact, etc, you can claim for the rebuilding costs and any essential fixtures.

Home insurance also covers any outbuildings, security systems, pools, gates and gate motors, patios, walls, driveways, aerials, and many other items. (Ask your broker for full coverage details.) You can claim for the replacement, rebuilding, or rep..

Remote Jamming: Are you at Risk?

Remote jamming remains a common crime, and is constantly on the increase.

In South Africa, we are dealing with crime on a completely different level, as compared to other parts of the world. To organised crime gangs remote jamming is one of the tools used to enrich their syndicates, by stealing from the naïve and unsuspecting public.

Crimes such as theft out of motor vehicles, theft of motor vehicle, hijacking of vehicles/trucks and cargo, house and business robberies are all committed by using remote jamming.

What is Jamming?
A remote jammer is any device that deliberately blocks, jams or interferes with authorised wireless communications. Jamming can interfere with various types of wireless equipment including the alarm panel, cellular phone communication, detectors, tracking systems and radio reporting to a control room.

The effect of Jamming:
Simply, when being jammed, your car will not engage the locking system and will thus not activate the alarm system. As the systems are no..

Small Business Insurance: Where To Begin?

The world is an unpredictable place. This is why we must take extra steps to insure our lives and personal possessions against loss. The same precaution should be taken when venturing into the business world. This is because starting up a business is an exciting, yet scary time, and sadly as much as we try to avoid disasters, they sometimes find their way to us. Here’s everything you need to know about taking up small business insurance.

Know Your Needs
Before you even begin to look at potential insurance companies; be sure to first take a look at what it is that you really need from your small business insurance. The most important factor is the nature of your business. Different sectors each come with their own set of assets, risks and responsibilities.

A great example is a courier company. Since your drivers make up your staff component you may consider offering them medical aid or life/death or disability cover as part of their salary package and deductions. You would also need t..

Car Insurance For Older Vehicles

When it comes to buying a new car, the first thing on everyone’s mind is getting car insurance. But is this the case for older cars as well? It seems there are mixed sentiments when it comes to car insurance for older vehicles. We take a look at the ins and outs of insuring your used car.

Do I Really Need Insurance?
Let’s cut straight to the chase. It’s a common thought that you don’t have to insure your used car because it’s old. This is actually a misconception.

Think of it this way. Even if your car is falling apart, should that car be involved in accident or get stolen, would you have the cash on hand to buy another car? If you answered no to this question, you definitely need to insure your vehicle. If you answered maybe or even no, you may still want to insure your older vehicle for remuneration purposes.

Let's Talk About Premiums
The thing with a used car is that you probably won't have to pay as much for collision and comprehensive cover. At the same time your liab..

A Beginner’s Guide To Home Insurance

As any homeowner knows, your property is your pride and joy! You worked hard to get it, and a home is more than just a structure, it’s the place where family memories are made. Home insurance is an important part of preserving this part of your legacy for your family.

If you are a first-time homeowner, this kind of insurance might seem a little vague and confusing, but not to worry. We’re here to take the guesswork out of keeping your home covered, for your peace of mind. Here’s a beginner’s guide to insuring your home:

What is home insurance?
Home cover is a policy taken that prevents structural losses stemming from weather damage, fires, floods, natural disasters, leaking pipes, accidental impact, attempted theft, or malicious damage. Please note that this differs from a household contents policy, that protects the assets inside your home. Although this is an equally necessary type of cover as well!

Why is it important?
Think about it this way, your house is the most valuable asse..

Key Person Insurance: How It Works

Whether it’s a great leader, a CEO, or an HR director, every business has a few employees that they just can’t afford to lose. For many companies, losing a vital member of staff means financial losses and dips in productivity. But did you know that Key Person Insurance is a type of cover that prevents these costly losses?

Key Person Insurance can really benefit your business and protect the most vital asset a company has, it’s people.

Should you take out Key Person Insurance, a few key personnel will be listed on your policy. These would be the people who matter most to the operation and direction of your business. This means that you’ll need to sit down and think carefully about who should feature on this policy.

What does it offer cover against?
A policy like Key Person cover offers compensation for losses, injuries and incidents that might leave you understaffed due to incapacitation or death. In the event of the passing of a staff member listed on your policy, you would be able ..

Top to Bottom Home Contents Cover

Your home is your safe space, it's where you keep your most precious belongings and it's where the heart is. At Compendium, we know this and we want to help protect the things that are precious to you.

What does household insurance cover?
We cover a long list of items. From garden furniture, the contents of your tool shed, garage, maid’s quarters and expensive jewellery – we want to ensure everything important to you is covered.

How would I go about calculating the sum insured?
When taking out household contents insurance, you should insure your possessions for their new replacement value of the entire moveable contents of your home.

We offer comprehensive Household Contents Cover that will protect you from all possible fatalities
What am I protected against?
As a valued Compendium customer, with household contents insurance, you are covered against the following:

Weather conditions such as wind, rain, lightening, storms, snow, water damage, earthquakes and hail

10 Facts About Building Insurance

From engineering to building processes of construction, we've got you covered”
The construction industry is a highly specialised one, full of its own sets of risks and hazards. That’s why we have a unique and specially developed construction insurance to ensure comprehensive cover. This will protect you against damage to or loss of a building during construction.

Here are 10 simple, easy-to- understand facts about construction insurance:

1. This category of insurance also covers engineering, civil and development industries.

2. This insurance is interested in minimising the financial risk to investors and builders, of an uncompleted building.

3. It covers the expensive machinery that is often used in the process of building and engineering. It protects against human error, accidents, general wear and tear and damage in severe weather.

4. Construction insurance will also cover any damage done to property from accidents or equipment failure.

5. Here at Compendium, we will also..

All Your Car Insurance Questions Answered!

Are you looking to take out car insurance? Well, you’ve come to the right place, as here at Compendium, we offer a wide range of car insurance tailored to suit your needs.

We know how daunting the thought of insurance can be, so we’ll keep it simple and straightforward as we outline everything you need to know about motor vehicle insurance.

Does Compendium only offer car insurance?
The good news is we not only insure your car, but your motorcycle, trailer, quad bike, 4×4 and even your caravan! We will cover these against damage or theft and in addition to this, there are optional extensions to suit a more adventurous lifestyle.

Are there any extra services offered by Compendium to its clients?
There are many additional benefits, one of which is Compendium Assist. This is an exclusive service available to our customers. We provide a 24/7, 365 days a year emergency assist, for which we’ve partnered with the Automobile Association of South Africa.

How does Compendium calculate the sum..

Benefits of Disability Insurance

Know your loved ones are taken care off
As we go about our daily lives, we cannot plan for the unforeseen. Accidents and illnesses can happen, at any time, to anyone, so it is important to have disability insurance that safeguards you against the unpredictable.

Disability insurance is a necessity, particularly if you have loved ones and a family who depend on you. If anything should happen to you, would they be protected? These are some of the difficult questions we have to ask ourselves.

At Compendium, we want to help you as much as we can, tailoring our insurance to fit both your lifestyle and profession.

With this in mind, here are a few benefits offered by disability cover:

Following an illness or accident after which you are unable to work, we will see to it that your family’s basic needs are met. These include rent, school fees, utility bills and other monthly expenses. It is important to state your occupation so that we are able to remunerate you with maximum cover.
If you a..

Five Things To Know About Boat Insurance

You own a boat to get away from stress – not to create more. Choosing an insurance policy for your boat can be challenging, particularly if you've never done it before. Steer clear of additional stress with these five things every boat owner neveds to know about boat insurance.

Types of Cover
Don't wait until disaster strikes, make sure your boat is completely covered.
There are two core principles that form the backbone of all marine coverage.

Liability coverage

This ensures your legal obligations to third parties are covered in the event of injury, loss of life or property damage occurring due to the usage of your boat.

Physical damage

This covers damage or accidental loss to your boat and its machinery – including the hull, engine sails and any equipment that is necessary to operate your boat.

Is your boat still covered when it is out of the water?
Value versus money
When looking at different policies, be sure to check whether your physical damage cover falls under a..

Very few people realise what the financial implications are at death More than 30% of people who die, do not have enough cash in their estates to pay for costs and debts, according to Angelique Visser, Chairperson of the Fiduciary Institute of Southern Africa (FISA). In fact, very few people realise what the financial implications …