We spoke to our marketers to get you insurance advice straight from the source. 7 of our marketers share their best one-liner advice for the current insurance climate.

  1. Manage Risk (Marista Norris)

Marista Norris, quotes Gary Cohn, the current Director of the National Economic Council and the former COO of Goldman Sachs, who said, “If you don’t invest in risk management, it doesn’t matter what business you’re in, it’s a risky business.” This quote highlights the important role that risk management plays in achieving business success.

Effective risk management strategies allow you to identify your project’s strengths, weaknesses, opportunities and threats. By planning for unexpected events, you can be ready to respond if they arise.

  1. Protect Your Family’s Wealth (Albert Myburgh)

According to Albert Myburgh, family wealth protection through asset insurance is the responsible thing to do.

If much of your wealth is tied up in physical assets, it should be a no-brainer to get insurance for those assets. Most people are required to have home insurance by a mortgage provider, and additional types of insurance like auto insurance can help you protect your most valuable possessions.

Always make sure these policies are up-to-date, so they can protect you in the event of a natural disaster, theft or other incidents.

  1. Evaluate Risk (Jean Jacques Saayman)

Jean Jacques Saayman’s top insurance tip is similar to Marista Norris’, “Evaluate the risk; Control the outcome.” Taking out comprehensive insurance is one of the most important ways you can reduce risk. Insurance reduces risk by transferring it to the company that issues the policy. You pay an insurance premium rather than risk the possibility of a much larger loss.

  1. Get Credit Shortfall Cover (Stephnie du Preez)

According to Stephnie du Preez, you should cover the gap by getting credit shortfall insurance. Also sometimes called top-up or gap insurance and covers the difference between your vehicle’s retail value (the amount the car is insured for) and how much you paid for it when you bought it (the amount owed on your loan).

For example, you bought your vehicle for R150 000 and you’ve paid R20 000 off on your financing loan. You write it off in an accident and your insurer only pays out R100 000 (its current retail value). You still owe R130 000 on the vehicle so that means a shortfall of R30 000. If you had taken out credit shortfall insurance, that R30 000 shortfall would be paid out to the financial institution to settle your outstanding amount.

  1. Professional, Specialised And Focused Insurance and Advice (Stephanie Maarman)

To give a client reassurance on cover for their assets, you need to provide professional, specialised and focused insurance and advice, according to Stephanie Maarman.

  1. Know your product, Know the fine print, Always contact your broker (Retief Groenewald)

Retief Groenewald’s insurance tip comes in threefold:

  1. Know your product: If you don’t have sufficient information about the insurance you are signing up for, you can’t make an informed decision.
  2. Know the fine print: The fine print can be painful, but it is important that you always have all the facts before making any decisions regarding your insurance.
  3. Always contact your broker: If you ever have any questions regarding your insurance cover, you should always contact your broker, so that they can walk you through it.
  1. Don’t let bad luck be a role player in your financial well-being (Herman van Dyk)

Herman van Dyk believes it is important to take luck out of the equation when it comes to insurance and your financial well-being.

This speaks to managing risk. When managing risk people and organisations need to avoid risk ignorance and risk apathy. This way they will avoid risk or “bad luck”. If not, they will inevitably lose every risky battle. “I’d rather be lucky than good” is true only in golf, not in life or business.