Bidvest Insurance shares President Cyril Ramaphosa’s view that growing the SME sector in South Africa is critical to growing our economy and alleviating unemployment. At the same time that government was launching its small- and medium-enterprise (SME) fund CEO circle, which aims to propel economic growth and create employment, Bidvest Insurance was busy launching its own SME insurance products.
Whilst SMEs create 60% of jobs, according to BLSA CEO Bonang Mohale, less than only 15% succeed. A large number of these losses come about from causes that can be protected, which is why Bidvest Insurance recently launched two SME-focused commercial insurance products to help small and medium-sized enterprises manage their business risks appropriately.
“One of the biggest challenges facing SME business owners in South Africa – and, indeed, the world over – is maintaining positive cash flow,” says Phillip Donnelly, MD of Bidvest Insurance. “With this in mind, we designed our commercial insurance products to maintain an SMEs business continuity in the event of a claim, whilst protecting the SMEs’ cash flow first and foremost”.
“Bidvest Insurance is proud to be a home grown South African business that is committed to help grow our country and communities, so when we saw the effect that insurable events were having on some of our policyholders we decided to redesign our commercial insurance offering” says Donnelly. “Sure, we can cut a check in the event of a claim, but who helps the small business get back on their feet when a claim is going through the process of being finalised? That’s where we come in with our Bidvest Instant Response Benefits” he continues.
“Our new product is designed to ‘hand-hold’ our policyholder in the event of a claim so that through our support structures an SME can continue doing what they do best, which is run their business”.
Donnelly went on to say that Bidvest Insurance welcomes the news from President Ramaphosa and was looking forward to seeing the benefits to South Africa that are sure to come from the dedicated SME fund.
So if you’re an SME business owner, ask your insurance broker about the Bidvest Insurance SME products and how they can protect your business or alternatively Bidvest Insurance can be contacted at firstname.lastname@example.org.