SA’s first all-in-one insurance policy stands to benefit SMEs in all industries
“Regardless of the third-party claim alleging a legal liability, SureThing covers legal costs to defend the claim and pays up to the limits for legal liability.”
Because SureThing groups different types of cover under one legal-liability trigger, injury and damage third-party claims are covered, even if caused by a cyber-incident, directors’ and officers’ liability or professional indemnity liability. These exclude bodily injury and property damage — which often leads to gaps in the cover.
To make the process easy and hassle-free for SMEs, iTOO has provided a digital platform for its brokers to engage with businesses that want to take up SureThing insurance, making the journey seamless and efficient.
iTOO plans to roll out the product in other markets.
SMEs are vital to economic development and job creation. In SA, they represent more than 98% of businesses and employ 50%–60% of the country’s workforce across all sectors.
Despite this, SMEs are some of the most vulnerable types of businesses. In most cases, they lack the funding and resources of bigger enterprises, yet they face the same operational and environmental risks as larger companies.
Thurling says SMEs are more likely than larger businesses to fail when faced with liability claims or natural disasters that disrupt their operations, which is why SureThing is a game-changer for these businesses.
This article was paid for by iTOO.