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Business Insurance South Africa | Complete Guide 2024

Business Insurance South Africa | Complete Guide 2024

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Business insurance is vital for anyone looking to protect their investment, large or small. It keeps you safe from financial losses that could occur due to accidents, natural disasters, theft, lawsuits, or other unforeseen events.

There are various types of business insurance available, and what you need will depend on the nature of your business and the risks it faces. Here is a complete guide to business insurance in South Africa, including the top providers, what types of cover to take, and how to choose the right policy for your needs.

Top Business Insurers for Moving Companies and Other Businesses in South Africa

Business Insurance South Africa


iWyze is geared towards tailored insurance packages. This is great for SMEs in South Africa. They are an online insurer which makes them accessible and easy to use.


Miway is backed by Santam, one of the largest business insurance providers in South Africa. With this security and expertise, they're one of the country's most affordable and customizable insurers.


Virseker is a leading business insurance company focused on the Afrikaans speaking sector of the market. They have a wide range of products and services and cover over 700 types of businesses in their current portfolio.

Oaksure Financial Services

The company consists of brokers that provide you with tailor-fit insurance solutions and help cultivate responsibility, empowerment, and excellence. It has been in business for more than 10 years offering insurance services like e-hailing, cyber, travel, and many more. Grow your business through knowledge, strength, and protection with Oaksure.

Sankofa Insurance Brokers

This 100% black-owned insurance broking company has been servicing its clients since 2009. It offers its clients customized insurance and risk management solutions. For years they have been able to directly deal with a variety of insurance companies allowing them access to various policies. This is why they effectively optimize businesses with choice, customization, and forward advocacy.

Finesse Insurance Brokers

As their name suggests, Finesse Insurance Brokers deliver services endowed with skill, expertise, and intricate and refined delicacy. They are partnered with the leading Insurers in South Africa that help them provide the best-suited insurance services to clients.

Genesis Insurance Brokers

As one of the recognized names in the industry, Genesis Insurance Brokers continue to grow with its clients since its establishment in 1994. It is an Authorized Financial Services Provider with a highly regarded team of proficient insurance brokers.

Indwe Business Insurance

Indwe is a leading business insurance company in South Africa. They offer a wide range of products and services to businesses of all sizes. Their website is user-friendly and provides detailed information on their products and services.


Senate is a well-known business insurance provider in South Africa with over 20 years of experience in the industry.  As an industry-specific insurance provider, Senate is the best when it comes to goods in transit insurance.

Business Insurance Made Easy

Business Insurance Made Easy (or Bi-Me) is an online insurance broker that provides business insurance quotes from a panel of insurers. They are a relatively new company, but have a user-friendly website and offer a wide range of business insurance products.


Santam is one of the largest business insurance providers in South Africa. As such, they have a reputation as a reliable and trusted company. Santam is also a leading provider of heavy commercial vehicle insurance in South Africa, offering short-term insurance solutions for heavy commercial vehicles with a gross mass exceeding 3 500kg.


Aon South Africa is part of the Aon Corporation, a leading global provider of risk management and insurance. Aon has over 500 offices in 120 countries. In South Africa, they have been operational for over 50 years and are one of the largest business insurance products and services providers.

Transit Underwriting Managers

Transit Underwriting Managers is a specialized underwriter specializing in goods in transit insurance. They offer a range of product options and have a team of experienced underwriters who can tailor product solutions to meet the specific needs of their clients. As a subsidiary of Hannover Reinsurance in Germany, they have the backing of a large and well-established company.


AIG is one of the world's leading insurance companies with a presence in over 130 countries. What’s more, they have been operational in South Africa for over 60 years. Small and medium business clients can take advantage of custom-tailored insurance solutions from AIG.

Types of Business Insurance in South Africa

There are many different types of business insurance available in South Africa. The most common types are listed below:

  • Property Insurance: This type of insurance covers the physical premises of your business, as well as the contents, equipment, and stock. It can protect against damage caused by fires, storms, floods, earthquakes, and other natural disasters.
  • Business Liability Insurance: Business liability insurance protects any damage or injury to third parties caused by your business. It can also cover the costs of defending yourself against such claims.
  • Employers’ Liability Insurance: This kind of insurance is compulsory for businesses with employees in South Africa. It covers the costs of compensation and legal fees that may be payable if an employee is injured or becomes ill as a result of their work.
  • Motor Vehicle Insurance: Insurance for your vehicles is compulsory for businesses that operate on the road in South Africa. It covers the costs of repairs and medical expenses that may be incurred due to an accident involving a business-owned vehicle.
  • Business All Risks Insurance: If your business has many moving parts - this is the insurance for you. Industries like transport, shipping, or moving companies can also include All Risks Transit Insurance for their clients. This can help protect your business from liability if the goods are damaged or lost while in transit.

How to Choose the Right Business Insurance Policy

When choosing a business insurance policy, there are a few things to consider, including the type of coverage you need, the amount required, and the excess you are willing to pay. You should also compare quotes from different insurers to ensure you are getting the best deal.

It is also essential to read the fine print of any policy carefully before signing up to be aware of any exclusions or limitations that may apply.

The next step is to consider the size of your business. Small businesses typically have fewer assets and employees than large businesses, so they may not need as much insurance coverage.

Having the right amount of coverage is critical, especially in South Africa. Recent rioting, natural disasters, and economic disruptions have made this clear.

Another factor to consider is the location of your business. If your business is based in a high-risk area, such as a flood zone or an area prone to rioting, you may need additional coverage to protect against these risks.

Determining the type of business you have will help you identify the potential dangers your business faces and the relevant insurance coverage you will require. That’s where the industry-specific cover comes in.

Industry-Specific Cover

It is recommended that you select business insurance tailored to the industry in which you operate.

The following are some examples of industry-specific business insurance:

  • Industrial Insurance – covers businesses like construction, steel, and other heavy industries.
  • Mining Insurance – specific to businesses involved in mining and exploration.
  • Retail Insurance –  ideal for businesses that sell products or services to the public.
  • Transport Insurance – perfect for businesses that provide transport services, including couriers and movers.

For example, if you run a moving company, you may need All Risk Goods in Transit insurance in case one of your trucks gets hi-jacked or items are stolen. You will also need additional comprehensive motor vehicle insurance to cover the costs of repairs and medical expenses in the event of an accident involving one of your trucks.

Many insurance companies offer specialised packages for specific industries. Biddulph’s, for instance, has arranged a special insurance programme underwritten by an insurance company - like Aon South Africa.

How Much Can Your Business Afford to Pay?

While you need enough insurance, you also need to consider what you can afford to pay in premiums. You should also consider the excess that you are willing to pay in the event of a claim. The higher the excess, the lower the premium. However, you should make sure that the excess is an amount you can afford to pay. Do clients need additional insurance when using a service - like a moving company?

If you are using a service like a moving company, you will need to check if they have their own insurance or if you need to get additional cover. Most moving companies will have their own insurance, but it is always best to check before you book their services.

Many moving companies charge a premium for insuring your household items, so it's a good idea to know whether it's included or comes at an additional charge.

Moving? Do You Have Household Insurance?

Business Insurance South Africa

You may not need additional insurance. You should be able to add the cover necessary for protecting your belongings while in transit. Some insurers only require details of the date of the move and the new address and don't charge extra for this cover.

If you are using a professional moving company, they should have their own insurance to cover any damage or loss to your belongings while in their care. However, it's always best to check the terms and conditions of their policy before you book their services.

It's also a good idea to take out your own insurance to cover any items of high value, such as jewellery, paintings, and antiques.

We hope that this guide will help you to find the best insurance for your business's needs.

The most important thing to remember when buying business insurance is that no two businesses are alike, nor are their insurance needs. There is no one-size-fits-all option for business insurance in South Africa and it’s important to shop around.

If you are a moving company looking to expand your business and take on new work to grow your business - join Wise Move. South Africa’s leading mover’s platform. We’re ready to help your business expand.

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