08 Apr Lockdown: Is this a good time to review your insurance policy?
We are more than halfway through the 21-day lockdown and we can see the light at the end of the tunnel. However, there is speculation that the lockdown may be extended, as we’ve seen our foreign partners do. Consider using the last few days of lockdown to explore a few topics we don’t usually have time to discuss.
Many companies have been forced to shut their doors temporarily and others are able to function remotely. This has made it easier for hackers to attack, as home Wi-Fi and networks do not have the same level of security as your company has in place.
The number of cyber-attacks has increased since the national shutdown commenced, which can result in data, personal information and financial losses for a company. Companies and individuals can improve their safety by changing passwords every month, ensuring that the passwords are at least 8 characters long with special characters and numbers included.
Unfortunately, that cannot prevent network or data breaches completely. There are some excellent
and affordable Cyber Liability products available that can assist greatly in the event of a breach.
The national shutdown has brought about many uncertainties: whether companies will be able to
survive, whether some individuals will still have a job or when a retrenched person will find new
Subsequently, the rating agency Moody’s has downgraded South Africa to sub-investment grade, and we can safely say that there are difficult times ahead of us. Considering this information and the time we have available; we can strategise and plan to make sound financial decisions. Now is the time to review your car and household insurance policies; get a second opinion on your business insurance and amend your life insurance policies to save on costs where possible.
Government, large organisations and the likes of the Rupert and Motsepe families have made funding available for SME’s that could assist them in weathering the storm. Banks have made available the option to take payment holidays to individuals and SME’s. A tip here would be to understand the implications of the assistance, as you might be up for more interest due to increasing the repayment period, double future payments to catch up or have a short period in which to repay the acceptance of debt for “missed” payments.
Debt protection and other options
Some consumers might not be aware of the underlying debt protection insurance attached to their
credit cards, store accounts, overdraft facilities or bonds. This type of insurance covers the borrower in the event of death, disability, retrenchment or any other cause that might prevent them from earning an income. It is recommended that you contact your respective providers to see whether you have the cover as it is not a guarantee, and if so, whether you can claim under these circumstances. In conclusion, South Africans have proven in the past and present that we are a resilient nation. Just a couple more days and we will be back to taking stock, implementing new strategies and building our nation. Let’s also consider making use of SME’s for product and services delivery in an effort to assist them
If you would like to discuss this topic in more detail and if you would like a quote on any of the above-mentioned policies, please contact Pieter-George Erasmus on 079 079 2710 /PErasmus@lifestylegroup.co.za