Capital Equipment News April 2018

BUSINESS INSURANCE

vehicles, such as product liability, tools of trade cover (where there is equipment attached to a vehicle) and goods in transit,” says Steyn. “We start with the asset and then the requirements around the core business of the customer.” MiWay’s Business Vehicle insurance covers any type of vehicle – for almost all types of commercial use. There are a few exclusions such as vehicles used for law enforcement. The heavy commercial vehicle insurance cover includes towing and recovery, lost or damaged keys or remotes, as well as roadside assistance. With MiWay’s Locator device fitted to vehicles, customers have access to telematics data via a user friendly dashboard which helps them manage their risk and improve their drivers’ behaviour on the road. MiWay Business Insurance adds to its Vehicle Insurance product by offering cover for mobile plant and machinery under the Special Purpose Vehicle section. Towing and recovery; emergency assistance and emergency repairs at a flat limit are automatically included and the limits can be increased. Yellow metal units and their accessories must be insured for the current market value and if comprehensively insured, the item will be covered against the following perils: accidental and intentional damage; theft and hijack; fire and explosion; window glass; acts of nature which include hail, wind, storm, floods, earthquake and lightning; as well as liability to all other parties up to a value of R2,5-million. Quick uptake Steyn says due to the innovative nature of MiWay’s Business Insurance, which is specifically geared at SMMEs, the company has seen significant growth of its portfolio in a very short space of time. Apart from the product, MiWay has also partnered with industry organisations to support SMMEs with the necessary risk management education, which is often lacking in most of these small businesses. To further bridge the knowledge gap, MiWay is also part of the Small Business Chamber of South Africa, and gets involved in its workshops to educate small businesses on risk management practices. “Risk management sounds like a university subject, but it’s just a matter of getting down to the specific, practical basics. We see that most small businesses lack that basic knowledge and we have embarked on an educational campaign to help them choose insurance cover that suits their individual risk profile,” concludes Steyn. b

MiWay Business Insurance adds to its Vehicle Insurance product by offering cover for mobile plant and machinery under the Special Purpose Vehicle section.

We also had the relationship with all the service providers, such as panel beaters and we understood the ratings of these vehicles, so it was just a natural progression,” says Steyn. MiWay Business Insurance was later extended to medium-sized trucks, which are still very much the same to cars and bakkies, although there is a need for a different service provider network. “Over time we naturally expanded into heavy duty trucks. The product is obviously different and requires a totally different service provider network,” explains Steyn. In December 2016, the MiWay business insurance was extended to cover yellow metal equipment. Although Steyn agrees that this is a completely different market, he says MiWay saw an opportunity to be a one-stop insurer for capital equipment owners. Considering the uptime-driven nature of the yellow metal equipment space, Steyn tells Capital Equipment News that MiWay, as a starting point, really understands the importance of uptime for businesses operating this gear. “We are well aware that the longer it takes to settle a claim or repair a vehicle or a piece of equipment, the more it influences the client’s income and the business at large,

especially for small companies,” he says. “Our whole claims process is geared and designed to get our clients back on the road or on their sites as quickly as possible," explains Steyn. A case in point is MiWay’s cover for expediting costs. For example, if parts need to be imported and there is a way to get them in the country sooner, say by air as opposed to sea freight, MiWay covers those additional costs under special circumstances to help clients return their equipment to work as soon as possible. In terms of fleet sizes, MiWay’s key target market is those fleet owners with between five and 20 vehicles or pieces of equipment. However, this is not limited to this fleet size group, as it can be extended to cover even those with larger fleets. “We do individual underwriting on each piece of equipment or truck, because we believe that’s the fairest way of providing a premium that is specific to each customer’s unique risk,” explains Steyn. Product range MiWay’s Business Insurance provides comprehensive business cover for its targeted customers. “Our aim is to cover all their assets, whether it’s a bakkie, a truck or a piece of equipment, and then look at the insurance needs around those

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