SA women mean business!

Posted on Thursday, August 20, 2015

As part of its commitment to support and help grow female-owned and run businesses in South Africa, 1st for Women is a proud sponsor of KAMERS vol geskenke  SA's pop-up treasure trove of handcrafted creativity. If you had a chance to attend the shows in Cape Town and Joburg recently, you'll know that this prestigious event showcases the best creative talent South Africa has to offer.

By doing this, the show plays an integral part in giving female entrepreneurs the opportunity to turn their passions into profitable business ventures. According to its organisers, 95% of KAMERS traders are women who regard the pop-up market' as a respected and well-organised space to sell their wares.

To contextualise just how important the event is, the South African Women Entrepreneurs' Network confirms that approximately 70% of informal businesses in South Africa are owned or controlled by women. At the same time, only eight percent of SMEs in South Africa are owned by women, according to the 2014 SME Survey.

Some of the reasons that many women don't make the leap from informal trading of goods and skills to establishing official small businesses are that they lack financial resources and networking opportunities and are hampered by gender stereotypes. But, considering that so many South African women are breadwinners or financial contributors to their households, they need to be able to access the support they need to become entrepreneurs.

One of the areas in which women can access financial support is that of insurance for women business owners. Women feel all too keenly the stresses of financial responsibility and their obligation to their employees and their families. This means that taking on the financial demands of owning and running a business can be challenging.

While nothing can take away the pain and thrill of these responsibilities, having business insurance in place to prepare for any eventuality does buy peace of mind and, should the worst befall your business, the support when you need it the most.

All the insurance you need
When you run your own business, you need to consider the following types of cover, to ensure that you will be able to meet all your legal, financial and moral obligations: 

  • Cover for damages to your business property from events such as fire, wind or flooding,
  • Cover for business interruption should your business be unable to meet its obligations for whatever reason
  • General liability, which means that you are covered for damage to another person or another person's property in the course of your business,
  • Professional liability, which protects you financially from claims against you for negligence, errors, omissions or wrongful acts in the performance of your duties,
  • Commercial vehicle insurance for any vehicles that are used by your business or your employees,
  • Equipment insurance for the loss or repair of any equipment used in the running of your business
  • Health, medical, life, disability, unemployment and workmen's compensation insurance for you and your staff.

Get the cover to suit your business
Don't worry if this seems like a staggering array of different types of complex insurance products. Most insurers offer at least some of these types of cover packaged into one product that's suited to your needs. For example, 1st for Women offers the following products:

  • 1st for Business Women
    This product has been designed for women who own a florist, hairdressing or beauty salon, book shop, coffee shop, a retail outlet or a garden service, for example.
  • 1st for Professional Women
    If you own a law, accountancy, auditing, brokerage or consultancy firm, this product has been specially tailored for you.
  • 1st for Women in Practice
    This product is best suited to doctors, dentists, physiotherapists, optometrists, veterinary surgeons and psychiatrists, for example.
  • 1st for Executive Women
    This product has been designed for women who own a travel or estate agency, a general office, training centre or internet cafe, for example.

Take the plunge!
Getting into business requires 50% careful planning and 50% nerves of steel. But having the right insurance products in place will protect you and your fledgling business from any hardships that might befall it, allowing you to focus on growing your market share and tending to your customers. With business cover, you can take confident strides into the world of business ownership and take your place among the entrepreneurs in South Africa.

Look forward to more creative excellence at KAMERS
Watch this space for details on the upcoming KAMERS events taking place in Hermanus (24-27 September); Stellenbosch (27 October - 1 November); and at Open Window Irene in Pretoria (1-6 December).

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