Hollard Merchant Insurance

FREQUENTLY ASKED QUESTIONS

There are several important differences between HMI and other standard insurance offerings:

First this innovative insurance offering is available to business owners who have a minimum of 6 months trading history and do over R30 000 in monthly card turnover through their point of sale.

Next, HMI’s premiums are based on daily card turnover (a world first), which means you pay a fixed rate that’s commensurate with the volume of business you do. So, whether business is booming – or in a flat phase – you always know your insurance costs are covered. (And that means no stress if or when you hit a seasonal slump)

Also, HMI will not only match your current insurance premium, but we may even beat what you are paying right now for the same cover.

On top of that, we think you’ll be pleased to know:

/ Our policies are written in plain language that everyone can understand. (No confusing insurance jargon.)
/ If you make a claim, and it is approved after the usual checks, you will be paid out in full. (We do not apply the Average rule.)
/ Business Interruption cover is standard

There are six core risks that every business faces and HMI effectively protects you against all of them. Namely: Business Interruption; Fire & Weather Damage; Theft of Money; Public or Products Liability; Accidental Damage; and the loss or breakdown of Electronic Equipment.

The HMI policy has been specifically designed to cover the risk protection needs of small and medium businesses but, depending on the specific nature of your business, it is possible that you may benefit from additional cover to protect you against certain additional risks.

Rest assured that, if this is the case, you will be notified up front. firstEquity offers a free broking advisory service and your broker will proactively assess your business to ensure
you are effectively covered. If not, you’ll be guided through the appropriate remedies. HMI offers a range of optional covers (such as Office Contents, Glass, All Risks, Motor and SASRIA) and these are available for an extra premium.

Because HMI policies are based on actual turnover, we’re confident the cover will be sufficient. However, if you wish
to increase it for any reason, we’ll be happy to discuss this with you and provide extra coverage if you feel it is appropriate.

That depends entirely on how much business you do via your card transactions. Each business fits into a predetermined turnover band and pays a fixed premium in line with that. (To qualify, you’ll need to have an average monthly turnover of R30 000 or more.)

As part of your agreement with HMI, we deduct a fixed percentage of each transaction and then pay the insurer on your behalf.

Yes, all premiums, sums insured and deductibles are inclusive of VAT.

Unlike other insurance policies, HMI is paid as a fixed percentage of daily card sales and not on a monthly or annual basis. (This is a world first and makes much more sense if you stop to think about it!)

Like the standard cover, premiums on our motor insurance are paid on a daily basis. However, because vehicles and drivers are unrelated to your business, the rate is based on the specific vehicles and drivers’ profiles. Cover is fully comprehensive, with a flat excess of R2 500, and in the event of a damage or loss claim, we will pay up to a maximum of your vehicle’s market value.

We’ll send you a welcome pack with a formal policy document that details the extent of the cover you’ve opted for.

No. Another difference with HMI is that, because premiums are paid daily, our policies can be terminated at any time. However, we hold our premiums for a twelve-month period and, on the anniversary date of your policy, we will ask you to notify us of any material changes to your business and, based on that, will issue an updated policy with a revised rate schedule.

Easy. Contact us on our 24/7 toll free number 0861 936 384 or send an email to merchantcapital@firstequity.co.za to alert us to your claim, and a broker from firstEquity will guide you through the process. (firstEquity deals with all claims on behalf of Hollard.)

No. Instead we apply a ‘franchise’, which is more advantageous for policy holders. (It is similar to an Excess but usually a far lower value.) So, if your claim is incidental and falls below the set franchise limit, we make no payment but, if your claim exceeds the franchise threshold, your claim is paid in full without any deduction.

As long as you have a business that qualifies, we hope the quality of our product and service offerings will ensure you want to continue your HMI policy. However, if the time comes that you no longer have a business that qualifies, or wish to cease cover with HMI for any other reason, you are free to suspend your policy at any time. Simply call firstEquity on 011 510 1300 and they’ll take it from there.

Please be in contact with firstEquity on 011 510 1300
if there’s anything you’d like to discuss. We have a dedicated team of brokers ready to assist at any time.

Your trading times are your business. If you choose to close at certain hours, or on certain days, that makes no difference to us. Your business is insured 24/7 for 365 days a year.

Merchant Capital
Hollard
First Equity