Under-insuring your business has major repercussions Companies throw the dice by cancelling or not renewing their insurance. Businesses that choose to cut down on insurance cover to save costs are playing a risky game more akin to gambling than good business practice, according to Gerald Juma, Corporate and Business Insurance Regional Manager at Standard Bank. South Africa’s economy is struggling to eke out anything over 2% growth, while inflation has dropped below 4% – a four-year low. The slow conditions are placing pressure on businesses to cut back on costs – and insurance is often one of the first expenses to face the chop.  “In terms of priority, companies need to ensure the lights stay on and that there is electricity, for example, but this shouldn’t mean insurance is a lower priority,” says Mr Juma. Without adequate insurance coverage, a company could never financially recover if a fire were to raze it to the ground, for instance. “Instead of cutting insurance, co...