iWYZE Business Insurance frequently asked questions (FAQ’s)


QUALIFYING CRITERIA
1) What are the criteria for my business to qualify for iWYZE Business Insurance?
  • Business has to have direct owner involvement
  • Have between 1 - 200 employees
  • Annual Gross Turnover less than R64m
  • Total Capital Assets less than R10m


PROCESS
2) What information is needed to complete the quote process?
  • Business Details i.e. Company Name, Registration Number, Vat Number or Trading As name in the case of a Sole Proprietor
  • Owner or Director details i.e. ID Number, Previous Losses, Previous Insurance History, Judgements
  • Information of your nominated drivers i.e. ID Number, Previous Losses, License Restrictions, Judgements


3) Can I nominate any person to take out iWYZE Business Insurance on my behalf?
No, only a company decision maker can complete the sales & policy maintenance process


4) Does my company need to be formally registered in order to qualify for iWYZE Business Insurance?

No, we will require a Trading As name or details of the business owner to issue a policy

* Read more in our our Support section under Tips & Tools for the easy process to register your business


5) Am I required to have a VAT number?

No. Even though it is advisable to register your company to benefit from certain tax exemptions, it is not a requirement for this product


6) If I have a foreign passport do I qualify for cover?

No. We can only issue iWYZE Business Insurance to permanent South African residents making use of a 13 Digit ID number.


7) Are there certain business types that will not be covered under the iWYZE Business Insurance product?

Yes. The iWYZE Business Insurance Product does not cater for business types within the Agriculture, Mining, Warehousing and Manufacturing Industries.


8) How long does it take to do a quote?

Depending on the section of cover required the quote process can take up to 45 minutes for a comprehensive product.


PRODUCT
9) What cover is provided under the iWYZE Business Insurance Policy?

  • Buildings Combined
  • Office Contents
  • Business All Risk
  • Electronic Equipment
  • Motor Vehicle
  • Motor Cycle
  • Trailer
  • Public Liability
  • Employer’s Liability
  • Goods In Transit
  • Business Interruption
  • SASRIA


    10) Can I take Public Liability as a standalone cover?

    No. The only cover that can be taken on a standalone basis is 

      All other sections/cover has to be supported by one or more of the above


      11) Do you cover commercial trucks with a GVM more than 3500kg?

      No. Vehicle covered under the iWyze Business Insurance is limited to a Gross Vehicle Mass of 3500kg or less.


      12) Do you cover Uber, Taxi, Taxify, Shuttle or transport services where passengers pay a fare?

      No. The above business ventures are not covered.


      13) Can I cover my contents that is at multiple addresses?

      Yes. The iWYZE Business Insurance product caters for multiple business premises under one policy.


      14) Can I cover my customised mobile trailer?

      No. Custom made vehicles are not covered under this product.


      15) Do you offer Professional Indemnity cover?

      No. We can cover you for Public Liability that will cover Third Parties for death or injury at your premises.


      16) Do you offer road and office emergency benefits?

      Yes. You will enjoy Road Emergency benefits to a total value of R4000 or maximum 2 incidents per year and a further Office Emergency benefit to a total value of R2000 or maximum 2 incidents per year. Detailed benefits will be supplied in your policy documents.


      GENERAL
      17) Does my insurance premium increase after 12 months?

      Yes. Premiums are adjusted every year on your policy anniversary date in line with inflation and/or claims behaviour


      18) Is my vehicle required to have a tracking device?

      It is advisable to fit your vehicle with a reputable tracking device. If your vehicle doesn’t have a tracking device at sales stage, it will be required that you have one fitted within 15 days in order to qualify for comprehensive Vehicle cover.


      19) Can somebody come out to my premises and quote me?

      No. The iWYZE Business Insurance sales process has been simplified in such a way that all necessary business criteria and questions can be collected and assessed during a telephone interaction.




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