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Budget Business Insurance

Table of Contents
Budget Insurance
Introduction

Budget Business Insurance is a South African insurer offering short-term business cover positioned around affordability. It helps small businesses protect their assets, liability and income without over-complicating the policy.

Who it suits

Budget fits a cost-conscious small business owner who wants essential business cover from a recognised local insurer at a competitive premium.

What you get

  • Cover for business assets, stock and equipment.
  • Liability options to protect against claims.
  • Business interruption cover for income protection.
  • A focus on affordable, straightforward policies.

Pricing

Premiums are quote-based, set by your business, its risks and the cover selected. Get a quote tailored to your situation for an accurate cost.

Our take

Budget is worth a quote if price is a priority, but with insurance the cheapest premium is not always the best cover, so read the policy detail. Understand business insurance basics, and compare options, including via Youinsure, before you decide.

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Related: Business insurance explained  ·  Youinsure  ·  More business tools

Main Features

Business Vehicle Insurance: Budget offers specialised cover for commercial vehicles, including accident, theft, and hijacking, with options for comprehensive, third-party, fire and theft, and third-party only.

Business Interruption: With Budget business insurance SMEs will be protected against loss of revenue due to unforeseen disruptions, such as fire or natural disasters.

Budget Biz Assist: This is Budget’s free suite of 24/7 support services included at no extra cost, helping with IT support, digital marketing, office maintenance (plumbing/electrician), and legal advice.

Flexible Premium Options: Budget has “Motor only” policies to allow businesses to cover vehicles based on their specific budget and needs.

E-hailing cover: Budget provides tailored insurance for e-hailing drivers with passenger liability, third-party cover and more.

Pricing

The cost of your business insurance cover will depend on the type of cover that you choose. Here are four factors that affect the price; type of business, business size, number of employees, location and claim history.

Pros and Cons

Pros

Value-added benefits such as Biz Assist
Comprehensive suite of risk management options
Offers customised costing for all businesses

Cons

They do not offer multi-line insurance for small businesses.
Limitations on cover for larger businesses
FAQs

Budget Insurance provides insurance for a range of vehicles, including motorcycles, bakkies, panel vans, small trucks, trailers and specialised vehicles.

Yes, public liability insurance is essential for businesses and professionals whose work might cause property damage or third-party injuries. This includes artisans/tradesmen, retailers, manufacturers, hospitality and food services, and service providers.

Budget Insurance offers a straightforward claims process. You can typically submit a claim online, by phone, or through their mobile app.

Tender assist is part of Budget’s Biz Assist support services. Budget uses tender search engines to alert you of relevant opportunities and provides guidance, along with templates, to help you submit a professional tender.

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