Blog

Why as a business you should be looking at developing a contingency plan…

If you’re a business owner or manager, you know how inconvenient it is to have a key employee leave: Not only does it cost time and money to find a replacement, but you also need to train the replacement and that can sometimes be a slow process. It is becoming more imperative for a business to examine key roles throughout the organisation, and determine how the absence of an able worker might weaken the company.

Here is how we suggest you develop a contingency plan to help lessen the impact of an employee’s departure on the business: 

Identify business impact: Identify how a key person, i.e. your best sales girl leaving would negatively affect sales, revenue and business processes.

Look at the current provisions: It is vital that there is an able replacement for important jobs, and a policy in place that allows for them to seamlessly assume their new position. This entails having a succession plan; if someone leaves, do you have someone who knows that job role to assume the position?

Develop a plan: If you do not have a succession plan, establish one now. This includes providing training for existing employees for another job role, or backing up sensitive information so it’s available to more than one person.

Training/updates: Train potential replacements for the jobs they might fill. You can have them perform some of the responsibilities  for roles they may one day assume, and/or exposure them to a higher-level position through projects and training programs. Have your manager keep an eye out for promising employees, and revisit the process at regular intervals to identify any gaps.

Losing a talented employee or manager can hurt your business’ performance, and smart companies are quickly realising that they are only as good as the quality of their workforce. It is therefore crucial for your business to ensure that it has a process in place for securing the best employees at all times.

Why has my motor policy been cancelled?

When entering into an insurance contract, as the policyholder there are certain conditions you are expected to fulfil. If you are unable or fail to meet these obligations, you may find that your motor insurance policy is liable to being cancelled before its normal expiry date, which would not only leave you unprotected in case of an accident, but in violation of the law.

What factors can result in my policy being cancelled?

  • There are some things that are out of your control. Like dying, for instance. Your death, resulting solely from accidental injury will cancel your policy.
  • Transferring your vehicle to another party will also result in your policy being cancelled.
  • Always pay your premium, and on time. Consecutive non-payment of premium is a sure fire way to have your motor insurance policy voided.
  • Aggravation of risk: As the policy holder it is your obligation to inform your insurance company about an aggravation of the insured risk circumstances. For example, if you are consistently lending your car to other people, then the risk of an accident is increased. Failure to disclose that information may result in a non -payment in the case of an accident.
  • If your insurance company finds out that you have deliberately withheld important information, or provided false information, your policy may be cancelled.
  • In the event that either party, you or your insurance company declares bankruptcy, you may find that your motor vehicle’s policy is no longer valid.

You will find all these conditions in your private motor insurance policy contract.

If you are uncertain about any conditions or terms, one of our agents would be more than happy to go through it with you again.

Simply pay us a visit at our branches (Maison Esplanade – Victoria, Pension Complex –Baie St. Anne Praslin, Green Corner –Providence)  or call us on 429 5000 or send an email to info@sacos.sc. We’ll be more than happy to help!

5 tips for helping the environment whilst saving your business money

A lot of businesses worry that ‘going green’ will cost them a lot of green! After all, if you’re thinking of implementing green practices at your business, it’s natural to want to make sure they’re cost effective. Fortunately, there are plenty of ways to accomplish both!

These tips can help you implement cost-effective ways to go green at your business:

Go Paperless

Consider going paperless where and whenever possible: save files digitally, send electronic copies of documents such as contracts, invoices etc. Not only will you be helping the environment, but you will be saving on office supplies, too!

Engage Employees in Green Practices

Collectively, a group of people can make a significant difference so don’t overlook the opportunity to get employees involved in your efforts. Remind employees to switch their computer settings to power-saving mode when not in use, and unplug laptops or cell phones when they are fully charged. Other small ways to go green as a group include asking employees to ensure that all their equipment, lights and air conditioners and radios are all turned off when they leave at the end of each day.

Replace Old Equipment

Replacing most of your office equipment in one go can be financially draining, especially if you are a small business. But purchasing and using highly rated pieces of office equipment can help save on your business’s energy bills. Audit your computers and printers and create a plan to update them one at a time.

Use Environmentally-Friendly Light Bulbs

This may come as a surprise, but incandescent light bulbs are a major factor that contributes to wasted energy at businesses! Switching to LED bulbs, which use up to 80% less energy and lasts up to 25 times longer than traditional incandescent bulbs will not only decrease your electricity bill in the long run, but save you money on constantly replacing burnt out light bulbs.

Keep your customers informed

Promote your environmentally friendly practices on your social media platforms to keep your customers aware and updated of your commitments. As well as helping the environment, green business practices can definitely bolster your public image and potentially bring in more customers!

When it comes to businesses and the environment, it doesn’t have to be either or : By following these tips, you can prioritise green practices that make the most sense for your business and may save some money in the long run!

Have you heard about our cheap Personal Accident Cover Policy?

You never know exactly when it’s going to rain, but you know that it will rain at some point. So what do you do? You keep an umbrella as a precaution because nobody likes to be caught in a downpour.

This is what a personal accident insurance cover is – an umbrella for a rainy day. A very cheap umbrella that, for 200 rupees a month, covers you for up to 100,000 rupees!

A car accident, an occupational injury, a stray coconut to the head (which, living on an island is very likely to happen!), these are all unpredictable disasters that can happen to anyone.

Personal accident insurance is designed to pay out compensation if you suffer from a serious injury or death as the result of an accident. It can protect you and your family against loss of income, and help them with bills and other expenses.

Why might someone choose this type of insurance?

One reason that you might choose personal injury cover is to protect yourself at work. If you’re self-employed, you could cover yourself against any loss of earnings in the event an accident or injury prevents you from doing your job.

It is also very popular with people who work in environments where serious accidents are more likely to occur. I.e. construction sites.

What does it cover?

Personal accident insurance can cover you against many injuries and accidents, including:

  • An accident or injury at work
  • Injury caused by violence
  • Injury or death caused by a road traffic accident
  • Total and permanent disability
  • Injury caused by a slip or spillages
  • Loss of (or loss of use of) body parts

Interested in learning more?

Pay us a visit at our branches (Maison Esplanade – Victoria, Pension Complex –Baie St. Anne Praslin, Green Corner –Providence)  or call us on 429 5000 or send an email to info@sacos.sc. We’ll be more than happy to help!

The ideal life insurance plan for single mothers

As the single caretaker of the family and the only source of income in the household, single mothers often have a nagging feeling that most parents do not – who will take care of their family if they are not around.

There are many things that can weigh on you: the financial responsibility of providing for your family typically rests on you alone,  taking care of your household and paying bills, meeting your children’s needs, and worrying about who will provide for them should something happen to you.

Luckily, the pressure and the associated stress of all these responsibilities can be lightened with a Sacos Education Plan!

Why you should consider an education plan:

Sacos’ Education Plan is designed to help you save by means of a small monthly contribution. The policy is taken on your life with your child being named as the beneficiary, and only he or she will be able to receive the money upon maturity. You do not have to worry about someone else profiting from your hard work and your child’s inheritance when you are not around to protect them.

I am a mother to more than one child. How will they all benefit?

We know that your children come first, and it would not be fair if they were not all availed to the same opportunities. The great thing about this plan is you can take any number of policies depending on the number of children for whom you want to provide Education benefits to!

What if I die before the policy matures, will my children still be taken care of?

YES! In the sad event of your demise, the full sum assured plus any bonuses accrued is payable to your children. How it works is you assure the terms for either 10, 15 or 20 years, of which 10% of the sum assured being payable at the end of each of the last 5 years prior to maturity. We will take care of the financial aspect of your child’s life when you are no longer around to do so.

What if my child receives a scholarship?

That’s great! Although designed with funding tuition fees in mind, the Education Plan is merely an investment medium — as the beneficiary your child is free to use or invest they see fit. They can use it to start their own business, buy a house, or just receive a financial leg to stand on.

If this sounds like something you would like to do for your child pay us a visit at our branches (Maison Esplanade – Victoria, Pension Complex –Baie St. Anne Praslin, Green Corner –Providence)  or call us on 429 5000 or send an email to info@sacos.sc.

 

Sacos introduces a funeral cover to the private motor comprehensive insurance policy

In response to the increasing demand for broader options, we have added a new cover under the private motor comprehensive insurance policy – the funeral cover.

The new add-on allows policy holders to purchase the additional coverage for only SCR50.

What is covered?

It covers the funeral expenses of the driver should the driver suffer fatal injuries in an accident while driving in the insured vehicle for an amount not exceeding SCR30,000.

Can other people be covered under this new option?

You can designate a nominated driver to be covered under this policy, at an additional expense of SCR50 per person. This can be a spouse, child or friend of legal age with a legally issued license.

How soon following the accident does the policy pay out?

We know that losing a loved one can be traumatic and the family needs time to come to terms with the loss. Your policy will pay out within 48 hours of your untimely passing, leaving your family with plenty of worry free time to grieve. Nevertheless, the claim is valid only within two months of the accident occuring.

How does the claim process work?

When signing up for the new add-on to your policy, you will be given the option to designate a legal representative or an accredited funeral parlour of your choice. The designated legal representative or the accredited funeral parlour can make a claim on your behalf by providing certified causes of death and cause of death certificates, and other documentation as deemed necessary.

Will this insurance cover other types of accidents?

No. This cover will only cover yours or the nominated driver’s death in the event of a fatal car accident. Any other accidents will be covered by your regular motor insurance if your claim is approved.

 I already have a motor insurance policy with Sacos, am I eligible?

Yes! Provided you have a private comprehensive motor insurance, you can add our new funeral cover feature for an additional 50 rupees per person insured. That is 50 rupees for yourself, and 50 rupees for your nominated driver (your spouse, your child, or a family member that uses your vehicle often)

My motor insurance policy is third party coverage, am I eligible?

Unfortunately this feature is only exclusive to full comprehensive policy holders. If you would like to add our funeral cover to your policy, you would have to upgrade from third party to fully comprehensive.

With our introductory add-on, an otherwise expensive funeral could cost you as little as SCR50!

If you require more information about our new feature, or about upgrading your current motor insurance in order to benefit from the policy add on pay us a visit at our branches (Maison Esplanade – Victoria, Pension Complex –Baie St. Anne Praslin, Green Corner –Providence)  or call us on 429 5000 or send an email to info@sacos.sc. We’ll be more than happy to help!

How can I help my child cope following a disaster?

You never know when you may fall victim to disasters: land or rockslides, flooding, house fires are all likely to happen in Seychelles. That’s you should always be protected!

We strongly advise all our homeowner customers to invest in a Home (Private Property) Insurance that has been designed to provide compensation in the event that you should suffer damage to, or lose your home due to an unforeseen event.

However, if you are unfortunate enough to be the victim of a disaster recuperating emotionally may be hard, and it is easy to overlook how your children are dealing with the trauma that they have just gone through.

The following tips may be a good starting point for parents who want to talk to their children about disaster and help them cope effectively.

Watch for Changes in Behaviour

 Following a disaster, it is normal for younger children to become overly attached to a parent or the caregiver – it’s their way of feeling secure. High levels of stress may also cause regression: bed-wetting and sucking their thumbs. As for older children and teens, they may refuse to talk about the experience, insisting that they are okay. Post – traumatic stress may also cause changes in sleeping and eating patterns.

Acknowledge Their Feelings

 Instead of telling them to be strong, help children cope by teaching them it’s okay to feel sad or afraid after something major has happened. Speak calmly about your own feelings and how the experience affected you; this will allow them to express their own feelings. They may have questions to which you have no answers; do not feel obligates make up an excuse or reason. Children respond best to honesty, simply explain that you do not know.

Provide a safe emotional place

 After a disaster, people may wish to talk about what has happened. Try to limit how much they are seeing and hearing about the event. You should also check in regularly to ask what they’ve heard and how they feel about what they’ve seen. Provide a safe emotional place to discuss the events, as well as what has happened as a consequence, and allow your children to express their thoughts and feelings. For younger children, reassure them verbally and with extra cuddling, and tell them you’ll continue taking care of them to help them feel safe. For older children and teenagers, ask them about their worries and how they might cope. Spend some extra time with them, but also encourage them to spend time with friends or to engage in recreational activities as returning to a routine is always helpful.

Do not pressure.

As much as you want to ensure that your children are okay, you need to understand that everyone copes differently. Some children are okay talking about their feelings, while others are not. Do not force or pressure them as they may become even more afraid. Recovery can be a long process, and sometimes parents can’t provide their children with all the help they need. In that case, you may want to seek professional help.

Because such disasters are unpredictable and beyond your control, it is important to take the necessary steps to ensure you and your family are safe.