Goldstar Insurance Company Ltd is Uganda’s largest local insurance organisation and one of the key players in the Industry. With over 19 years of experience in the industry, we aim to support our clients’ growth, protect their interests, and enable businesses to thrive to help people fulfill their hopes and realise their ambitions. The company was established in 1996, so January 2016 will mark 20 Years for Goldstar. Goldstar is also proud to announce that it has been recognised as the Best Insurance Company for Uganda in 2015 by the International Finance Magazine.
Goldstar holds over 5 years’ worth of cash claim cover and the solvency margin sits comfortably at over 2,000%. With over UGX 26 Billion in net assets, our clients have the comfort of knowing that in case of a claim, we have the capacity settle their claims at the right value on time.
Contact information about Goldstar?
Contact one of team of local experts on 041-4-250-110, Email Address or visit our website on www.goldstarinsurance.com for more in get more update on how to protect your self or find them social media.
Jay Sakaria of Goldstar Insurance
The Top 5 Insurance Products Every Small and Medium Enterprise Need and available at Goldstar Insurance
New research reveals Uganda as the world’s most entrepreneurial country. With an entrepreneurship rate of over 28 per cent, Uganda ranks higher than some of the world’s most famous economies such as China and the USA. The figures might seem surprising to the rest of the world, but in Uganda the results surprised few.
From fresh food to hand crafted furniture, you will find almost everyone is selling something. Often entrepreneurs are so focused on growing their businesses that they overlook basic insurance products necessary to protect what they have built so far. As a business grows, inevitably the protection they require will increase. Therefore entrepreneurs and finance managers should ensure that the Insurance they have is appropriate to the company, and treat it like any other company asset by reviewing it regularly. As a guide, the five main insurance products any company should have as a minimum are:
Public Liability Insurance
Public Liability Insurance is protects against claims of personal injury or property damage that a third party might suffer as a result of your business activities. So for example, suppose you own a building and one day a tile from your roof falls off and lands on someone’s vehicle, causing damage.
This type of insurance would protect you when the third party (car owner) claims money against your business. Public Liability is a wide cover so is applicable to many businesses; imagine if you own a cleaning service and you don’t put up a sign saying ‘wet floor’. If someone slips and injures themselves you would have a claim against you. Public Liability would cover against your negligence in such a situation.
Directors’ and Officers’ (D&O) Liability Insurance
This is one of the least understood insurance products available in the market; even some lawyers have their problems understanding what kind of cover this provides to insured managers. D&O insurance offers liability cover for company managers to protect them from claims that may arise from the decisions and actions taken within their regular duties.
Managers of companies can make mistakes and are often personally legally liable for these mistakes. They walk a fine line, making tough and complex decisions which can have a huge impact. A company needs to ensure its directors and officers have the room to make important decisions. D&O insurance supports good corporate governance by making these risks manageable and transparent.
Commercial Property Insurance
Commercial Property Insurance covers the policyholder’s property against loss or damage caused by fire and any related risks. The policy can include stock, fixtures and fittings, as well as any machinery or electrical equipment (including computers) that might be in the property as well.
The policy should be taken by both owners of property as well as those who are renting spaces as well. Imagine a situation where you have major power surges which cause a fire from electrical equipment. Having the correct cover will ensure you don’t suffer significant finance loss as a result of something beyond your control.
Following on from Commercial Property Insurance, Burglary Insurance is a product which is equally important especially during time of financial hardship where we are seeing crime rates including. This type of insurance provides compensation when a property suffers loss or damage cause by theft when accompanied by forcible and violent breaking into and/or out of the insured property.
Workers’ Compensation Insurance
Workers’ Compensation insurance is a state regulated insurance system that covers accidental injury and/or death of an individual employee during the course of employment. Worker’s Compensation Insurance at Goldstar also includes negligence of an employer that may cause injury and/or death to employees.
For example, suppose a company has purchased a ladder and does not maintain that ladder properly, i.e. doesn’t check that it is still safe to use. If an employee uses that ladder and it suddenly breaks, the employer has been negligent for not maintaining and servicing that ladder. Workers’ Compensation insurance from Goldstar would cover the employer in this situation.