Top five insurance misconceptions that could cost you

Even in today's time of access never being further away than your smartphone, many consumers will still believe what they read in unofficial groups or hear from friends and family.

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From our homes to our cars and livelihoods, insurance is meant to safeguard the things that matter to us most. However, many South Africans still misunderstand what that protection really includes.

"These misconceptions around cover can create a false sense of security, only to surface as costly surprises when you need to claim," says Ryno de Kock, head of distribution at PSG Insure.

These are the biggest insurance myths to forget about:

Business insurance is only for large companies

Many small business owners believe insurance is only necessary or affordable for larger corporates. However, smaller operations often face greater vulnerability to risks such as theft, fire, cybercrime, or employee fraud, because they may lack the resources to recover quickly or safeguard against these issues.

"Business insurance solutions are scalable and can be designed around a specific risk profile, ensuring that even smaller startups have access to protection that keeps trading going," says De Kock.

Homeowners insurance covers everything inside the house