Side Hustle consultations also gaining traction
Many small businesses that can’t afford to employ a fulltime legal team nor have the expertise to handle legal matters internally are taking advantage of the convenient and cost effective FNB Business Law on Call (BLC) solution, helping them manage several issues ranging from contractual disputes, labour issues, and court representation etc.
Jonathan Havemann, CEO for FNB Short-term Insurance, says, “since the onset of the COVID-19 pandemic there’s been over 50% growth in small businesses taking up legal cover. During the lockdown period, most of the services we provided related to legal advice around the implementation regulatory requirements, as well as COVID-19 Health and Safety Policies including Employer Health and Safety Checklists. The needs have evolved to cover the full spectrum of legal matters SMEs face on a daily basis.”
We are also seeing great interest from prospective business owners using our new Side Hustle Consultation solution offered on our Personal Law on Call policies, helping entrepreneurs with legal questions that can assist them get their businesses started.
Andiswa Bata, Co-Head of SME at FNB explains that SMEs in their early stages of growth are getting value for money through our BLC Lite solution which covers about 200 contracts for a low fee of R99 per month. As the businesses mature and start to deal with more complex issues and requirements, our comprehensive BLC solution becomes more ideal, with cover starting from R315 per month.”
Some of the contracts covered through BLC lite include Due Diligence Checklist, Sale of Business Agreement (including a Restraint of Trade), Acknowledgement of Debt, Social Media Policy, Termination of employment contract and Letter Accepting Settlement Offer, amongst many others.
“Whether a business is just starting out or already established business, they get 24/7 expert legal assistance and regulatory advice from qualified lawyers of up to R530 000 per matter and an annual limit of R1 050 000.,” says Bata.
The type of cover provided includes
- Civil – covers issues such as contractual disputes, damage claims, poor workmanship, eviction of tenants and an appeal or review.
- Labour – relates to any matter instituted by or against the company in terms of the labour laws of South Africa, the CCMA, Bargaining Councils or Labour Court.
- Legal – offers cover in the event of bail applications, criminal matters instituted against owners, officers, or sole directors of your company, and more.
- Debt collection – applies to assistance with the collection of the company’s debts where the debt exceeds R15 000
“Part of running a successful business means having the best legal muscle behind you and your business. Therefore, our BLC solution has been designed to offer businesses complete peace of mind, whether they are just starting out, growing their business, or are already established,” concludes Havemann.
