Don’t Rely On Govt For Succour, Insure Before Mishaps, Group Urges Entrepreneurs

The Coalition of Associations in Computer Village, has implored business owners to leverage insurance to secure their wares, properties and desist from waiting on government for support in times of disaster.

The president of the group, Timi David said this during a courtesy visit by members of Insurance and Pension Editors of Nigeria (IPEN) to the association in Ikeja, Lagos, stating that, insurance remains the best tool to mitigate risks.

He noted that, often times what those who rely on government for support get are not enough to recover their loss, adding that, it is only insurance that can restore an individual to the position he or she was before a loss occured.

While commending the response time of insurers to claims payment, he said, the association bus had accident last year after it was comprehensively insured and got claims within a short time of filling for it, urging them to keep this up.

He also narrated how a member of the association whose office was bungled and sets of computers stolen, was indemnified by his insurance company, stressing that, the claims received by the member helped kept his business afloat.

He urged businessmen and women, traders among others to insure their shops and offices through theft and burglary insurance and so on, stating that, this risk mitigation mechanism would ensure that goods in the shops and offices are protected and that the insured suffer no financial loss when disaster struck.

David also enjoined business owners to take life insurance as a tool for wealth creation, saying, he belongs to an association that subscribed to life cover for all members.

According to him, the life policy is to ensure members leave financial wealth for their families when death occurs.

On his part, he believes the challenge of insurance is low awareness, calling on underwriters to increase their products visibility and increase awareness such that, Nigerians are better informed on what a policy cover and at what point he or she can claim.

President of IPEN, Mr. Chuks Udo Okonta had said, the purpose of the visit was to feel the pulse of traders on their perception of insurance products and services, so that, their response can assist insurance industry to adjust their services in area they are not doing well.

As developmental journalists, he said, the group hopes to continue to engage the groups and individuals who are either insurance policyholders or prospects to enhance insurance education and awareness, believing, when more people are educated on the nitty-gritty of insurance, there are high chances that they will subscribe to insurance products and services, hence, deepening adoption in the country.