Benefits Of Insuring Your Business

As Nigerians battle inflation and low disposable income amid tough business operating environment, this seems the best time to insure!

Imagine paying N15,000 third party motor insurance premium and after an accident, you are saved from N3million liability to a third party vehicle by your insurer, instead of you running around to look for the three million Naira. That is the power of insurance.

To this end, experts said, insurance products and services are critical risk mitigation mechanisms for businesses to survive and succeed during tough times.

On his part, the co-founder/CEO at Curacel, Henry Mascot, who was the Keynote speaker, at a webinar, said individuals and organisations are really facing a challenging time, hence, the need for insurance to mitigate rising risks.

He submitted that the COVID, recent wars around the world and financial crisis have put many businesses on the edge, adding that, with Nigeria being tagged the poverty capital of the world and many Nigerians working hard to come out of poverty, insurance remains one of the best means to escape the dragnet of poverty

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“If we agree that we are in challenging times, we should see insurance as a means of protecting our assets,” he asserted. Technology, according to him, is really transforming the insurance process, making it easy for people to access insurance products, report claims and also access claims.

Founder of Mesh Venture Tochi Ginigeme, calls on business owners to map out their risks, which would enable them to understand the insurance products needed to mitigate the risks.

She urged insurance companies to embrace strategic partnerships that would enable them to ride on the back of technology, while charging insurance companies to invest directly in start up firms, which would help in providing insurance needs for the firms.

Head of Corporate team, Coronation Insurance, Anthony Olasele, said insurance, due to its risk transfer and pool mechanism, has the potential to help business owners from falling backward when risks occur.

He called on start up firms to ensure they have business interruption policy, adding that, such a policy helps in providing claims to business owners whenever their businesses are disrupted.