Why You Should Get Insurance coverage For Your Small Enterprise

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Why you need to get insurance for your small business

Hello, small business owner.

I think you are following the trends of events in South Africa?

Do you also remember what happened during the #EndSARS protest in Nigeria?

It is now a fact that small and medium-sized businesses are attacked and heavily looted during protests in some African countries.

The recurring xenophobic attacks in South Africa always target foreigners and their companies, mainly SMEs.

What are you doing or still doing as an entrepreneur to protect your company in such a case?

Nothing?

What could you have done

OK.

Have you insured your company?

You stare at me

If your company is attacked in protest today, what will happen to you and the company? Just lose your livelihood and move on?

It shouldn’t be like that.

Please listen to my advice today and make sure you get insurance for your small business.

It has been found that most small businesses do not insure their businesses. The reason some of them I’ve come across are centered on lack of trust and ignorance (guess and how it works).

Well, I’m here to tell you that insurance doesn’t cost that much compared to benefits.

Just contact a trustworthy insurance company and they will get to the evaluation as soon as possible.

******

For you in agriculture.

Have you heard of … NAIC?

NAIC stands for Nigerian Agricultural Insurance Corporation.

This is the company with Agricultural Insurance in Nigeria. I also offer other insurance packages.

Do you know that you can insure your plants before they are mature?

Like before you even harvest.

And if something happens to your plants, say the flood washes everything away. You can get good compensation for that.

Do you know that you can insure your cargo?

Let’s say you are moving your farm produce from one part of the country to another and your goods have been damaged in transit, you will receive partial or full compensation for this as well. It all depends on the type of damage.

The juiciest part is that you can get around $ 1m worth of goods.

I recommend going to the NAIC office in your state with additional inquiries.

When our stores and goods are insured, great savings can be made.

I was amazed when the former government coordinator of Anambra NAIC told me how much he had paid as insurance claims to the flood affected farmers in Anambra last year. Almost a billion naira. For the state alone.

Stop saying insurance doesn’t work.

Most of the traders in our markets, both local and international, have refused to insure their goods, but they spend so much on intangibles every week.

The amount some of them spend on drinks can actually cover the insurance fees, which somehow covers their livelihoods.

I saw how the livelihoods of many business people went down the drain during the last Ochanja market fire.

This fire shook many businesses. Some of the SMB owners confided in me during my assessment that they actually borrowed money to replenish their inventory and still repay it. Many had so much money locked in a safe in their stores. Now they are bankrupt.

Such bankruptcies can be avoided. And it won’t cost you much. You will be surprised how much this little brand that you pay for insurance can get you in compensation after a disaster.

One stitch in time, they say, saves nine.

Here is a list of the benefits of small business insurance

  1. Fund security offers fund
  2. Share risk
  3. Local and international partners take your business seriously
  4. Insured companies can easily access financing from banks
  5. Promotes foreign trade and direct investment
  6. Encourages saving
  7. Promotes the economy

Also Read: How the Government Frustrates SMEs in Nigeria.

Please note that insurance does not cover all types of damage. It is therefore best to talk to your insurance partners about the

To your success.

Author: admin

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