ASSUME YOUR SMALL BUSINESS DOESN’T NEED INSURANCE? THINK AGAIN.
The typical Nigerian associates insurance with those people who don’t wish me well and are praying for a disaster to happen to me.
This is why many people here are reluctant to sign up for an insurance plan, no matter how beneficial it may be to them and their business.
It is possible you are one of those who believe insurance fees are rather expensive and your business won’t be able to bear the cost of these fees on a regular basis.
What’s the point of taking out an insurance plan when it is so difficult to file insurance claims in Nigeria? What if I die without any mishap to my business? Won’t that mean all my fees will vanish into thin air?
This fear is understandable. No-one wants to cough out large sums of money only for it to be withheld upon the filing of an insurance claim.
However… the benefits of signing up for an insurance plan with a credible company far outweigh any inconvenience you may experience in the course of paying your fees.
Here are a few of such benefits:
Insurance makes your Small Business look credible.
Signing up for a business insurance plan makes your company look credible as this is likely to attract qualified employees to your business.
The presence of perks like health insurance and retirement benefits packages for your employees (especially if done with a reputable insurance company) is likely to raise your company profile in the eyes of prospective applicants.
Surely, you know the necessity and benefits of having qualified employees to whom you delegate work, thus creating time for seeing to fundraising and crucial aspects of your business.
With a business insurance plan, this is made possible for you.
It protects your business.
It is true unforeseen circumstances do occur in the business climate, unpleasant as this fact may be to swallow.
Unforeseen circumstances like lawsuits, illness, accidents, natural disasters, even death do occur that can grind your beloved business to a halt.
Having a business insurance plan in place (or a personal insurance plan if you’re going it solo) will do wonders for your sense of security and freedom from anxiety.
When you realize that you might need an insurance plan in place should you wish to rent or lease your business, this is the more reason why you might want to sign up for an insurance plan.
Armed with the points in this piece, you can conduct the necessary background research before you sign up for an insurance plan with a credible insurance company.
Hopefully, no unforeseen circumstance will occur that will cause you emotional stress, and you’ll be able to make use of your insurance fees after a certain number of years have passed.
