Business Owners Need Insurance

Reasons Why Business Owners Need Insurance

3 mins read

Stakeholders in the insurance industry and some business owners have urged Micro, Small and Medium Enterprises to consider insuring their businesses irrespective of the size.

Some of them who spoke with Prime Business Africa, explained that insuring a business could help to cover the costs associated with property damage and liability claims.

The Chief Executive Officer,  Keista Autos, Mr. Oluwaseyi Gbadeyan, said MSMEs should be encouraged to insure their businesses.

Gbadeyan said most small business owners were ignorant of the benefits of insurance.

“Some MSMEs have insured their businesses, but most people in Nigeria do not know the value of insurance as they hardly contribute to it,” he said.

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According to the car dealer, insurance to MSMES is a good way to help businesses survive loses.

He said, “As a car dealer, I insure my cars because I cannot afford to lose all that I have been working for without hope of bouncing back, and I do this incase if anything happens so that I will be able to bounce back.

“So, insurance is just like helping MSMEs when trouble comes. Small business owners need to insure their businesses even though they are struggling to stay afloat.”

The Chief Executive Officer of Saraphic Store and Importation, Sarah Mark Sarah, said, “insurance is good for every business. In my importation business, I am insured because there might be problem with goods worth millions of naira. If anything goes wrong and there is no insurance, recovery will be a huge problem.”

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A healthcare practitioner at Citydia, Dr. Seun Martins, also advised business owners to seek opportunities in insurance.

According to him, small businesses are not only to be insured, but the health of the owners of the businesses should also be insured.

The Head of Corporate Communication, Nigerian Insurers Association, Dr. Davis Iyasele, told Prime Business Africa in an interview that sensitisation had been ongoing to educate business owners on insurance.

According to Iyasele, stakeholders in the industry have created insurance packages for different types of businesses, adding that people only need to take advantage of the offers.

Prime Business Africa had last week reported that the Lagos State Government had asked MSMEs to insure their businesses as they play an important role in the nation’s economic growth.

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