As a small business owner, the last thing you want, is to take all the risk in your business when you can transfer a risk by way of insurance.
In Nigeria today, it is common for businesses in general not to get any form of insurance cover, because they do not believe they can afford the coverage, and when something happens, they cry to the state or local government for help.
Some Of The Risks Your Business Should Be Protected By Insurance.
Insurance On Your Building:
This is very important, especially if you own the building you use for business. But if the building is rented or leased, this is the responsibility of your landlord.
Insurance On Properties:
This is the most important coverage, this is insuring all personally acquired items in your building, e.g Table, Air conditions, Equipments etc… You should insure them on the risk which is most likely in your location, which could be either flood, fire or theft.
Motor Vehicle Insurance:
When you use your personal car for your business to aid movement, it is important to take this cover as not doing so may cripple your business to some extent.
This is also important because we all know health is wealth, but this totally depends on the kind of business you are into, e.g if you are into selling cloths or bags this may not be necessary.
Insurance On Employees:
In a small business it is unlikely you would have so much employees, but if you to there are different types of covers under this package you could want to use.
Not having the appropriate insurance cover for your small business, is a recipe for disaster which can permanently shut down your business. But at the end of the day, safety if your responsibility