Think Insurance

Written by

Patience James

November 18, 2020

October was a tough month for almost all citizens of Nigeria and even tougher for some business owners and entrepreneurs in the country. Businesses close up in just a day; the labor of years or months went into thin air. And for the first time in my life, I saw that insurance is not just a luxury; it is necessary.

Before now, I saw insurance as an unnecessary expense, like, “who needs it anyway? after all, we are covered by the blood of Jesus. ”

A business person or entrepreneur’s life can be frightening, from getting funds, ideas, and the right company (relationships/employee). Sometimes, the business world can be scary and accompanied by the risks of losing capital, looting, robbery, and other unknown incidents. However, we can’t seize being entrepreneurs just because of the risks involved.

Have you ever thought of the different insurance you will make in your business journey? Okay, how about thinking of reasons to insure your business?

Well, no need to think so far. As a good person, I thought for you and did the research, too. So here are the reasons why you should think of insurance;

  1. Saves your business and keeps it running: when an unfortunate situation happens, aside from you and your relations, who can give you a helping hand? Business insurance got you covered on this; no need to go about knocking on doors for help.
  2. Adds Credibility to your business: it gives your customers, investors, and patrons a good perspective of your business, that it’s safe and a good choice. They trust you more. Some contracts require it. In other words, you wouldn’t be qualified to receive some contracts if you don’t have business insurance.
  3. Secures the business’s future: With business insurance, you can be at ease while watching your business grow.
  4. Prevents the unpleasant aftermath of being sued: I have heard people say, “one lawsuit could be the end of your business.” Without business insurance, there are high chances that a business will fall apart after encountering any lawsuit of a liability claim.
  5. It covers natural disasters and calamity: Natural disasters or calamities cannot be controlled or predicted. Thus, they can happen anywhere. If a business without insurance is affected, the owner on his own takes care of it.
  6. Insurance is compulsory in some countries: Business insurance is compulsory in certain places, and by doing otherwise, you are not complying with the law.
  7. Protects employee: Human resource is the biggest capital for any business. When employees work very hard to deliver value, there is a possibility that an employee might get injured. As an employer, it’s your responsibility to provide medical care. If there’s insurance, that would be taken care of, too.
  8. It gives peace of mind. I tell you, you deserve the peace of mind.

Every business is different. So, the insurance needs of every business are different. You should see an expert to guide you on the insurance plan you need.

So, do you think there’s a need for business insurance? Why? We will love to hear from you in the comment section.

<a href="http://j.patience@nicholasalifa.net" target="_blank">Patience James</a>

Patience James

Author

Patience James is a blessed teacher and content creator known for bringing out the best in people. Driven by her passion for seeing people get things right and become better, she is committed to developing the most educative and resourceful content possible. As a Content creator, her goals include developing, publishing, and bringing relevant materials to readers. Patience James is a Content Management intern at Alnick Consultant, and Investment writes monthly. She believes everyone can be better if given the right information. She derives pleasure from teaching and helping children grow into teenage hood.
2 Comments

2 Comments

  1. Uchechukwu uzougbo

    With what happened during the lockdown, I strongly believed there is a need to get an insurance policy.

    Reply
    • Patience James

      Yes, the need cannot be overemphasized.

      Thank you

      Reply

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