Business Insurance, is it Necessary in Nigeria?

Sometimes i think business insurance is a waste of money, i know i might be wrong. Why is it that big companies pay big money to insurance company? what are the benefits of business insurance?

Active Member Asked on March 7, 2018 in Business.
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Insurance is not a must, but it is better you insure your business. Many drowned businesses would still have been at work supposing the owners insured their business.

Nobody pray for his or her business to sink, but we are in the world where anything can happen.

The uncertainty in life is what makes insurances so important. Although we can never predict what will happen to us, with the right insurance policies we can be sure that we will hastily recover from our financial losses, and the insurance company will share the risk with us, to provide us enough security so we are prepared for the most unexpected risks.

There are many types of insurances, we can basically insure anything we posses. Most common insurances are for cars, houses, personal health, business insurances and liability.

When you insure your business,

Uncertainty of Business Losses is Reduced
You would not have to worry about loss again. Some mistakes in business can be so costly that such organization will never recover. However, with insurance, you have less to worry about.

Business Efficiency is Increased with Insurance
When the owner of a business is free from the botheration of losses, he will certainly devote much time to the business. The carefree owner can work better for the maximization of the profit.

If you have a small business, you might not need to be worried about insurance, but if you are growing large, its better you get in the system.


Expert Consultant Answered on March 7, 2018.
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