5 reasons why your business needs insurance

We all need insurance because we do not know exactly what tomorrow holds, similarly you cannot tell precisely and accurately what the future of your business could be like. Every business needs insurance, every entrepreneurial activity needs to be insured against uncertainties and mishaps. The basic definitions of Business in almost every definition reflects an idea of risk. In fact, one business dictionary categorically defines business as a risky activity! Business is all about risk taking, taking risks with decisions that may or may not turn out positive. With insurance, depending on which type exactly, you’re covered, most of your risks are secured and covered. Successful businesses in Nigeria are mostly insured and this state of insurance has really contributed to their successfulness in so many known and understandable ways.

Let’s take a concentrated look at 5 good reasons why your business in Nigeria needs insurance to survive now and then and just how this can contribute to desired sky-rocketing!

A business company running on an insured platform develops some sort of boosted confidence and imbibement for it’s owners. Such owners are able to take sensitive and calculated business decisions without fearing uncomfortable outcomes, they’re able to take compelling risks to move their business to the next level without having too much worries like “what if” and “what if not”. Yes insuring your business is one sure way to success because, you become more equipped as an entrepreneur and you become very much aware of the many investment opportunies existing around you as business aids which probably were veiled to you previously.

There could be an accident and severe damages to certain equipments or facilities helping to run your business effectively could result, there could be a fire outbreak at your business place, there could be death on the part of the owner, so many uncertainties could arise as well as negative effects of such happenings, having an insurance for your company guarantees that your business would continue to run efficiently without no quakes because from what I know, good insurance companies step in to assist greatly whenever there is a specific problem with their client business as long as these problems are in line with the stated and agreed insured category. Just like how an insurance company gets you a new and similar-in-worth car when your previous insured car gets an accident with irrepairable damages and you’re found guiltless.

Certain amount of bank loans or very high amounts of business loans and other types of sensitive loans are only and strictly made available to Companies with insurance. Legal grants are also easily accessible to registered companies who are insured to a large extent. This is to say that, insuring your business increases greatly your chances of receiving public funds for your business should in case you require such loans because banks and lenders really do not want to borrow money to a company whose future is uncertain and who’s prolonged existence is merely perceptional. Insurance clears way for better business relationships.

One of the first few responses partnership representatives give to applicants is questioning the insurance state of the company and demanding prove for it.  Official investors would always want to know firsthand how insured is your company before investing any dime with you, so they ask to know and believe me if your answer isn’t satisfactory or you do not have an insurance for your company, you’re standing on a long thing, the deal is as good as dead. Like I said previously, no one, yes no investor in Nigeria would deem it fit operating with a company that has no plans for mishaps or a business running aimlessly. Yes, aimlessly because without insurance, technically your business has no future in Nigeri
Want or hope to attract angel investors to your business? Then think insurance and get insured right away!

The sustainability of your business in Nigeria so much depends on risk management. Being able to manage associated risks means that your business would thrive and grow amidst disturbing conditions in the country. Insurance affords you this risk management. With insurance, you look more professional, your workers/employees feel more relaxed to work for you wholeheartedly as long as they understand that insurance covers them, they would not fear to take risks to see your business succeed even in your absence and believe me, when your employees and partners are very much committed to their work naturally without being forced or coerced to, the best recipe for success has just been found!

Best Regards

Written by Ogbaragu

Author: admin
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