“Those Businesses should have insurance”
In the aftermath of arson and looting in protests around the country due to the #EndSars protests, some small entrepreneurs are struggling. Many small businesses that have been burned down in the riots are uninsured. For them, it is hard to replace all that they lost.
Unfortunately, the government may not take their loss into account, as it takes inventory of those to compensate.
Some activists have downplayed the damage to businesses over the past few months. It’s a prominent refrain these days from activists — businesses have insurance. Broken glass and burnt buildings are a small price to pay in a movement for justice.
We can’t currently confirm whether these assets were appropriately insured. However, our insurance culture is quite low. Thus there is a strong likelihood that some of the vandalized assets might not have been appropriately insured.
As a small business owner, insurance is probably one of the last things on your priority list. However, this is a big mistake and can end up costing you your business or eating up your profits in the best case scenario.
Benefits of Small Business Insurance
The Insurer settles the Liability
This is probably the most important benefit in taking out small business insurance.
Businesses make easy targets in case of on site accidents. You could end up paying heavy medical expenses and damages. However, if you have occupiers liability insurance, the insurance company has to pick up the bill.
You may think that since you run a small office, no accidents could happen at your business. However, someone who trips over a wire in your office can sue you for damages and medical expenses. It really doesn’t matter if it was their fault, the accident took place in your office. So you are liable and since you are a business you will probably end up paying more than you could have imagined for a sprained ankle.
Small business insurance will cover you in all these situations, whether the person is a visitor, client or employee.
Wouldn’t you like to learn more?
You can put your cash to better use
Most small business owners don’t have massive financial backing and usually don’t have such a large emergency reserve of funds. This usually means that they end up filing for insolvency if a serious event happens.
Many people assume property owners can easily replace what was lost. Sadly, many small businesses choose insurance that covers the cash value of their building or products rather than the actual replacement cost, which can be considerably higher.
Proper small business insurance can mean the difference between having a successful business and losing it all in a moment.
If you have any questions, or you would like to discuss our services, please feel free to contact us. We are always happy to be of service.