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Nairaland Forum / Nairaland / General / Business / Do You Even Need Insurance? (231 Views)
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Do You Even Need Insurance? by Toppiano(m): 11:41am On Jul 05, 2019 |
The public is always faced with the question of whether they even need an insurance cover in the first place or not. The question of needing insurance is sometimes based on lack of enlightenment on what insurance offers. One of the questions in the mind of many policyholder is why should I spend my money to buy a car and pay premium to one insurance company somewhere to be spending my money anyhow? Most consumers do not have unlimited money, therefore they are faced with different choices in choosing the best option to spend their limited income. Before deciding to buy anything, the number one motivation is the need for that thing. Among so many conflicting needs and priorities of different sizes like rent, school fees, mortgage etc insurance may not rank high on the scale of preference. However, the best way to determine if you need insurance is to ask some basic questions. Do you have anything of huge value such that its loss or damage could affect you or impact your business? For instance, if you own a car, its loss or accident would affect you financially in terms of replacement or repair apart from the inconvenience of having to look for alternatives. Imagine if you travelled abroad and fell sick during your stay, you may be forced to spend from your shopping budget to meet the contingencies. Imagine if you own a factory and there is a fire outbreak in the night, you would be forced to close down production, continue accruing overheads while looking for funds to repair and rebuild and probably lose customers in the process. The above scenarios are possibilities of risk that you have little or no control over. Sometimes they look so unusual, perhaps to the point of impossibility. However, a single occurrence will come with devastating effects and frustration. In order to avoid having to worry about things you cannot directly control, you can pay a token (premium) to transfer such risk to trained professionals who would take responsibility in case of an agreed risk. Insurance is the reason why you can repair or replace your car in case of an accident or theft without having to break the bank. Insurance is the reason why a factory can be gutted with fire and the owners will not have hypertension. Insurance is the reason why a house could be burgled and the owners will not cry. Insurance is the reason why one may fall sick while on holiday and receive good medical attention without spending the shopping budget on drugs. You may convince yourself that insurance is a luxury probably because you do not own a car yet, you are not a factory owner yet, and you are not planning to take a foreign holiday yet. However, directly or indirectly, you need an insurance cover. Imagine a scenario where you are riding with a friend who insured his car, in case of an accident, the cost of car repair and treatment of injured people will be borne by the insurer subject to the maximum of the agreed sum insured. For instance, that your expensive mobile phone or laptop should be insured against damage. Your house should be insured against fire and flood, your car should be insured against theft and accident, your goods should be covered against theft and damage, your business should be protected against fraud and even your life should be insured in case of death. Insurance is the reason why you can live a perfectly normal life, even when life happens. You can check us out on www.beinsurednaija.com insurance news and updates in Nigeria and beyond. You can also follow us on twitter @BeInsured_NG |
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