INSURANCE PROTECTS, DON'T BECOME A VICTIM OVER DARE I SAY LACK OF KNOWLEDGE.

We live in country where a N20 million super car is insured with third party motor insurance cover. Scale it up to businesses, similar trend, the general lack of identification and management of business risks, seriously dangerous. One reason why this is?, product or service commercialisation trumps all other business challenges.

In effect, insurance is a safeguard, and when combined with prevention, you guarantee your peace of mind, financial and business continuity no matter how bad the event or crises evolved in the future.

LET ME CLASSIFY WHAT I MEAN

That building that occupies your business space whether owned or rented, get it insured against loss or damage by fire, burglary, theft and extreme events.

That plant & machinery you recently aquired from China, get it insured with a good Machinery Breakdown cover.

Are you a new distributor in Lagos, ensure you acquire a Goods in Transit cover for every trip, if you would be using a third party, ensure their services is insured. As you know, accidents and stolen goods may make the news, but you wouldn't wish it on yourself.

You have just come full circle in your trading career, and you may have recently extended your warehouse size. Please get the Building and the contents covered as soon as possible against fire or theft.

How about a business owner that may not be aware that cash in the safe including employees should be insured against theft, fraud and embezzlement.

Are you one of those Nigerian that has prioritiesed insurance as a must buy, for quick claims settlement, always declare the true value of the insured assets truthfully. In addition, read and understand your policy or get your advisor to clarify fully.

WHY SHOULD YOU CARE?

Nigeria is a highly unstable nation politically, economically and socially. To give the above some context, Nigeria continues to score lowly on the UN Global Human development, Economic and Peace Index from 2000 till date. Imagine scoring low on global peace and corruption perception index consistently and then scoring high in global terrorism index consistently, essentially the protection of your life and properties is still questionable as we know it today. In order words, key into the protection and peace of mind that insurance provides personally to you and your setup. Pay no mind to the usual objections regarding insurance in Nigeria.

Consider this out of the box reason why you should guard whats yours using the example of the oldest profession called, Management. In a recent speech by Professor Olukunle Iyanda, the President of Nigeria Institute of Management (Chartered). Listen to this;
"We cannot practice management tomorrow if we don’t understand management today. This is because management tomorrow is already here today.
“Our ability to excel in management tomorrow is based on our knowledge of management yesterday and practice of management today.”

So there you go, business owners and individuals with high net worth assets and Nigerians at large, embrace insurance.

Need more information? I guess you do. Send me an email then.