The world is a dangerous and unpredictable place. One day all is well then the next, your business is hit by an unexpected disaster that can wipe it out. In this video, we look at how to protect ourselves from the vagaries of fate. Ignore this advice and you could lose everything. Please CLICK HERE to watch on You Tube.
A friend of mine left his job with a hefty amount of money as terminal benefits. He then invested it all in a electronics shop in a new mall in Nairobi central business district. Several of his friends, me included, tried to advice him to buy insurance for his business, especially because he had invested all his money in the venture and no longer had a job. He would hear none of it. “I do not have money to waste” was his response. Well, to cut a long story short, burglars cam one night and stole everything and his business collapsed. Today he is destitute.
Each and every type of business whether big or small needs insurance protection. Insurance is of equal importance for all business activities, assets and individuals working in it. Insurance capacity of a business firm depends upon its nature and size. There are number of risks all around us and we don’t know their time, date of their happening. So, to cover such events, insurance is needed.
Purchasing business insurance is very important task and such decisions are to be formulated properly. The business insurance should be of such type, which covers each and everything of your business. If the business needs are not properly considered before taking or applying for business insurance, it will result into wastage of money or death of your company. Please CLICK HERE to watch on You Tube.
There different types of insurance policies available for your business include: Property insurance means protection of your assets or business properties from theft, natural calamities or physical damages. General liability insurance protects business proprietors and its operators from various liability coverages. Workers’ compensation insurance protects a business to wrap different job-related damages or sicknesses. Auto insurance is designed to insure business vehicles. The other type of business insurance includes health insurance, key person life insurance, business interruption insurance, excess liability coverage, employment practices liability coverage and travel insurance.
There are numerous providers of business insurance so, it becomes important to select best insurance company providing all insurance services under one roof and on cheap rates. A business firm has to pay insurance premium, which is based on the degree of risks involved. Firstly the insurance company appraises the situation and then decides the premium rates.
If you own a business, make it a priority to buy appropriate insurance protection. Ignore this advice and risk losing everything. Please CLICK HERE to watch on You Tube.