Is insurance needed for business enterprise?

eojo2401

Well-known member
Insurance is a means of indemnity against unforeseen occurrences. There are different types of insurance which includes life assurance policy, fire insurance, burglary insurance, car insurance, marine insurance, flood insurance, agricultural insurance policy. All business owner needs to insured there business against any occurrences. My friend establish fish farm in the year 2018, he doesn't insured his farm against flooding, unfortunately there was a flood that wipe away all his fish farm and he loosed everything. Assuming he insured his farm, the insurer would have paid him the value of his farm, but since he doesn't take insurance serious, he learned his lesson in a hard way.
 

Queentener

Well-known member
Insurance is surely needed for a business enterprise, insurance saves you the stress of starting all over again in case of any unforeseen circumstances so part of the factors that should be considered when starting a business is insuring your business against theft, burglary, fire, flood and so on. You can also insure your staffs, there is group life and health insurance can be done for the staffs.
 

Syldan

Member
Very well. It's important to have business insurance because the financial consequences of a potential mishap could easily wipe out the assets of a small business. Insurance provides protection in case customers or passersby experience harm at the hands of your company, or if your company is harmed by an incident such as a fire.
In addition to protecting yourself, it's also important to have business insurance so you can protect others.
 

Briangsam

Active member
Every business needs to be protected from occurrences that are beyond the humans' control. These are unforeseen bad circumstances. This is where insurance comes in to mitigate against occurrences like that. Happenings like accident, theft, loss of life, fire outbreak and so on. Insurance will cover all that and you can be sure that your business will not be run aground.
 

IamDozzy

Well-known member
Insurance is very necessary for business ventures especially large industries. This is done in order to protect the assets of the business in the event of a natural disasters such as Earthquakes, Flooding, Hurricanes etc. New entrepreneurs need to know that insuring their business is very much advisable so as not to go back to square one in the event of a negative unforseen events on their businesses.
 

Daykas

Well-known member
Insurance is an essential elements of business.
Like they do say that punctuality is the sole of business is the same way I do say insurance is the backbone of a good business plan.
Because this is done in order to prevent future total damage on business. Because most time there are on seen circumstances like flood,earthquake and so on.
The best is to insure your business
 

eojo2401

Well-known member
I am sure those that usually think that insuring one business is a waste of money will now have changed of mind and do the needful. It is good to pay insurance premium today and be identify tomorrow if unforeseen occurrences occurs than sharing stories that touch heart tomorrow.
 

Segat

Well-known member
Insuring of a business is a good and wise thing to do. However this is very easy to do in a developed world. In a developing country where as a small scale business owner you are still struggling to access loan to start a business so you can cater for your needs, it might likely not work.
 

Segat

Well-known member
I am sure those that usually think that insuring one business is a waste of money will now have changed of mind and do the needful. It is good to pay insurance premium today and be identify tomorrow if unforeseen occurrences occurs than sharing stories that touch heart tomorrow.
You are absolutely correct but they might possibly want to change their mind but may not be able to. Look at it from this perspective, in a developing world where the cost of this kind of services tends to even be more than your monthly profits as starter and also a small scale business owner, you will not want to risk it.
 
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