Is insurance needed for business enterprise?

eojo2401

Active 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

Active 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

New 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

Active 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

Active 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

Active 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

Active 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

Active 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.
 

Alexandoy

VIP Contributor
For some of the businesses the insurance is imperative like the hardware with a warehouse that stocks the lumber and other flammable materials. Factories which deals with chemical also needs insurance like the printing press in our town that caught fire and the whole business place was destroyed by fire.
 

Mandy96

Valued Contributor
Definitely it is so needed for one’s business because there is a particular policy made for it. If one has to get a backup plan for his or her entity. I think considering insurance is a good idea because it will serve as a coverage for it without having the fear of bankruptcy
 

Mataracy

VIP Contributor
Every business need to insured their business should in cade any accident occur be it fire ,flood or any other thing.
I have witnessed a man also that insured his farm and when flood came a swipe away all his farm produce but fortunately for he has insured the farm and the insurance company paid him back all what he has lost.
Its very good to take up policy from insurance company as a business man.
 

Nite

Valued Contributor
Insurance is very much needed for a business enterprise. Through insurance, your business will be protected against any unforeseen event which can cause immense financial loss. As your business is financially exposed to number of risks, an insurance will greatly help you cover that up quite effectively, and your worries will be gone.
 

Wisdom01

Valued Contributor
It's part of the most important thing business needs to consider , because most business that dont have insurance policy does not have protection over any form of risk that might likely happen ,so protection cover is really needed for your business and that's what make insurance important too I think
 

Phabbyfundz

Active member
Yes , insurance is duly needed for small business enterprise as with all other business enterprise available to us today. The real benefits of insurance cannot be overemphasized and with the Right insurance policy you can have the Best insured life, free from the fear of mishap or unforseen occurrence and events.
 

Chibson

VIP Contributor
Yeah, definitely. insurance is very important for any kind of business whether it is a small business or a larger business because the unexpected may come and they will lose a whole lot of money. there are many people that ensure their small businesses and they got a whole lot of coverage.
 
Top