Business Insurance What are the benefits of insuring our business?

[sincerem]

I heard different opinions concerning business insurance, how business entrepreneurs enter into insurance to protect their enterprise when challenges unfold marred it or come through it in the future.

But I don't understand how it will be benefiting to the business owner insuring his or her business when unexpected circumstances hit it.

I've heard from different sources, saying that business owners can get compensation when their business is heavily marred by natural and unpleasant occurrences like the covid19 pandemic. Which ruined most of the offline businesses from going on with operation.

Others still say, when the owner's business collapse unexpectedly due to unforeseen circumstances which isn't recognised. That insurance company compensates the victim that is affected by the loss.


Do you think all this facts is genuine when it comes to benefits of business insurance?

 

[Mika]

Business insurance will cover the loss and damages to your business, even the burglary. let say you have a shop that sells clothes. One day there is a short circuit in your shop and your shops get burned down. If you have insured your business, you can recover your loss, sometimes even the 100 percent loss.

 

[sincerem]

Business insurance will cover the loss and damages to your business, even the burglary. let say you have a shop that sells clothes. One day there is a short circuit in your shop and your shops get burned down. If you have insured your business, you can recover your loss, sometimes even the 100 percent loss.

Then why are some persons not taking the well deserved risk to invest via insurance company to protect their business when challenges come to it in the future. I know we'll say God forbid let it not be my portion to see my business get burned down. But at times all this things do happen to any individual cos we are living in a world full with challenges unfold.

 

[Mataracy]

The benefit of insuring our business is very many . Let say fire insurance for example. Whenever one take up this very insurance there is a benefit should in case there is fire incident and the shop got burnt then the insurance company will come their and look at what happen later they will come back and buy all those things that has been burnt and make the place look good again.

 

[Wisdom01]

I think one benefit is that it can protect us against some form of risk that we all might be trying to stay away from or might likely occur , many people have actually benefited from insurance company after they risk they insured against actually happens and they got the things that was lost

 

[btaliat]

Insuring ones business has no other advantages than the fact that the owner won't bear the loss alone or may not even near the loss. Aside this, there is other tangible benefit except some insurance policy that may serve as collateral. These are the advantages that I think insurance companies have.