General insurance What you need to know about insurance policy

[Lens1000]

I understand you, but there are just some things you need to consider. I believe you may have made enough profit for you to have spared that high amount of money in considering an insurance for the business. Someone who has not made such profits will never be able to have the guts of sparing that high amount of money in insurance.

You can choose a premium that suits your income. There are various premium available that you can choose from. Insuring your life and properties is a must because the benefit embedded is very enormous and it has lots of advantages. Moreover, you need to find out the legitimacy of the insurance company.

 

[Mandy96]

Your point is so true, especially the part defining insurance as the means of buying promise. But do you think insurance companies do really keep their promises because the means of using “policy” as a cover-up to stylishly deviate from their supposed promises. I think I really agree to your analysis on this.

 

[Lens1000]

The benefits a business owner derives from insuring his business is far more than the disadvantages. But I won't even feel somehow if individuals feel no reason to insure themselves either on health or even life. But it is foolhardy for a business owner not to do the same to his business.

For me, insuring a business is not a matter of choice , it's a necessity. It's very necessary to insure your business because of rainy days. I have benefited from business insurance and it's nothing new to me. The advantages involved is far better than the disadvantages.

 

[Setho]

Whenever you are considering open an insurance account to benefit from insurance policies you should know that there is not any free insurance anywhere in order not to fall for any scammers. You should also know that insurance companies mostly do not cover the whole damage so you should read very well the terms and conditions before signing.

 

[Jamoflondon]

You have a valid point though but this same insurance companies do not do it for free. The bottom line of the whole explanation is that all is business. As for me, instead of calling it “insurance policy” I rather call it “business policy” because it looks more like they care about profits.

 

[btaliat]

The benefits a business owner derives from insuring his business is far more than the disadvantages. But I won't even feel somehow if individuals feel no reason to insure themselves either on health or even life. But it is foolhardy for a business owner not to do the same to his business.

 

[Lens1000]

Finding out the legitimacy of an insurance company is what so many people are not doing and this makes them to end up falling for scammers that try to disguise like some good insurance companies. I am only trying my best to make sure I avoid situations like this to avoid frustration.

There are couple of legitimate insurance company you can choose from. I know you are from Nigeria, choose stanbic ibtc . There are more legitimate insurance company that you can choose from . It's also better to confirm from the person that as benefited from the insurance company. This is the best way to confirm legitimacy.

 

[Lens1000]

The best thing to do when choosing an insurance policy is just to make sure one opts for the one that's likely to be experienced. It will be foolish of someone to insured against flood insurance when the house is not situated near water or life insurance when the person is already too old.

It's very important to choose an insurance policy that is related to the business risk. Before you go into insurance, you should identify the potential risk in the business you run. This is what will guide you to the type of insurance policy to buy. If the policy chosen is not related to your business potential risk , then it's just a waste of efforts and money.

 

[Bookwormlux]

You can choose a premium that suits your income. There are various premium available that you can choose from. Insuring your life and properties is a must because the benefit embedded is very enormous and it has lots of advantages. Moreover, you need to find out the legitimacy of the insurance company.

Finding out the legitimacy of an insurance company is what so many people are not doing and this makes them to end up falling for scammers that try to disguise like some good insurance companies. I am only trying my best to make sure I avoid situations like this to avoid frustration.

 

[btaliat]

The best thing to do when choosing an insurance policy is just to make sure one opts for the one that's likely to be experienced. It will be foolish of someone to insured against flood insurance when the house is not situated near water or life insurance when the person is already too old.

 

[Lens1000]

What you buy in insurance is not stock or cryptocurrency, you are buying promise. The insurance company will promise to provide backup when something disastrous happens to your business, assets etc

Insurance keeps the business moving. when calamity looms in ones business, an insurance company will provide a coverage and this makes the business progress.

The business owners shift the risk in the business to the insurance company. Therefore, the insurance company bears the risk. Risk management is a very demanding parts of a business. Having such an important part of the business managed by another company is great.

It is important to note that , taking an insurance policy is a thing that should be taken seriously. Have you ever considered insuring your business?

 

[Bookwormlux]

I will strongly advice you to insure your business, it's good . I have benefited from one 2 years ago when my POS machine was stolen . I was given #230,000 for the loss because I insured the POS. But first bank removed #100,000 for giving me another POS machine, so I gained #130,000. You can see that's it's good .

I understand you, but there are just some things you need to consider. I believe you may have made enough profit for you to have spared that high amount of money in considering an insurance for the business. Someone who has not made such profits will never be able to have the guts of sparing that high amount of money in insurance.

 

[Lens1000]

To put it straight, insurance companies bear the risk that the owner would have borne if not under any insurance policy. Just like one member opined on this forum, insurance company only relevant if bad thing happenes to the insured person. The only reason I think one should insure is because of uncertainty.

You are absolutely right! An entrepreneur knows that risk management is the most stressful department to manage. Many times, this risk is inevitable and there is no way it won't come knocking. So , when your business is insured, you are at peace and if calamity looms , the insurance takes the risk.

 

[Lens1000]

I do not think about ensuring my business at all as I am someone who believes that failure in business is an integral aspect that would enable me to learn some lessons and then move on with the hope that I will improve on another business which I get to invest in, but I can never consider insuring my business at all.

I will strongly advice you to insure your business, it's good . I have benefited from one 2 years ago when my POS machine was stolen . I was given #230,000 for the loss because I insured the POS. But first bank removed #100,000 for giving me another POS machine, so I gained #130,000. You can see that's it's good .

 

[btaliat]

To put it straight, insurance companies bear the risk that the owner would have borne if not under any insurance policy. Just like one member opined on this forum, insurance company only relevant if bad thing happenes to the insured person. The only reason I think one should insure is because of uncertainty.

 

[Bookwormlux]

I do not think about ensuring my business at all as I am someone who believes that failure in business is an integral aspect that would enable me to learn some lessons and then move on with the hope that I will improve on another business which I get to invest in, but I can never consider insuring my business at all.

 

[Lens1000]

It is true that buying an insurance policy is not like buying stock or crypto currency that you can expect to grow very big in the future. However, you need to know one basic thing, buying a long-term insurance policy is not just for the coverage of loss or damage, it is an investment that you do for many years and then yield benefits after maturity.

You are absolutely correct! People do not know that it's a forms of investment . You may decide to surrender your insurance policy and the insurance company will give you the money accumulated for the long period . For instance, in life insurance, you may surrender the policy if you need cash for investment and it's tax-deferred.

 

[Lens1000]

A business can face a myriad of risks on a daily basis. So if you run a business, considering a business insurance plan can be of help. We don't know about the future, in case your business gets severely affected by a natural disaster, then the insurance will help your business to get back on its feet after the storm has passed.

You are on point because insurance bears the risk of your business. It takes over the risk management department of the business on your behalf. It's important for all businesses owners to buy insurance premium. It's not a matter of choice but a necessity for all business owners.

 

[Mika]

It is true that buying an insurance policy is not like buying stock or crypto currency that you can expect to grow very big in the future. However, you need to know one basic thing, buying a long-term insurance policy is not just for the coverage of loss or damage, it is an investment that you do for many years and then yield benefits after maturity.

 

[Nite]

A business can face a myriad of risks on a daily basis. So if you run a business, considering a business insurance plan can be of help. We don't know about the future, in case your business gets severely affected by a natural disaster, then the insurance will help your business to get back on its feet after the storm has passed.