General insurance Why do business owners neglect insurance?

[sincerem]

Most at times we cause the downfall of our business offline, when we have chances of keeping it afloat through insurance when the funds is there. Some persons have the funds, but yet they neglect the benefits around insurance when it concerns the benefits of insurance to their business progress against uncertainty.

Without emphasizing much on the benefits of insurance to our business. It can help as a financial back up when unbeknownst challenges occurs in our business. It even help in challenges like covid19 pandemic, cos it is one of the natural disaster which disrupts the progress of any offline business.

Those whose business ended prematurely due to unexpected financial loss, could've been on the business operation had it been they insured their business earlier through insurance.


Why do people neglect insurance?

Is it because, their is no adequate funds to insure our business?
Or they doubt insurance benefits to their business?

 

[Mataracy]

What you said is really true about the attitude many business owner put yo insurance company.
Some business men don't move until something pushed them or they make big loss before they will realise that they ought to have taken the good step by insuring their business.
Some people lose to accident because of their stinginess.

 

[Mandy96]

As a business owner. I will always suggest you go for a business insurance but some entrepreneurs are usually scared to get it because they believe the policy is not fair for them and it doesn’t help their investment. They see it like they are investing in another form of trade

 

[kayode10]

There are so many reason for this negligence of insurance by the business owners. Majority of them don't see the reason why they need to obtain insurance either for the equipment or the business as whole. Some of them know but the cost of the premium is preventing them from opting in for a package.

 

[sunnystar]

I think the most reason why people and business owners neglect insurance is, the expenses incurred as a premium to insurance company. The money is like you're buying an item twice. If a business suffer loss, insurance company will not indemnify back more than your contribution with them. So Many people think it is a miscellaneous expenses

 

[btaliat]

To be factual, not all businesses deserve partnering with insurance companies. That's why not all business owners fancy insurance policy. If the business doesn't pose a greater risk of being vulnerable to the risk, then there is no need of insuring. And other business owners cannot afford the premium cost.

 

[sincerem]

What you said is really true about the attitude many business owner put yo insurance company.
Some business men don't move until something pushed them or they make big loss before they will realise that they ought to have taken the good step by insuring their business.
Some people lose to accident because of their stinginess.

You're right man, many business owners doesn't see the benefits of insurance, some even neglect it cos of stinginess just as you've interpreted. I don't see reason why they'll have money and neglect insurance when they know that, this days uncertainty have ruined even prominent businesses, covid19 is a perfect example of that.