Importance of insurance in business.

[Ahmedo24]

Insurance is simply the process of paying certain of money to get your business captured against different eventualities like fire, theft and other damages, once you are registered you pay premium annually. This tool is very important in all businesses but in most cases only bigger businesses care about insuring their companies against damages but if small businesses key into it Will be especially in country Nigerla where fear incidents do occur and government is not able to support fully with your insurance coverage you will worry less

 

[Deleted member 27180]

Yea, u right. A great benefit of insurance is that it helps spreads the risks from the insured to the insurer. Therefore, whatever loss or damage you suffer,no matter the magnitude can be taken care of. And soon, you would be back in action

 

[Ahmedo24]

The challenges is many people usually have this believe that paying the premium when there is no challenges or damages will like a waste of resources, some will say they will prefer to invest the money on their own as emergency funds though this mentality comes from small business owners that are not that exposed.
The advantages that comes with insurance is much more than the disadvantages if any. Some businesses in my company had a quick recovery from the recent endsars protest because of insurance cover.