[photo/aiche.org/]Small businesses view insurance as an unnecessary expense. Why insure a business whose capital is not worth talking about, you might ask. Those that understand its importance, view it as a luxury instead of as a necessity.
As a small and medium enterprise (SME), it is time to start viewing insurance as a necessary investment, rather than as an ancillary cost. Insurance will afford you peace of mind. You will not have to worry about unexpected events that can slow your business down or bring it to a complete halt.
Whether it is damage from leaking water pipes, money lost in transit theft, or a fire at a warehouse, these are liabilities that cannot always be anticipated. According to Entrepreneur, insurance provides you the confidence you need to keep moving with the knowledge that your assets are covered from loss and other legal liabilities.
Frequent fires at Nairobi’s Gikomba Market, for example, have left many traders penniless with no hope of raising capital to start afresh. Those with insurance policies, however, only need to contend with claim forms and a little wait before they are back in business. Small businesses need to break the myth. Insurance is not expensive. In as much as you need to cut operation cost, insurance should not be one of them.
There are all sorts of insurance packages that are tailored specifically for the small business. Now that you understand just how vital insurance is, the next step is to look for products that fit your needs. There are as many insurance products as there are businesses.
Simple measures like installing fire sprinklers, security systems, and other safety devices can go a long way. Lastly, find an insurer that is just right for your business. As stated earlier, there are as many policies as there are businesses.
An expert will help you sift through the insurance jungle and get you a policy (ies) that is just right for you. Your business is important to you. It has taken effort and sacrifice to be able to set it up and grow it. Do not let unforeseeable risks bring down your hours, months or years of toil. Get insured!