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Reasons Why An Entrepreneur Needs Business Insurance

Many people have gone into business without business insurance with the mindset that all will be well at the end of the day but had to learn their lessons the very hard way. It is very important to be optimistic while doing business but please do not be over the top optimistic because we do not live in a perfect world. When venturing into any business, having a ‘plan B’ (or something to fall back on) is one of the wisest decisions you can make. The reason why this article has been put together is to educate entrepreneurs in Nigeria on the reason why they should insure their businesses for contingencies and unforeseen circumstances. Whatever you do with your business, try to have enough insurance to cover you from any bankruptcy that may arise from lawsuits against your business services or goods or interaction with the community where you do your business.

These are the major reasons why you as an entrepreneur need business insurance:

  • You Need To Concentrate On Your Business

Succeeding as an entrepreneur requires a lot of hard work and focus. You certainly do not need side attractions or distractions to take you off track or reduce the concentration level you need to take your business to the next level. A good general liability insurance policy will take care of troubles that may arise while going about your business. You get the real peace of mind to lead a profitable business and avoid bankruptcy.

  • No One Knows The Future

Accidents happen every day. In as much as we drive carefully and try as much as possible not to get involved, seat belts have been built in our cars to reduce the level of impact should there be any forceful collision. This can as well be likened to the business world. Entrepreneurs need to protect their businesses from the impact of lawsuits, fraud, theft or more risks associated with running businesses. No one prays for losses and unforeseen negative situations, but it is important to insure your business and be sure of business continuity even in the face of trouble.

  • Protect The Backbone Of Your Business

No business can stand without the efforts of her employees. Should they be hurt or fall sick or die in the course of working for you, there is a high probability that your company will be sued for occupational health hazards or risk to employees. Depending on the level of risk associated with some activities in your business, you can speak with an insurance broker to advise you on the best business insurance policy for your workers. There are policies like workers’ compensation for your employees and fidelity guarantee to protect your company assets and finances from ill-minded employees of your business.

  • Your Business Will Be Investible

Every entrepreneur dreams to grow big someday and have renowned investors invest in his/her business. When you are planning to pitch your business idea to an investor or seek for investment opportunities to grow your business and you do not factor insurance into your business, be sure most knowledgeable investors will likely back out because your business is not exactly trustworthy. Business insurance will protect your business from becoming liquidated or financially handicapped by legal actions.

Every Naira invested in insuring your business is worth it. Go ahead and get some kinds of insurance cover for your business as soon as possible.

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