How to support your small enterprise with insurance
By Peter Nduati | August 7th 2019
Entrepreneurship can be a rewarding and motivating path.
Employed people are running their own private businesses smoothly while still managing to excel at their day job.
Innovation has also been a key driver for entrepreneurship; more result-driven solutions are being created and this is putting Kenya on the map.
The success of any business has a back end of many processes with their fair share of wins and losses. However, many entrepreneurs do not have protective solutions in their businesses to mitigate this.
Let’s look at this from a different perspective. Say you are in the manufacturing industry. Your machinery and vehicles used to transport your products, your business premises and employees are key in ensuring the success of your business.
Imagine all this being reduced to ashes because of a fire, leaving your employees injured. Where do you start? It is a major expense to foot the medical bills of those injured and an even bigger nightmare trying to replace your machinery and getting your business back to where it was.
With protective measures such as insurance, you need not worry about such events. Not only do various covers ensure your machinery and vehicles are protected, they also make sure your most important assets - your employees - are protected from any disaster that could occur.
It is important for entrepreneurs to reach out to insurers for them to get information on various solutions that will ensure they safeguard their businesses against any eventualities.
Insurance companies have gone a step further and are now enabling clients to tailor-make their covers to best suit them hence you will only get the solution you need.
As you make your insurance decisions, it is important to remember the following:
• Understand how the policy works and what is included and excluded within the cover you select.
• Do not buy a policy based on price but rather on value. This will ensure all round protection and coverage in the unfortunate eventuality of any disaster.
• Update your policy on a regular basis as your business grows
• Ensure you are not over-insured; this is a costly mistake that most business owners make.
As an entrepreneur myself, I know how rough the entrepreneurship journey can be. However, I also know that it can be very rewarding; just make sure that insurance is part of your plan to ensure business continuity.
[Peter Nduati is the CEO of Resolution Insurance]
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