Goods worth millions of shillings were burnt down at Gikomba open air market after a fire brokeout on Tuesday morning. The losses incurred left traders in disbelief as many relied on their businesses for survival.
They might not have lost their relatives and friends as no deaths were reported but economically they have really been hammered down. Since the market is congested and full of small retailers, most of them operate without insurance. A possible 90% of the traders in the affected section of the market had not insured their goods against fire.
As a result, business participants should take risks and insure their goods against fire since it’s an alarming disaster. Again, I understand that it’s a challenge to the insurance companies to access their goods value since it is a hand market and traders keep on stocking goods on a daily basis.
Traders should in hand compliance with insurance companies and take safety of their properties in the market. It is not worthwhile to get a bank loan of 300,000ksh to start a business without awarding security to the amount loaned to your hands. The poverty game plays in such a phenomenon but all traders should shoe in to insure their profitable goods as risk is real.