Following the huge losses recorded by business operators in the Small and Medium scale Enterprises segment during the #EndSARS protests, frontline underwriting firm, Old Mutual Nigeria Insurance, has advised the investors on the need to protect their assets by insuring them.
The insurance firm’s managers gave the advice during a virtual seminar to raise awareness on insurance products for SMEs recently.
The Head, bancassurance and distribution, Old Mutual Nigeria, Dumebi Okonkwo, said it was pathetic that during the last protest, many SMEs suffered heavy losses arising from vandalism and destruction of their business assets but that only few of them have these assets and properties insured.
She added that most SMEs would struggle to come out of this quagmire as they may have to start from the scratch again, saying, those who were fortunate to insure, will have no challenge, as their insurers will take up this financial responsibility and return them back to the financial position they were before the incident occurred.
“Since SMEs are the drivers of the economy, they should benefit from insurance claims, but unfortunately, many of them did not insure, believing that disaster such as this will not happen. But the wise ones who insured will automatically get their claims,” she said.
For SMEs, she said risk assessment was very critical to mitigate financial loss such as this, saying, insurance companies, such as Old Mutual have different insurance products to insure SMEs in the country.
To sustain and securitise one’s business, she said, the owner must insure his equipment, motor vehicles, stock and human capital, saying, Fire insurance, burglary insurance, motor insurance, group life insurance, among other products, are insurance solutions to protect entrepreneurs and their businesses.
Speaking on liabilities that business owners are exposed to, the head, corporate sales, Makanjuola Tubi, said there were policies that cover liabilities that are likely to occur in the course of business, noting that liabilities could arise from product sold, use of public space or even advice given by the virtue of one’s profession.
He listed some of the products to include; product liability, public liability, professional indemnity, Employee accident benefit insurance, among others.