“Why do businesses need insurance?” We always get asked.
As a business owner you are probably asking, “why do businesses need insurance?” The answer is straightforward, because accidents can happen at any time. And when they do, business insurance helps pay for damages you would have otherwise borne out of your revenue.
Business in itself is a risk, you may be liable for damages or injuries to another person or property. Your property could be damaged or lost in unexpected circumstances. Insurance provides a back up to get you back on track when you are knocked down.
As a business owner, it is not enough to settle with the statutory enforced insurance products only.To protect your business from unexpected costs that could hurt your bottom line it is prudent to consider insuring unpredictable business risks.
Though liability insurance is optional in most cases, it is strongly recommended for businesses in all sectors, because the likelihood of being sued for negligence is unpredictable and potentially very costly.
Obviously, there are plenty of reasons a sound business owner needs business insurance coverage for their company, but these three reason should offer the kick-start you need;
- Saving on time, money and stress that comes with unexpected events.
- Protecting their business from damages and legal claims.
- Providing benefits to their employees, who are core to the success of the business.
Businesses in Kenya are required by the Law to have Work Injury Benefit Insurance for all their employees, a basic motor insurance third party cover for any vehicles on the Kenyan roads. Licensed practitioners in specific sectors are required to have professional indemnity coverage.
If you’re starting a new business or have one already up and running, then don’t get caught off-guard when it comes to business risks.
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This article is written by our Principal Officer Winnie M., who has vast insurance and financial knowledge spanning over 10+ years in the industry. You can write to her and/or share feedback with us via this email firstname.lastname@example.org