Business

How to get value for money from insurance covers

Entrepreneurship can be a very rewarding and motivating path and an entrepreneurial wave seems to be dominating the youth and most Kenyans.

Employed individuals are running their own private businesses smoothly while still managing to excel at their day-to-day job.

The success of any business has a back end of many processes with their fair share of wins and losses, however many Kenyan 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 but they also make sure your most important assets — which are your employees are protected from any disaster that could occur.

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 an entrepreneur it is important to remember the following when making insurance decisions:

·         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

·         Lastly, ensure you are not over insured; this is a costly mistake that most business owners make.

– Peter Nduati, CEO                                                           

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