How useful is insurance to your business? Why should a business owner invest in an insurance cover?
These are the questions that even micro and small businesses have been urged to ponder upon as parametric insurance products designed specifically for them are pushed out into the market.
“It basically protects your business from financial losses and any liability claims,” said Josephine Ravai, manager partnership at Tower Insurance Fiji.
Ms Ravai was addressing participants of the inaugural MSME Conference organised by Business Assistance Fiji early this month.
Tower Insurance was one of the major sponsors of the event. “When I talk about financial losses I’m talking about things like fire.
If there is a fire to your property or if there’s a cycle that hinders the operation of your business…it also ensures legal compliance.
If you’re going out to the bank to source financial lending, one of the mandatory requirement is you need to have an insurance cover in place, so, to be insured fosters trust with customers and employees, offers financial security and peace of mind in an unpredictable environment.”
She urged business owners to change their mindset and look at insurance as a recovery tool and an investment for protection against unforeseen losses.
“We always assume that nothing will happen to us but we have had cases where the customer is not protected, the businesses are not protected and then they encounter and event that puts them into a financial loss and they don’t have the money or funds stored away for the rainy days.
“So you need to protect your investments. That way, you also build trust with your customers,” Ms Ravai said.
