Businesses are exposed to several risks, those in Nigeria are even more susceptible due to peculiar factors you most likely have already experienced if you’re a business owner in Nigeria. As an entrepreneur or business owner, ‘risk’ is at your doorstep, behind you, in front of you, everywhere. You either choose to address these uncertainties head-on or suffer loss when they come and you aren’t prepared for them.
The term ‘Carpe Diem’ which translates to “seize the day” or ‘Make hay while the sun shines’ definitely applies to insurance as it helps you control risks that are out of your control.
With all that being said, there are 3 types of Insurance that every business needs so as to keep the growth curve upwards.
Workers’ Compensation Insurance
This insurance covers medical treatment, disability, and death benefits if an employee gets injured, disabled, or dies as a result of his work with the business. Even for low-risk jobs, a simple slip and fall injury to an employee can lead to something bigger and then cause a drop in finance for the business.
Auto Insurance or Vehicle Insurance
Transportation will always come with risks. It could be from the motorist or from others on the road. If a business uses company vehicles, then the vehicles should be insured to protect against financial loss from accidents on the road. Be it third-party auto insurance or comprehensive auto insurance, the business vehicles have to be insured.
A business, whether it owns or leases its space, needs to have property insurance. This insurance covers equipment, signage, inventory, and furniture in the event of a fire, theft, and other damages.
All these insurance covers are necessary to keep growing your business, however, getting all these individual insurance packages can prove tedious and costly. This is where Leadway’s LBOSS cover comes to the rescue. LBOSS which stands for Leadway Business Owners’ Support Scheme puts all these individual business covers mentioned above in one plan to make the process easy and way less costly. Also, the LBOSS plan can be used to cover more than one business so a business owner doesn’t have to get multiple covers to protect all his businesses.
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