Before we go into Business Insurance, let’s talk about what business entails. Being an entrepreneur can be dispiriting from getting business ideas for a result, getting enough finances, and the right people that believe in your business can occasionally be stressful.
Starting your own business (either small or big) is a big, scary step in the unknown no doubt. It comes with lots of pitfalls – the threat of losing your capital, interest, and profit. We explained how to get insurance for your small business and marketable insurance here.
What is Business Insurance?
This is a type of insurance that protects numerous businesses from losses maybe when running a business.
Some companies have had it rough as a result of suits that were granted by the Courts. This is why business insurance is essential.
Categories of Business Insurance
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Health Insurance
Health Insurance is a type of insurance that offers security to the policyholder for medical charges in case of a health exigency. A health insurance plan chosen by the insured provides coverage for different charges including surgical charges, day-care charges, and critical illness charges etc.
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Business Property Insurance
The policy keeps the insured from losing their business properties. Examples are official working tools, and computers If the insured has an office outfit.
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General Liability Insurance
Every business needs a policy that protects them from losses gotten from injury or damage to a third party’s property. A General Liability insurance policy helps against these forms of losses. It’s largely recommended for individual use.
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Professional Liability Insurance
Professional liability insurance is known as Errors and Deletions Insurance. It covers third party claims arising from the negligence of the business.
Law Firms, accounting firms, consulting firms and so on are well known to take part in business insurance policies like this.
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Workers Compensation Insurance
Workers’ compensation insurance is a type of business insurance policy that protects employees if they get injured on the job. This will save employers/companies from paying outrageous medical bills para venture a situation. It also covers the costs acquired as a result of their absence from work for recovery.
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Employment Practices Liability
Employment practices liability is an area of United States labour law that deals with unlawful termination, sexual importunity, demarcation, irruption of sequestration, false imprisonment, breach of contract, emotional torture, and paycheck and hour law violations. It may be distributed as a form of professional liability.
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Business Interruption Insurance
Business interruption insurance is a type of insurance package that covers income following a disaster. This income loss may be a result of physical damage and the performing reconditioning process, or it may be due to a disaster related ending a business property.
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Directors and officers ( D&O) liability insurance
Directors and officers ( D&O) liability insurance is insurance content intended to cover individualities from particular losses if they’re sued as a result of serving as a director or an officer of a business or other type of association. It can also cover the legal freights and other costs the association may dodge as a result of such a suit.
How to Get Business Insurance in Nigeria
- Pick the Type of Business Insurance You Need
- Registering your company at the C.A.C,
- Assess Your Pitfalls
Confirm what kind of accidents, natural disasters, or suits could end your business. Only you know stylish what they may be.
4. Find an Estimable, Licensed Insurance Agent
Insurance agents can help you find business insurance programs that match your requirements. They admit their commissions from insurance companies. They get a commission when they vend these programs. Thus it’s essential to find a certified agent interested in meeting your requirements as much as theirs.
Fortunately, the possibility of getting such similar selfless Insurance agents in Nigeria is relatively high or better still meet insurance companies like the list below to help out.
Some Business Insurance companies in Nigeria
- Aiico Insurance Plc
- LEAD WAY Assurance company
- CUSTODIAN AND ALLIED insurance
- CORNERSTONE insurance plc.
- AXA MANSARD insurance company.
- African Alliance Insurance Plc
- Goldlink Insurance plc
- Lasaco Assurance Plc
5. Compare Prices
In order to ensure that you get the stylish value for your money, you need to compare the prices of colourful Insurance companies.
Prices and benefits can vary significantly, hence, you should compare rates, terms, and benefits for insurance offers.
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