In a recent development, the Coalition of Associations in Computer Village has emphasized the importance of insurance for business owners in securing their assets and urged them to refrain from relying solely on government support during times of disaster.
During a courtesy visit by members of Insurance and Pension Editors of Nigeria (IPEN) to the association in Ikeja, Lagos, Timi David, the president of the group, highlighted insurance as the most effective tool for mitigating risks.
David pointed out that government support often falls short of covering the losses suffered by those who depend on it. He emphasized that insurance is the only means of restoring individuals to their pre-loss positions.
Furthermore, he commended the prompt response of insurers in processing claims. He cited an example where the association’s bus, which was comprehensively insured, was involved in an accident last year. The insurance claim was processed swiftly, demonstrating the importance of insurers maintaining such efficiency.
David also shared a case where a member of the association had their office burgled and computers stolen. Thanks to their insurance coverage, the member received compensation that helped keep their business afloat.
In light of these experiences, David urged entrepreneurs, traders, and other business owners to secure their shops and offices with theft and burglary insurance. This risk mitigation mechanism ensures that goods and properties are protected, shielding the insured from financial losses in the event of a disaster.
Additionally, David encouraged business owners to consider life insurance as a tool for wealth creation. He revealed that his association has subscribed to life cover for all its members, ensuring that their families are financially secure in the event of their demise.
Addressing the issue of low awareness surrounding insurance, David called on underwriters to increase the visibility of their products and enhance awareness among Nigerians. He stressed the importance of educating individuals about policy coverage and the necessary steps to make a claim.
During the visit, Mr. Chuks Udo Okonta, the President of IPEN, explained that the purpose of their engagement with traders was to gauge their perception of insurance products and services. This feedback will assist the insurance industry in improving their services and addressing areas where they may be falling short.
As part of their role as developmental journalists, the group expressed their commitment to continuing engagement with insurance policyholders and prospects. Their aim is to enhance insurance education and awareness, believing that a better understanding of insurance intricacies will lead to increased adoption of insurance products and services throughout the country.
