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The Nigerian Insurance industry is a massive industry covering accidents from auto, oil, fire, gas, and so on. They also provide insurance plans that cover for SMEs because these are the backbone of the Nigerian economy. There are various wide range of insurance policies and risk advisory services in Nigeria that are designed to meet your unique needs and add value to your business thereby minimizing risk and maximizing support.
Some of these Insurance Policies for Businesses in Nigeria are:
1. General Liability Insurance
General Liability insurance plan covers your business against damage and losses resulting from fire, explosion, storms, floods, riots, theft, strikes, and other dangers that may occur in your line of business. When your business is under this plan, your insurer will pay back all your losses, giving you the capital you need to revive your business.
2. Workers Compensation Insurance
This type of business insurance policy helps protect your employees if they get injured on the job. The insurance covers the costs of their medical bills as they stay off work for recovery.
3. Employment Practices Liability
This type of business insurance covers your business from claims of discrimination, harassment, wrongful termination or any other forms of claims from employees.
4. Professional Liability Insurance Plan
Professional Liability Insurance Plan protects a business owner from claims or legal liabilities from any of their clients. This insurance covers a business against negligence claims due to harm that results from mistakes or failure to perform.
5. Goods-In-Transit Insurance Plan
This type of insurance covers for businesses involved in the hauling of goods from one city to another. It usually covers for incidents that has to do with lorries and cargo trucks spilling over their contents on the streets. It protects your goods from dangers on the road like fire, theft or accidental damage while the goods are being loaded, unloaded or housed in temporary warehouse.
6. Product Liability Insurance Plan
This insurance protects small businesses from liabilities, claims or damages that may arise from the use of its products or sale on the general market.
On a final note, protecting your business assets and inventory towards unforeseen circumstances is something every business owner in Nigeria should consider. Ensure you have a proper understanding of the underlying conditions of any business insurance contract you intend to sign as this will help you understand how much risk your business is exposed to and also that you have an easy claim in case of any unfortunate event of any loss in the future.
Good Luck!!
