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Chuks Udo Okonta
Insurance remains one of the best tools to mitigate risks. Therefore, Nano and Macro Small Medium Enterprises (NMSMEs) owners need insurance to keep their businesses going.
In this article, Inspenonline has identified unique insurance policies required by these set of business owners to enable them transfer risks that would have killed businesses.
Auto Insurance
Auto Insurance covers all types of automobiles – vehicle, motorcycle (Okada) and tricycle (Keke) for both private and commercial uses.
Burglary & House Breaking Insurance
This Policy is designed to provide compensation against loss of or damage to your property as a result of burglary
All Risk Insurance
The widest cover for property insurance as it covers accidental loss, damage or destruction from any cause not specially excluded.
Fidelity Guarantee Insurance
Fidelity Guarantee Insurance provides coverage against any direct financial loss sustained by the employer through acts of fraud, dishonesty, forgery or theft committed by his employees in connection with their occupation and duties.
Fire & Special Peril
This is an Insurance Policy that provides compensation against the destructive effects of fire, lighting, or explosion.
Goods In Transit Insurance
Goods in Transit policy (GIT) covers the risk of loss or damage inherent in the movement of your goods while loading or unloading from the point of departure until delivery at destination. The cover granted is practically “all risks” including fire, lighting, burglary and other insured perils except perils stated in the policy as excluded.
Group Personal Accident Insurance
This policy is essentially designed to provide benefits to employees in the event of sustaining injury,
Money Policies Insurance
Insurance Money policy is designed to cover a business against loss or damage to money.
Health Insurance
Health insurance or medical insurance (also known as medical aid in South Africa) is a type of insurance that covers the whole or a part of the risk of a person incurring medical expenses. As with other types of insurance, risk is shared among many individuals. By estimating the overall risk of health risk and health system expenses over the risk pool, an insurer can develop a routine finance structure, such as a monthly premium or payroll tax, to provide the money to pay for the health care benefits specified in the insurance agreement.[1] The benefit is administered by a central organization, such as a government agency, private business, or not-for-profit entity.
Life Insurance
Life insurance (or life assurance), is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of an insured person (often the policyholder). Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policyholder typically pays a premium, either regularly or as one lump sum. The benefits may include other expenses, such as funeral expenses.
Deferred Annuity
A deferred annuity is a contract with an insurance company that promises to pay the owner a regular income, or a lump sum, at some future date. Investors often use deferred annuities to supplement their other retirement income, such as Social Security. Deferred annuities differ from immediate annuities, which begin making payments right away.
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