Experts urge small businesses to adopt insurance policies to hedge risks

US insurance sector experts are asking small and medium-sized enterprises (SMEs) to adopt insurance policies to reduce business risk and ensure sustainability.

The experts gathered at a webinar jointly organized by Coronation Insurance PLC and Coronation Life Assurance worked with Access Bank to cover, for example, basic fire, flood, limited liability coverage and limited liability coverage. We develop business protection bundles that include employee life insurance. By providing three years of annual income, we help Nigerian SMEs affordably cover the basic costs of running a successful business.

The recommendation comes after the enormous losses suffered by small businesses due to civil unrest witnessed in several parts of the country.

They said SMEs have been hit hard by the recent crisis sparked by the protests and existing factors such as exchange rates, interest rates and unemployment. Sometimes forever. “

They implied that SMEs should be the main buyers of insurance policies, as they are the main engine of the economy and business involves some risks.

Speaking at a virtual conference tagged “The Importance of Insurance for Small Businesses: The Need for Insurance for Growing Businesses,” Olamide Olajolo, Managing Director of Coronation Insurance Plc, said of the webinar: says so. We provide insights to both corporate and individual clients across different sectors of the economy. “

Explaining that insurance is important for everyone, including small businesses, Olajolo said the past three years have been filled with uncertainty.

Adenike Janet Olavilán, Head of Audit, Risk Management and Compliance, said: In fact, today he exceeds requirements by more than 400%.

“In our 30 years of business, we have never fallen below the regulatory index requirement of 20% and 10% respectively at any time. she said.

“We have moved from a traditional banking mode of operation, which is mostly manual, to an e-banking operation. Therefore, online access to account opening and loan application processes, approvals, and payments are now available through our electronic channels. Yes, she added.

Looking to the future, Mr. Okoli said the board has “conducted a comprehensive study for the transformation, repositioning and rebranding of the bank, as well as a five-year strategic plan and its implementation.”

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