This archive report was first published on 7 August 2019.
On August 7, 2019, The Standard published an article highlighting the importance of insurance for small businesses in Kenya.
Entrepreneurship can be a rewarding and motivating path, but it also comes with its fair share of risks. Employed people running their own private businesses while still managing to excel at their day job is a common scenario. Innovation has also been a key driver for entrepreneurship, with more result-driven solutions being created and putting Kenya on the map.
However, many entrepreneurs do not have protective solutions in their businesses to mitigate these risks. This is where insurance comes in. With protective measures such as insurance, entrepreneurs need not worry about events like fires, which can leave employees injured and machinery and vehicles destroyed.
Insurance companies have gone a step further and are now enabling clients to tailor-make their covers to best suit their needs. As an entrepreneur, it is essential to remember the following when making insurance decisions:
- Understand how the policy works and what is included and excluded within the cover you select.
- Do not buy a policy based on price but rather on value. This will ensure all-round protection and coverage in the unfortunate eventuality of any disaster.
- Update your policy on a regular basis as your business grows.
- Ensure you are not over-insured; this is a costly mistake that most business owners make.
As the CEO of Resolution Insurance, Peter Nduati emphasizes the importance of insurance in ensuring business continuity. With the right insurance plan, entrepreneurs can focus on growing their businesses without worrying about the risks.
