Business owners, more pointedly small businesses gained more insight into insurance in a webinar organised by Coronation Insurance today that despite the challenging environment, “insurance keeps your business from falling backwards” so long as it remains a strategic partner.
With theme, “Insurance: A Key Partner for Business Success” the keynote person, Henry Mascot, Co-founder/CEO at Curacel spined the above as takeaway and was a rallying remark at the webinar. He coalesced the various headwinds across the globe that is hurting business raging from the Russia Ukraine war to the Current Hamas Israel war and the global economic challenge and change in government, all having impact on businesses but not enough to look away from insurance as the sure footing for business success.
He urged business owners to take stock of their business and protect their assets employed for the production and services and protect them with insurance along with other levels of risk management. As a matter of urgency, Mascot said entrepreneurs should do everything possible to protect their assets and by that take care of whatever that would drive the business backwards “so you don’t have to keep replacing assets yourself when the risks happen.”
He said todays technology advancement has made possible for business owners to be insurance literate with sites that can be visited to tell what type of insurance would be needed in the business one trades in. Besides this, he said insurance brokers are also involved in the insurance chain.
Anthony Olasele, Head, Coronation Insurance Plc Corporate Sales, said insurance is strong enough to support business and cause penetration to reach the yet unreached.
Tochi Ginigeme, Founder, Mesh Venture said insurance companies could help startups from falling by investing as strategic partners, drive financial and close the gap in business failures.
Another panelist in the loop of three panelists, Vincent Ezeoma, said a hunch that needs to give way is the reactive approach to business. He emphasised that looking to the way of insurance after failure is dangerous attitude, rather he said insurance should be right at the foundation of the business.
The availability of AI he remarked, helps not only the business owner on the type of cover to buy but also the insurance company that with AI now has more personalised and specific cover, and this moves companies away from taken products from off the shelf as a fix for business cover.
He said having insurance in a business should be at the foundation and as a scaffold that protects the building as the construction progresses.
Ginigeme also alluded to the dissonance of the subsistence model of small businesses and the long term partnership of insurance in a business venture.