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Small business Insurance Primer

Simple Alliance, Kenya Limited


Determining an appropriate insurance policy

Determining the suitable insurance for your small business may be a difficult task to go about. This is most of the times occasioned by the fact that different insurance policies go by similar names a feature that would be a little bit confusing for the lay business owners. Kenya has particular insurance requirements and the many industries there are have specific coverage that apply to them. An example in hand would be the motor vehicle industry in which every proprietor must have a motor vehicle insurance policy for them to be able to operate. 

Ignored insurance coverage in Kenya

Apart from the compulsory industries most of small business owners in Kenya ignore the importance of insurance to a great extent and do not look at it as a responsibility that they have to take care of. This leaves their businesses in great risks as in the case of a disaster the company can be sent into permanent shut down or if lucky enough have the disaster wreak havoc to your business assets, which is a big mistake that entrepreneurs make a lot of times. Insurance is one of the most neglected small business responsibilities.

Misplaced thoughts

Most small businesses in Kenya have no insurance at all because they believe that they cannot afford the coverage. This is a false premise and the truth is that small businesses cannot afford to ignore the importance and the crucially of having a proper insurance coverage. Without insurance coverage your livelihood and that of those who depend on you is at risk and hence the insistence by the authorities in some industries that one must have proper insurance before they can operate a business. This in some cases stems down to even suppliers and in some cases those who have entrusted their property to you such as the landlords.

The role of brokers

Deciding on what insurance policy will work best for your small business should not be an issue anymore with the position of insurance brokers having grown and them being easily accessible. This is even further made easy by the introduction of internet as a technological advancement, with most of the insurance companies having websites that advice on what insurance policy would best suit a certain business in a particular industry.  Banks also play a major role in advising business proprietors and especially when you borrow with them. All this entities would be great resources when seeking an insurance policy that will work for you.

Insurance directories

Getting a trusted broker to handle your insurance needs is important and as a business owner you must always ensure that you work with accredited brokers to avoid cased of being duped in the process. If you wold like to work directly with the insurance companies the online directories such as this would be really helpful in terms of contacts and where to get help.  For a possible range of insurance policies that could work for your small business you may go through this article by Association of Kenya Insurers.

Deciding what insurance policy to adopt for your small business, as hard as it may seem is a necessity to guard your business and you from any potential dangers that may be lurking in the future. It is therefore important that you take time to understand the various insurance companies that exist in Kenya. This could be easily done through the help of a well trusted insurance broker or consulting the directories that exist. You have no reason to let your businesses life end abruptly and forever.

Copyright (C) 2016, Simple Alliance Kenya Limited

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