Kantamanto, one of the largest markets in the nation, was just completely destroyed by fire. More than 200 small business outlets were entirely destroyed by the incident.
Every year, several markets around the nation are affected by fire and other natural catastrophes like flood, putting many small business owners in a state of despair and anguish. Some of these business owners pass away as a result of shock after losing everything to unforeseeable circumstances.
Numerous studies have shown that, in the marketplaces where the majority of small enterprises operate, fires, for example, are frequently brought on by power fluctuations, market cooking over an open flame, and overloading of electrical appliances, among other things.
According to additional studies, less than 1% of these small enterprises are insured, despite the fact that a tiny number of them hold private life insurance plans.
Little-known companies and insurance
Small companies face numerous dangers and would be better off having insurance than not. Small firms are at risk because they don't all have the necessary insurance. Here are a few justifications for why insurance is crucial for small companies.
No matter how tiny, starting a business requires a lot of money. This company expands over time, and when profits are reinvested, stock rises. Loans are sometimes obtained in order to stock up on supplies. These are investments that can disappear in a split second.
. It could happen due to a natural disaster or a fire. The numerous market fires and floods that destroy the properties of small businesses around the nation serve as evidence that once a business is lost, it is already too late to recover. Only if the company is insured to protect the investor's investment can the loss be repaid. Paying money on a regular basis when one does not fully see the reward is difficult. However, it is the reason it is called insurance. Get guidance, insure your company today, and safeguard your investment.
Your business may not be covered by a landlord's insurance if you are renting the location where you conduct business. In this circumstance, having insurance is advantageous in case something happens.
Another circumstance to think about is if you are taking out a loan to finance anything since the loan agreement you sign probably requires evidence of a particular kind of insurance.
Last but not least, certain specific contracts you have with clients can call for insurance in the event that something goes wrong. It should be noted that you can submit a proposal for a contract from the government or a respected firm that includes a requirement that you carry insurance. Don't let the lack of business insurance force you to lose that deal.
claim for workers' compensation
Accidents at work can occur at any moment and on any day. Without insurance, you and your small business will be responsible for covering that employee's workers' compensation costs out of your own cash.
Workers' compensation will provide benefits and cover medical costs for an employee whose serious injury prevents them from working any longer.
This can easily amount to hundreds of thousands of Ghana cedis, which might spell financial devastation for you.
Natural disasters happen frequently and are incredibly unpredictable. Flooding has quickly overtaken fire as the leading cause of property damage, particularly in the country today.
Be aware that if a natural disaster strikes and your company is uninsured, it may be physically destroyed with no means of support for repairs or replacements.
Property insurance is a must, regardless of the nature of the natural distaste.
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Kantamanto, one of the largest markets in the nation, was just completely destroyed by fire. More than 200 small business outlets were entirely destroyed by the incident.
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