Business claims
When an entrepreneur suffers a loss in a business, which he had properly insured, there is a need for him to follow proper procedure of claim settlement in order to ensure that he is quickly compensated by his insurer.
This will enable him to be able to continue running his business unhindered because, insurance will restore him to his former position before he suffered the loss.
With insurance, an entrepreneur does not need to dip his hands in his capital to help him cover the losses that he suffered. Rather, his insurer should bear the risk in that regard because that is a major reason the insurance institution exists.
The Managing Director, Anchor Insurance Company Limited, Mr. Ademayowa Adeduro, emphasises the need for the entrepreneur to pay his premium regularly.
He says that the policy owner should inform his insurer of any change in the information that he gave his insurer, such as a change of address or any other important detail.
Although, the insurer will pay claims when a loss occurs, he enjoins the entrepreneur to exercise caution and safety of his properties.
The managing director says that immediately a loss occurs, the insured should notify his insurer on what next to do.
Adeduro explains that when a large claim is involved, a loss adjuster may be employed in the verification process to ascertain the extent of damage and how much to pay.
For instance, he adds that if a fire accident occurs in a business, an adjuster who is an expert on the field will be dispatched to the site.
He says that to commence the claims settlement, the claimant will have to fill a claims form, adding that if he cannot do that himself, he should ask his broker to put him through.
According to him, to help in the documentation process, the entrepreneur should take pictures of the damages that had been done to his business, while also attaching other relevant evidences.
Adeduro says that if proper procedures are followed,there will be faster settlement of claims for the policy owner.
The Chairman, Nigerian Council of Registered Insurance Brokers, Port Harcourt Area Committee, Mr. Dele kareem, says that the best way by which an entrepreneur can protect his business from any hazards is through insurance.
He observes that most times, people are too cost conscious and do not take insurance seriously.
According to Kareem, when an individual takes the policy through an insurance broker, he should inform the broker so that the broker can help him through all the claims settlement procedure.
If the loss requires an adjuster coming to inspect the damage, he adds that the broker will make the provision for that.
He, however, advises that when a loss occurs such as fire or destruction of goods, the entrepreneur should get adequate evidence and notify his insurer of the loss.
This, he adds, will enhance fast settlement of claims.
There are different types of life and non-life policies that are available to businesses to secure their operations from unfavourable circumstances.
Under the non-life policies, there are insurance covers for general accident, motor vehicle accident, fire accident, burglary or theft, marine related risks among others.
These policies provide compensation at the occurrence of fire outbreak, theft and other risks covered in the policy.
Others are energy insurance, engineering insurance, miscellaneous insurance, bonds credit guarantee and suretyship insurance among others.
Firms can take cover to secure their cargo or goods being transported from the point of purchase to delivery point under what is referred to as marine cargo policy.
Likewise, goods in transit provide compensation for loss or damage to the whole of the property described in the policy of the insured due to the risk by means of conveyance among other means.
Under the life insurance business, policies such as individual life insurance, health insurance, group life assurances and annuity, among others, will protect workers’ lives during their working years.
Other life insurance policies such as workmen compensation can also be undertaken for workers.
Source:Punch
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