Insurer advises SMEs to insure their businesses

Mr Jide Orimolade, Managing Director, Law Union and Rock, on Thursday advised Small and Medium Enterprises (SMEs) to obtain insurance cover for their businesses.

In an interview with our reporter on Thursday in Lagos, Orimolade said that Nigeria’s economy could sustain the growth of SMEs that have insurance cover.

He said: “Some SMEs folded up immediately they receive shocks; the shocks surfaced in form of fire incidents, floods, building collapse and burglary, among others.

“This is because the owners of the businesses dodged taking up insurance policies during the registration of such businesses.”

Orimolade pleaded with SMEs without insurance cover to do so by buying policies related to the risks of their businesses.

According to him, the policies will provide money to restore the businesses in case a mishap occurred.

He said that the industry had many insurance products that could mitigate risks faced by SMEs.

“Among the products released to fortify SMEs include I-Salute, Doctor-on-Cover, Group Personal Accident and Sure Pay,’’ he said.

According to him, the policies would provide some level of income security for SMEs in the event of unexpected loss.

Orimolade said that Law Union and Rock had paid N625 million claims in the current financial year.