A guide to small business insurance in KenyaBusiness Insurance-
A guide to small business insurance in Kenya
Kenyans are known for their industrious nature. It is not a rare phenomenon to find a Kenyan run a small business beside their day job/ employment. Many others have opted to be self-employed due to the unfavorable economic landscape. This translates to the 70% contribution to the Kenyan GDP and taxes by small and medium sized enterprises. Growing business is not an easy task and most of Kenyans do not know the need for insurance for their small businesses. Many assume it is for the big guys in business yet many insurance companies have tailored their products to cater for small and medium enterprises. Below is the best guide to small business insurance:
Work injury benefit act (WIBA)
Do you have one or more employees who help you run your business? Did you know if an employee is accidentally injured while working you will be required by law to compensate him or her? WIBA covers you against this liability. If anything it is a necessary cover.
Fire and peril insurance
This is what some call property insurance. It covers your business’s physical assets like the premises of business e.g. office and warehouse, the vehicle, equipment and furniture and fittings. It cover damages caused by fire, floods, typhoons, earthquakes, lightning, terrorism and riots and strikes to asset necessary for revenue generation.
Have you ever known you can insure business from loss of profit? How cool is that? This covers your business from loss of profit due to business interruption as result of causes under the fire and peril policy.
In case you consider burglary or robbery a big threat to your business because of the location of your business premises or maybe it has happened to you before and you simply want to protect your business from losses as result of this vice. This policy will compensate for losses or damage to property contained in your business premises due to act or attempt of burglary or robbery.
All risk insurance
Perhaps you as a photographer, videographer, designer, a blogger or content creator or you will like to only protect your movable equipment such as laptops, cameras, tripods, desktop or even mobile phones. This cover will provide you this and more by protecting this high valued movable equipment from theft, loss or accidental damage and incidents of natural perils such as earthquake, fire floods etc.
Restaurant and food outlets and the organic cosmetic manufacturer are some of the small businesses that will benefit from this insurance. You will not want a legal claim to bring down your business built out of passion. Product insurance will help protect your business against claims of personal injury or damage caused by your products.
Most professionals offer specialized services and make up a good number of the small and medium sized enterprises. They range from doctors, architects, engineers, accountants or even IT specialist, Due to the technical nature of their jobs there is a risk of error and omission during performance of service which makes your customer incur some financial loss. This could lead to lawsuit by a client alleging breach of duty or negligence. This cover will protect you from this claim. It will cover the legal fees and compensation in case the client wins the case against you. Allianz Kenya offers the best tailor made product for the small and medium sized
enterprises. Don’t hesitate to contact us.