Insurance companies to be stronger than banks because of the nature of their business.
In a country where things work the way it suppose be. You eventually ensure everything you have from life, school, building, children, funeral, wedding and so on. Insurance is different from Phone warranty.
But in Nigeria as a case study many are not aware on how insurance companies operate and many insurance companies have closed or folded.
If you know how much it takes to insure a car of $100k then you will but cheaper car.
Types of insurance
- Public Liability Insurance. This type of insurance If you injure someone or damage their property through negligence, we are legally obliged to pay compensation. The event that defend all about the injury or property damage from a third-party.
- Business Interruption: This type of insurance in case of cost of work or low gross revenue arising as a result your business interruption. This may be caused by damage under building or other things.
- Employee Liability Insurance: This type shield employee in case he sustains injury in a working place. Once he pay his premium in event of any mishap he will be well compensated. Remember that Premium is the amount agreed between the insurer and insurance company.