Life is full of risks and we all know uncertainty happens. As a shop and business owner in Nigeria, it is important to insure your assets. Knowing that the cost of running a business is not small, that is why it is good to insure your shop and business with any of the renowned insurance companies that will be listed here. You know that safeguarding your shop and business is a top priority hence having the right insurance coverage is synonymous with protecting your assets from the unforeseen storms of life.
To prevent your shop and business from being swept away by the storm of life that is why this post is here to show you the best insurance companies you can leverage.
Do you own a shop or business in Nigeria? Are you ready to protect that business of yours from perishing? If yes, this blog post is for you. Here I will reveal the best insurance companies in Nigeria that specialize in protecting shop owners and businesses like yours. Also, I will enlighten you on everything you need to know about insurance.
Starting from what insurance is, why you should insure your shop and businesses, types of insurance you need for your shop and business, and others.
What is Insurance?
Insurance is an agreement in which you pay a company money and they pay your costs if your business or shop collapses.
This insurance can cover your shop premises, inventory, and equipment among others. Also, there is a form of insurance called liability insurance that protects you from potential legal claims.
Furthermore, their coverage options include fires, thefts, accidents, and so on.
Why should I Insure my Business?
Insurance is a financial safety net for your shop and business. Thus, it is a financial tool that makes you live life with fewer worries. Have you ever thought of an unforeseen hazard like natural disasters (hurricanes, floods, wildfire, and others) or everyday disasters like theft, accident, fire and so on that can break down your business? You know those things can bring setbacks to you. But when you insure your shop and business the insurance company will be able to pay you on bad days. Ultimately, making you recover faster from the bad incident. To make sure you do not fall victim below is the list of best insurance companies you can trust with your money.
5 Best Insurance Companies For Shop Owners And Businesses In Nigeria
The companies that will be listed here are amazing companies that have earned a great reputation by offering tailored solutions and going above and beyond to meet the unique needs of shop owners and businesses. These insurance companies understand the challenges you face as a shop owner. Hence, they are committed to giving you the assistance you need in bad times to thrive in a competitive market. The companies are;
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Leadway Assurance Company Limited
Leadway Assurance Company Limited is one of the leading insurance companies in Nigeria that has been in operation for over 50 years. Over the years, it has been insuring happiness to shop owners and businesses across the country. Furthermore, it has a reputation for providing reliable and efficient insurance services to all its clients.
Leadway Assurance Company offers a wide range of insurance products and services to shop owners and businesses for losses due to events that may occur during the normal course of business. Some of these are;
- Fire and special perils insurance
- Burglary and housebreaking insurance
- Business interruption insurance
- Public liability insurance
- Employer’s liability insurance among others.
Similarly, Leadway Assurance company also provides customized insurance solutions to meet the specific needs of individual businesses. It is worth noting that their claims settlement process is fast and efficient.
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AIICO Insurance Plc
AIICO Insurance Plc is one of the best insurance companies you can think of when it comes to insurance for shop owners and businesses in Nigeria. The insurance company has been in existence for the past 50 years, with a wide range of insurance products and services for businesses. Over the years they have helped their customers’ lives with confidence, and peace of mind and have enabled them to realize their dreams. Just like Leadway Assurance, AIICO Insurance has a strong reputation for providing reliable and efficient insurance services to its clients.
Likewise, AIICO Insurance offers insurance products and services such as;
- Fire and special perils insurance
- Burglary and housebreaking insurance
- Motor insurance
- Building, livestock, and crops.
- Marine insurance
- Aviation insurance
- Public liability insurance
- Employer’s liability insurance and so on.
Their products are tailored for Nigerian customers with great coverage. Yet, their products do not only save you money, some are tax-exempt. Finally, the claims settlement process in AIICO Insurance is also fast and efficient.
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Mutual Benefits Assurance Plc
Mutual Benefits Assurance is also one of the leading insurance companies for shop owners and businesses in Nigeria. It is one of the renowned insurance companies in Nigeria for both shop owners and business owners. The company has been in operation for the past 28 years with 250,000 customers. Some of their products are;
- Fire and special perils insurance
- Burglary and housebreaking insurance
- Motor insurance
- Building, livestock, and crops.
- Marine insurance
- Aviation insurance
- Public liability insurance
- Employer’s liability insurance
- Group Personal Accident
- Children Education
- Mutual Individual savings and investment.
- Whole life
- Mutual multilife shield and others.
Besides, with Mutual Benefits you will have access to numerous policies that are specially designed to offer even a more robust and highly enriched life insurance cover.
To contact Mutual Benefits Assurance use;
Address: Aret Adams House, 233 Ikorodu Road, Ilupeju – Lagos.
Phone: 09054644444, 09054744444.
WhatsApp: +2348169042592
Email: info@mutualng.com or investorrelarions@mutualng.com
Ultimately, with this insurance company, you will have access to 24/7 support for clients.
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Allianz Nigeria Insurance Limited
Allianz Nigeria Insurance Limited is a branch of Allianz Group which is one of the world’s insurance companies that protect the interest of shop owners and businesses. It is a leading insurer with more than 92 million retail and corporate customers.
Also, it is one of the world’s largest investors managing about 673 billion euro on behalf of its insurance customers. Allianz Nigeria Insurance Limited is licensed to transact both Life and non-life insurance business in Nigeria. Thus, it is one of the top insurance companies for shop owners and businesses in Nigeria.
Over the years the company has distinguished itself as one of the renowned insurance companies you can trust with your money. Some of their products include motor, life, workplace injury, theft, damage of property, and home insurance among others. Likewise, Allianz Nigeria Insurance Limited is known for providing expert recommendations, advisory services, and insurance solutions for small and medium-scale enterprises. Furthermore, they help shop owners and businesses walk through the phase of hardship in the world of uncertainty. This is achieved by providing innovative and cost-effective products for you. Their SME product include;
- Motor Insurance
- Burglary Insurance
- Group Personal Accident
- Workmen’s compensation
- Combined All Asset
- Fire and Special Peril
- Business Interruption
Need to contact them for more information about their policies call 07002554269 or 08002554269. Also, you can send an email via info@allianz.ng.
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Cornerstone Insurance Plc.
Cornerstone Insurance is one of the foremost insurance companies for shop owners and businesses in Nigeria. Cornerstone Insurance Incorporated originally on July 26, 1991, as a private limited liability company. However, in 1997 the Insurance company went public and started trading on the Nigerian stock exchange. It is important to note that they are the first company to provide an online platform for insurance companies. Some of their products are;
- Life Insurance
- Motor Insurance
- Travel Insurance
- School Fee Guarantee
- Home Insurance
You can access Cornerstone Insurance services by visiting their official website today.
How do I Choose an Insurance Provider?
After knowing our best 5 insurance companies it is important to know how to choose an insurance provider. In order to guide your selection here are a few things to consider when choosing an insurance company to work with.
Insurance coverage
It is important to know the range of coverage of the insurance company you want to deal with. That is, what types of insurance does the company offer? As a shop owner, it is good to know if the insurance company covers SMEs and other businesses.
Financial strength
Another important factor to consider is financial strength. Confirm from their past customers through review if the company would be able to pay your claim. Besides, you can use the U.S. credit rating agency AM Best to determine the company’s financial strength.
Agency model
Another thing to consider is the agency model. Would you like the help of a local insurance agent or would you prefer to manage your insurance on your own?
Customer service.
Check what people say about the Insurance Company Online. Do they recommend the company or it is otherwise?
Wrapping Up
Yes, nobody wants something bad to happen to them. However, suffering a loss without insurance can put you in a difficult financial situation. That is why I have compiled a list of insurance companies you can always trust. Why not choose one and leverage it? Doing this will help you live a confident and peaceful life.
Frequently Asked Questions On Best Insurance Companies For Shop Owners And Businesses In Nigeria:
Here are some of the frequently asked questions about insurance for shop owners and businesses in Nigeria that I think you might have in mind.
What types of insurance do I need as a shop owner or business in Nigeria?
There are several types of insurance that shop owners and businesses in Nigeria should consider. Some of them are fire and special perils insurance, burglary and housebreaking insurance, motor insurance, marine insurance, aviation insurance, public liability insurance, employer’s liability insurance, and so on.
However, the particular insurance products you need will depend on the nature of your business and the risks that you face.
How do I choose an insurance company for my shop or business in Nigeria?
If you have decided to choose an insurance company for your shop or business in Nigeria, then it is important to consider factors such as the company’s insurance coverage, reputation, financial strength, and customer support. Also, it is important to compare quotes from different insurance companies to find the best coverage at the most affordable price for your business.
What should I do if I need to make an insurance claim for my shop or business in Nigeria?
If you intend to make an insurance claim for your shop or business in Nigeria all you need to do is to contact your insurance company as soon as possible and provide them with all of the necessary information and documentation. After that, your insurance company will guide you through the claims settlement process because the process may differ from one insurance company to the other. Thus, they will work with you to ensure that your claim is processed quickly and efficiently.
Can I reduce the cost of insurance for my shop or business in Nigeria?
Yes you can, there are several ways to reduce the cost of insurance for your shop or business in Nigeria. An example is taking steps to reduce your risks, such as implementing safety and security measures, choosing a higher deductible, and ultimately, comparing quotes from different insurance companies to find the most affordable coverage. Yet, it is important to review your insurance needs regularly and adjust your coverage as necessary.
What is the meaning of TPD?
TPD simply means Total Permanent Disability. This always occurs when a policyholder is totally or permanently disabled due to an accident. During this time, people might have lost the permanent use of both hands or feet or the sight of both eyes. However, the disability must have existed for not less than 60 days.
