Insurance experts have implored owners of Small and Medium-scale Enterprises (SMEs) to get insurance offers to manage their business risks.
The entrepreneurs were told to always prepare for uncertainties such as the COVID-19 pandemic and the recent #EndSARS crisis, especially through insurance covers.
Mr Olorundare Sunday Thomas, the Commissioner for Insurance and CEO of the National Insurance Commission (NAICOM) and other panelists emphasised these points during a webinar by Coronation Insurance Plc and Access Bank Plc, with the Theme: ‘Managing Business Risks at a Time of Uncertainty.’
Mr Thomas implored SMEs operators to ensure they do not skip insurance while cutting cost in times like this.
The NAICOM boss who was represented by his Technical Assistant, Taiwo Adeoye, lauded the organisers of the event. He also said NAICOM often encourages such collaborations toward deepening financial inclusion.
The Group Managing Director, Continental Reinsurance Plc, Dr Femi Oyetunji, identified top SMEs business risks, which he listed to include currency, regulatory, property damage, business interruption, supply chain, cyber fraud and reputational risks.
Oyetunji, however, said to manage currency risk, there was need for diversification, substitution, promoting local content and zero tolerance to non-compliance.
The Managing Partner, Crown & Lords (Chartered Accountants), Omotayo Gbede, urged the government to eliminate multiple taxation systems, encourage tax holidays and rebates for start-ups who have demonstrated capabilities in sourcing local raw materials.
