It is necessary, for all small business owners to take proactive measures and precautions to minimise the risk of fire and other unforeseen disasters that may occur, SIC Insurance Company PLC has stated.
“A property owner with insurance will be able to go back to his or her commercial insurance broker and file for claims for damage and compensation, and conversely, a property owner without commercial insurance would be left having to pay for the damages out of their profits,” Mrs Cynthia Kwarteng Tufuor, SIC Tema Area Manager has stated.
She disclosed that the Insurance Act made it mandatory for all commercial property to be insured against fire since such fires came with allied perils and public liability challenges.
Mrs Tufuor was speaking at the 14th edition of the Stakeholders Engagement and Worker’s Appreciation Day Seminar of the Tema Regional Office of the Ghana News Agency.
The GNA Tema Stakeholder Engagement is a platform rolled out for state and non-state actors to address national issues and serves as a motivational mechanism to recognize the editorial contribution of reporters toward national development in general and the growth and promotion of the Tema GNA as the industrial news hub.
“It is mandatory for all commercial or public property to have a minimum of fire insurance cover, which comes with inexpensive premiums,” Mrs Tufuor stated.
Mrs Tufuor said fire insurance cover was important, explaining that Public Liability Covers were meant to provide cover for third parties who come to public premises and may suffer injury or ultimate death.
Mr Irwin Cofie, Deputy Head of Marketing, called on the public especially property owners to protect their investment from unforeseen fires and other disasters with an insurance cover.
“Fire insurance gives the insured the requisite financial protection against assets acquired during life so that in the event of any misfortune the insured would be put in the same financial position as enjoyed just before the loss.
“The Individuals need Fire Insurance as protection against property including buildings, household goods, and personal effects while Organization including Commercial and Industrial entity could insure its buildings, plant, machinery and equipment, stock of raw materials, finished goods and profits,” Mr Cofie stated.
Mr Cofie noted: “Fire insurance covers, which is the cheapest among all the insurance covers, is a must to have for all commercial and private property”.
Ms Cynthia Twumasi, Deputy SIC Tema Area Manager, said despite the misconceptions about insurance and inadequate awareness of fire insurance, it was highly recommendable for public and private entities.
She said as a growing economy, there was a need for households and businesses to take fire insurance seriously as the consequences in the aftermath of such disasters were not only debilitating but economically draining.
Ms. Twumasi explained that the newly enhance SIC HomePlus Insurance Policy was one of such domestic policies that provides a solution for all homeowners and tenants against unfortunate incidents in the home such as fire, flooding, burglary, death, or incapacity as a result of illness.