Finally on insurance element in business plan, these are other insurances you will have to consider for yourself and employee and factor into your plan.
Health Insurance- It is important you take on one and budget for it. Don’t try to avoid taking it because it is as important than you think.
You see, an illness or accident can wreck your business if you don’t have proper coverage. So rather than risking not having one, shop for the best deal that fits and suit your most important need.
Life Insurance- If you have a family or other people depending on you, life insurance is recommended.
As a business owner, you can leverage your life insurance policy for your business by using cash-value based policy as a collateral for business expansion loan from your bank or other lending or financial institution.
As an SMEs be strategic in leveraging insurance as a tool in your business.
There are other insurances like: Group life insurance which by the way is compulsory for all businesses in Nigeria having more than four employees; Employer’s Liability etc.
Whatever, mix of insurance coverage you are considering for your business it is advisable you engage the services of a trusted insurance advisor.
This brings us to the conclusion on insurance element in your business plan. Next week BHG we’d continue on Business plan.
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Rewarding Q2, 2016 it is still.
Have an Expanding Week. Good morning!