Seek Expert Advice Before Signing Policies – Insurance Expert
By: Solomon Nartey Tetteh
Insurance professional Danny Anderson, has advised Business owners to seek professional guidance before signing financial or insurance policies to ensure they receive the right coverage for their operations. Speaking on Business Breakfast on Zed 101.9FM, Mr. Anderson emphasized that consulting the right professionals such as licensed insurance brokers or representatives of accredited insurance companies is the first step in making sound insurance decisions.
“When you’re signing a financial insurance policy, the first thing you must do is seek advice. You need to speak to either an insurance broker or walk directly into an insurance company,” the expert noted.
He explained that the proposal form enables the insurance company to properly assess and price the risk associated with a client’s business. Without this step, many entrepreneurs end up with policies that fail to meet their specific needs.
The expert cautioned against the common practice of purchasing insurance without fully understanding one’s risk exposure.
“As a business owner, don’t just go and buy any kind of insurance. Know the risks you are exposed to. Some business owners are not even aware of other risks beyond fire or burglary.”
Mr. Anderson pointed out that when insurance companies understand a business’s operations, they can recommend additional policies that offer broader protection.
Citing an example, he said, “Let’s take the case of big retail outlets like China Mall. While they may initially seek fire insurance, they also have employees who handle money, assist customers, and move goods around.
He added that this form of protection is vital for businesses that deal with cash or entrust staff with valuable goods and assets.The expert urged entrepreneurs to build relationships with insurance professionals who can help identify hidden risks and tailor coverage to suit their business needs.
“Talk to an insurance expert or your broker. They can help you access policies that cover other risks you might not have considered,” he advised.
