Insurance is a legal financial mechanism through which interests of people are safeguarded from the swords of uncertainity and losses. Insurance is of various types including Life insurance, Fire insurance, Marine insurance, vehicle insurance and others. In every type of insurance, customer pays a certain amount of money to the insurance company called premium, which in return, assures the insured to bear the loss in case of uncertainty.
The ‘insurance’ word is by default interpreted as life insurance, but there are various other types of ‘not necessarily’ compulsory insurance in Nigeria, which decreases your liability towards unfortunate losses. The state in which you live or run your business may require you to compulsorily carry certain insurance on your assets (after all your assets are the reflection of your hard earned money!) Nobody is ready for financial troubles and therefore in such situations insurance acts as a tool which creates a protection cover around your assets. Compulsory insurance in Nigeria acts as a boon in such circumstances.
The personal liability which can be imposed upon you and which probably can make you debt ridden must be dealt efficiently by taking up the compulsory insurance in Nigeria as it will provide you risk coverage. Depending on which type of insurance you have chosen and what are the risks covered in it, the insurance company will provide you the claim. This way you can have peace of mind that all your precious possessions are residing inside the boundaries of safe cover. Unfortunately, we have no control on mishaps but still fortunately we have an easy access to compulsory insurance in Nigeria and even the non compulsory ones.
It is a human inclination to think that insurance is more a pain than a benefit as there are regular payouts and no regular pay-in (Hopefully there are no pay-in as nobody wants the assets to be damaged!). But the insurance policies provide complete risk management and there is no doubt in that. To make it more attractive and decrease hassles, Nigeria has put in efforts to make compulsory insurance in Nigeria very easy. There are a number of insurance companies and insurance brokers / agents that provide door to door customer service. It takes a little hard work, knowledge and learning to judge the credibility and equity of the insurance provider. Always spend some research time to ensure that you are entering into contract of insurance with the companies of high repute. Compulsory insurance in Nigeria cannot be weighed lightly as it is full package which saves you from undue financial troubles and secures your priceless possessions.
Future is uncertain but still you try your every bit to make sure your it secure and safe. If you deprive yourself from taking compulsory insurance in Nigeria, then you are depriving yourself from an assurance of safe financial future. By taking compulsory insurance in Nigeria, you are making a wise investment to make yourself and your belongings safe from unwanted losses. One single accident can open the doors of bankruptcy so make sure that you have done your part and taken enough insurance cover.