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Small business owners now benefit from insurance

By ROSEMARY ONUOHA

Artisans, petty traders and operators of small businesses can now benefit from insurance, as Mutual Benefits Insurance Plc has put various schemes in place to assist in the growth of such businesses in the country.

Where some insurance companies are only interested in collecting premium from small business owners, Mutual Benefits has designed products that can grant loans to these business owners to grow their businesses.
A typical example is the registration of over five million motorcyclists and tricyclists under the microinsurance scheme of Mutual Benefits.

Attesting to the benefits his Association has derived from such partnership with Mutual Benefits, President, National Motorcycle and Tricycle Riders Association, Mr. Babangida Maihula, said that the microinsurance product was peculiar to the needs of motorcycle and tricycle riders.

Maihula said that the premium payment depends on the insurance package a member took, adding that the riders could pay the premium weekly when they are done with work for the week.
According to him, “Before now, we do not benefit from insurance policy whether third party or comprehensive.

The story is different since we have micro insurance product and is designed for our specific needs. A member is settled almost immediately when he has the problem insured against. All the members need to do is to get in touch with his unit head at the park or nearest branch office. Once they ascertain the fact that the risk occurred the member will be indemnified immediately. Our members are enjoying the insurance package.”

Maihula noted that a member who applies for comprehensive insurance could pay up to N150 weekly or N450 monthly as premium.
As members benefit from this scheme, he said they tell others which increases enrolment on daily basis.

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