By Rosemary Onuoha
In order to prevent loss of income as experienced during the Coronavirus (COVID-19) lockdown earlier this year, there is need for business owners to embrace business interruption insurance.
Managing Director of Universal Insurance Plc, Mr. Ben Ujoatuonu, who made the assertion, noted that business interruption insurance replaces business income lost as a result of an event that interrupts the operations of the business.
Ujoatuonu said: “Business interruption insurance is a form of insurance coverage that replaces business income lost as a result of an event that interrupts the operations of the business, such as fire or a natural disaster, among others.
“The product is not sold as a separate policy, but is either added to a property/casualty policy or included in a comprehensive package policy,” he said.
Speaking on the strength of the company to meet its claims obligations, Ujoatuonu noted that Universal is meeting all its obligations in the area of prompt claims settlement to clients and other stakeholders, adding that, the insurer is liquid enough to carry out its civic responsibilities.
He stated that his company is capitalising on the potentials in the retail market to deepen insurance penetration, noting that the wholesale market is already saturated.
He said: “For instance, our third party fire and theft insurance cover offers the middle-ground level of protection as it would give the policyholders better level of cover than third-party only.
“On the other hand, our burglary and housebreaking insurance policy is designed to provide compensation against loss of or damage to one’s property as a result of burglary or any attempt threat. The cover also includes damage to building(s).