How to Get Business Insurance in Cameroon: Cost and Types. The Types of Business Insurance in Cameroon.
Before we venture into Business Insurance, let us talk about business entails. Being an entrepreneur in Cameroon can be daunting: Getting business ideas for a solution, getting enough funds, and the right people who believe in your business can sometimes be overwhelming.
Starting your own business is a big, scary step in the unknown, no doubt. It comes with lots of risks – the risk of losing your capital, interest, and profit. This guide explains how to get your small business and commercial insurance.
You are also at risk of employing the wrong employee, losing clients, business deals, and investors.
These are some reasons why you must get an insurance policy to cover these events.
What is Business Insurance?
This type of insurance protects many businesses from losses when running a business.
Some companies have had it rough as a result of lawsuits that were granted by the Courts. This is why business insurance is essential.
Types of Business Insurance in Cameroon
1. Business Property Insurance
The policy keeps prevents you from losing your business properties. If you own office equipment, tools, computer, or property, you should totally consider getting insurance for them to cover losses and damages.
2. Professional Liability Insurance
Professional liability insurance is referred to as Errors and Omissions Insurance. It covers third party claims arising from the negligence of the business.
This form of business insurance policy applies to businesses like professional firms – law firms, accounting firms, consulting firms, etc.
3. General Liability Insurance
Every business needs a policy that protects them from losses resulting from injury or damage to a third party’s property. General Liability insurance policy guides against these forms of losses. It is highly recommended for personal use.
4. Business Interruption Insurance
This insurance protects you and your company from going under when a catastrophic event occurs.
Circumstances like these make business operations be put on hold and interpreted for days. During this time, your business will experience low revenue. This is because your staff won’t operate in the office. A business interruption insurance policy covers losses like this.
5. Directors’ and Officers’ Liability Insurance
Directors’ & officers’ liability insurance protects individuals who serve as directors and officers for your company against lawsuits brought against them due to their company management.
Read Also: Insurance Policy in Cameroon.
6. Workers Compensation Insurance
Workers’ compensation insurance is a type of business insurance policy that protects your employees if they get injured on the job. This will save you money on paying for their medical bills. It also covers the costs acquired due to their absence from work for recovery.
7. Employment Practices Liability
This type of business insurance covers your business from harassment, discrimination, wrongful termination and any other forms of claims from employees.
How to Get Business Insurance in Cameroon?
To get business insurance in Cameroon, do the following:
1. Pick the Type of Business Insurance You Need
When you register your company at the ministry of small and medium enterprises, you get certain protections from choosing a business structure like a limited liability company. Nevertheless, even the scope of that protection is limiting; this insurance fills in the gaps to make sure your and your business assets are safe.
2. Assess Your Risks
Think about what kind of accidents, natural disasters, or lawsuits could end your business. Only you know best what they may be.
3. Find a Reputable, Licensed Insurance Agent
Insurance agents can help you find business insurance policies that match your needs. They receive their commissions from insurance companies. They get a commission when they sell these policies. Therefore it’s essential to find a licensed agent interested in meeting your needs as much as theirs.
Unfortunately, the possibility of finding such selfless Insurance agents in Cameroon is quite slim. You’re welcome to try your luck.
Suggested: Insurance Brokers in Cameroon.
4. Compare Prices
To ensure that you get the best value for your money, you need to compare the prices of various Insurance companies.
Prices and benefits can vary significantly. Hence, you should compare insurance offers rates, terms, and benefits.
Getting business insurance in the wake of the current economic disruptions cannot be overemphasized. Other business-threatening events have plunged into so many businesses; you should be working towards getting business insurance today as a business owner.
Read Also: Types of Insurance Companies in Cameroon.