Experts urge SMEs to embrace insurance to stay relevant

Small and medium-sized businesses (SMEs) in the country have been urged to leverage on insurance products to manage their risks in time of uncertainties.

This was discussed during a webinar organised by Coronation Insurance Plc. in partnership with Access Bank Plc on ‘Managing Business Risks at a Time of Uncertainty’.

The Commissioner for Insurance, Sunday Thomas, tasked SMEs operators with the need to embrace insurance and not to set insurance aside while cutting costs in times of uncertainty such as COVID-19 and #EndSARS.

The Commissioner, who was represented by the Technical Assistant to the Commissioner, Taiwo Adeoye, said insurance remains the best way to keep businesses afloat amid uncertainties.

Also, the Managing Partner, Crown & Lords (Chartered Accountants), Omotayo Gbede, while delivering a paper identified the factors limiting the growth of SMEs to include limited funding stating that this undoubtedly slows down their growth and impedes the development of Nigeria.

Other limitations according to him are lack of infrastructure, unavailability of local raw material, high cost of procuring machinery, import liberalisation and export constraints.

According to him, what is required to boost the growth of SMEs include, is the provision of adequate infrastructure and elimination of multiple taxations.

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