Business Economy

MARKET FIRES: HOW TO COVER YOUR BUSINESS

market fire

It is very hard not to notice the spike in recent fire outbreaks across the country. It is tough to see fellow citizens lose their investments, livelihood, belongings and sometimes, lives, to these incidences.

In the last three to four months, there have been persistent but unforeseen fire outbreaks in different parts of the country. These fire outbreaks leave behind permanent physical and psychological scars on victims as they end up grieving loss of properties and investments that took them years to build.

The market fires came to the fore again as tragedy struck at the famous Balogun market on Lagos Island affecting several building worth millions. The fire was rumored to have been ignited by a trader trying to refuel a running generator which burst into flames killing the trader and wreaking massive havoc on several business. Lives were lost, goods were destroyed, building collapsed and many businesses were financially ruined.

How do we mitigate this risk?

Here are some ways business owners can better protect their investments at these times:

Install fire alarms: Fire alarms are a smoke detector that indicates on time the likely occurrence of a fire outbreak. It will produce a sound signal in the form of a horn, siren or buzzer as an alert that a fire has started. Having such a device can help you make a quick decision to halt a devastating event from taking place.

Install cameras: One of the most significant curbs to criminalities are video monitoring systems, otherwise known as Closed Circuit Television (CCTV). If you have CCTV cameras installed in your shops, it can significantly reduce the likeliness of losses due to theft, robbery, or vandalism in the premises. You have a much higher chance of apprehending criminals since the police or security officials can use the video cameras to pinpoint faces, voices and other forms of identification.

Light up your environment: As the harmattan season takes effect, darkness covers our land at an earlier time than usual. These changes may give criminals a more extended period to commit their illegal activity under cover of the night. You can prevent late-night criminal acts by having security lights installed around the perimeter of your property. It will brighten areas usually targeted by criminals and make it a less inviting place for criminals, but a safe place for you, your customers and workers.

Get an Insurance cover: You must protect what matters most to you this season, by putting in place measures that allow you to recover promptly from a loss. That is where Leadway Assurance comes in. As an Insurance company with 50 years of experience in providing top quality insurance products, Nigeria’s leading insurer has put together an insurance policy that protects you a business owner from damages and losses brought by the festivity-associated risks. The Leadway Business Owner Support Scheme (L-BOSS) is designed to help protect small and medium-size businesses against various damages to your business premises and their contents, including your vehicles, especially during these Ember times.

This policy also covers the medical expenses incurred by your employees as a direct result of an accident at work. Also, if any of your visitors suffer injury or loss in your premises and decides to take legal actions against you, the policy will cover you. Amazing right?

Do you need more information on this? Let our partners at Leadway Assurance call you back with more details. Request for a call-back HERE

About the author

Peter Oluoti

Rotimi Peters (Oluoti) is a Content Creator and also an E-commerce developer & Strategists with Full Stack Development skills, he is also a social entrepreneur with various initiatives that provides solutions to various social challenges using technology as a tool, he founded Digital-Cr8, CIT, Velorapid and Fruit Affairs Africa: IG: @rotimi.peters Twitter: @rotimipeters1 08162870959

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