Yes. You need them. Anyone in business will tell you that there are no businesses without risks. Every business has risks. Therefore, if you are into any form of business, insurance underwriters should be a call away.
These are professionals who evaluate and analyze the risks involved in insuring people and assets. They establish pricing for accepted insurable risks. Often, they use specialized software and actuarial data to determine the likelihood and magnitude of risk.
You may ask, why do I need insurance underwriters form my small business?
First, no business, big or small, exists in a vacuum. The beauty of any business is competition. It is competition that helps one’s business grow and expand, of course with the correct clientele focus. Underwriting helps you know the soundness of your business compared to others within your field.
Secondly, it helps you value your business and know how much it is worth. This helps you realize that you are not running a business venture that is founded on hot air but valued by experts who have an experience within the sector.
Thirdly, every business has risks. Nobody knows what will happen the next minute. Your business might be hit by fire, a terrorist attack, theft or even swept away by floods. Underwriter helps you know, in the event this happens, you have a stand on what you will ask for from your insurer.
You may also ask, do we have an established underwriter in Kenya?
Yes, Xplico Insurance Company Ltd. Xplico’s exponential growth in retail underwriting over the years has seen the company set up a vibrant Corporate Division to cater for both SMEs and well-established companies within and without Kenya.
The company is among a few on Kenya that goes beyond simply providing insurance solutions that suit peoples’ business needs. They provide decisive financial solutions, cutting a niche in the corporate insurance.