THE ROLE OF INSURANCE IN MINIMIZING BUSINESS RISK ( A CASE STUDY OF SMALL AND MEDIUM SCALE BUSINESSES IN UYO)

THE ROLE OF INSURANCE IN MINIMIZING BUSINESS RISK ( A CASE STUDY OF SMALL AND MEDIUM SCALE BUSINESSES IN UYO)

ABSTRACT

SMEs are noted as the foundation of the emerging private sector in developing countries and government’sassistance is paramount to sustainin contribution to the country’s economyenhance (Worl performance of SMEs, little or no attention is given to the sector to become business recovery conscious in moments when disaster strikes.BUSINESS RISK  Events such as violent floods, fire outbreaks, traffic accidents, occupational hazards, accidental damage to properties and harm caused to lives, theft and armed robbery, as well as other unforeseen events have slowed down private sector investment activities, and in some instance discontinued the existence of businesses. The need to possess appropriate insurance policy cover is significant and beneficial to both public and private stake holders; and more importantly to the survival and success of the Small and Medium Enterprises (SMEs) sector. The survey involved the collection of data using questionnaire and observation as a complement. In all 184 questionnaires were administered.BUSINESS RISK  The data gathered were primary in nature and then analysed using frequency counts, cross tabulation, graphs and percentages. The basic motive of this research was to establish whether SMEs within the UyoArea use non-life insurance as a risk management tool. BUSINESS RISK The results have shown that most of the SMEs do not have insurance policies for their businesses, and the level of information on insurance is relatively low. BUSINESS RISK Owners of SMEs are required to be educated on the need to have insurance and appropriate insurance to recover business losses associated with their operations through periodic workshops organised by industry players. The need to enforce the Insurance Act on fire and liability insurance to ensure compliance is paramount to enhancing business recovery mechanism for the sector.BUSINESS RISK,BUSINESS RISK ,BUSINESS RISK ,BUSINESS RISK

About admin

Check Also

The Role Of Stock Market In The Growth Of The Nigerian Economy

CHAPTER ONE 1.1 BACKGROUND TO THE STUDY Primarily, a stock market is the place where …

Impact Of The Nigeria Capital Market On The Growth Of Insurance Sector In Nigeria

IMPACT OF THE NIGERIA CAPITAL MARKET ON THE GROWTH OF INSURANCE SECTOR IN NIGERIA CHAPTER …

The Impact Of Capital Market On Development Of Nigeria Economy

THE IMPACT OF CAPITAL MARKET ON DEVELOPMENT OF NIGERIA ECONOMY ABSTRACT This study tends to …

Impact Of Privatization In Nigeria Capital Market: A Case Study Of Nigerian Stock Exchange

IMPACT OF PRIVATIZATION IN NIGERIA CAPITAL MARKET: A Case Study of Nigerian Stock Exchange ABSTRACT …

Effect of Macroeconomic Determinant of Capital Market Performances in Nigeria

Effect of Macroeconomic Determinant of Capital Market Performances in Nigeria CHAPTER ONE INTRODUCTION 1.1Background to …

Impact Of Nigeria Capital Market On Economic Growth

IMPACT OF NIGERIA CAPITAL MARKET ON ECONOMIC GROWTH   ABSTRACT This project seeks to examine …

Leave a Reply

Your email address will not be published. Required fields are marked *