Do you have insurance?

COVID-19 (Coronavirus) came like a thunderbolt, totally out of the blues hitting individuals and businesses hard. Some parties however, planned for the unexpected.

This year’s Wimbledon tennis championship which was scheduled to hold from June 29 to July 12, 2020 has been cancelled.
The All-England Lawn Tennis Club which organizes the tournament, will reportedly receive a payout of $141 million. The club had paid for an insurance policy, in the last 17 years, to guard against losses in the event of a pandemic.

Two things stood out. The first thing is the club was consistent in paying for a policy they had no immediate use of. Many organizations would have kicked against paying for such.

The second thing was the state of preparedness. If they could take out insurance guarding against losses arising from a pandemic. What other policies would they have?

This shows the importance of insurance, in life and in business.
Do you have an insurance policy? Are you consistent in paying the premiums? As your assets are growing, are you updating your insurance policies to cover them?

Some folk believe insurance policies are not of much use.
What’s the probability that my car would get involved in traffic?, I rarely fall sick you may argue but the minutest probability of an event happening means one should take measures to minimize potential losses.

Do not look at insurance policies as waste, but an investment.