Insurance and Risk Management Tips for a Growing Business – Being A Responsible and Accountable Entrepreneur

Have you ever had an opportunity that looks like a good deal but you couldn’t take advantage of it?

How did you feel?


You felt lousy. You almost fell sick in your stomach. In fact, I bet you felt irresponsible.

This kind of feeling can be avoided with correct planning.

Heck! What am I even trying to say?

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How to understand your insurance policy document

insurance policy document

Insurance is a contract of interest. One party, the insured, seeks to transfer the risk of a loss of his financial interest in a property to another, the insurer. For this arrangement to be in force and binding on both parties, there has to be documented evidence which brings them to a legal relationship. This legal agreement is contained in an insurance policy document.

What is an insurance policy document?

An insurance policy document is a legal agreement between an insured and an insurer. This document seals the intention of the insured to cede his risk to the insurer for an agreed compensation.

What are the parts of an insurance policy document?

A typical insurance policy document would comprise the following:

  • a schedule or declaration page
  • policy terms and conditions
  • policy exclusions
  • riders/endorsements
  • Warranties, etc.

Now, let’s look at each part one after the other:

Insurance Policy Schedule or Declaration Page

This is the part of the policy document that gives the details of the owner of the risk, details about the subject matter, the location of the owner and the item, the duration of the cover, the premium paid and the value of the risk, etc. It is the part of the document that gives a glimpse into the kind of policy being contracted.

Insurance Policy Terms and Conditions

This section of the policy document declares the responsibility of the insurance company to the owner of the risk. It will comprise the scope of cover, the situations where the insured can get a claim paid and the responsibility of the insured during the period of insurance.

Insurance Policy Exclusions

This part states expressly the situations or risks that are not covered by a particular policy. It means you cannot get a claim if anything stated under this portion of the document occurs.

Insurance Policy Riders and Endorsements

Riders and endorsements mean the same thing. This part of the document is used to add, subtract or totally alter the terms and conditions of an insurance policy. Riders are used when the insured wants some added coverages or wants to remove some benefits to reducing cost.

Insurance Policy Warranties

An insurance warranty in a policy document is the part that states and emphasizes what your duty of care should be. It shows you what you should do concerning the subject matter of insurance preceding an incidence that can lead to a claim. A warranty will specify those conditions you must continually create for the safety of the risk thereby limiting the possible loss.


From this post, you would have learned about an insurance policy document, its importance to an insurance transaction and the various parts.

Hopefully, you feel more confident about reading an insurance policy document.

What challenges have you been having with insurance policies?


life assurance coverage for unmarried

It is common knowledge that life assurance has always been viewed as a coverage designed for those who are married.

You would be right in that thought pattern.

Indeed, this is true for married people with dependents like a wife and children. Proceeds from a life assurance claim is a great buffer for the family after the loss of the life assured.

The next of kin of a person who has a life assurance policy feels the impact of the loss of income when death occurs.

So where does this leave unmarried and single people when it comes to life assurance?

The following three (3) reasons qualify unmarried and single people for life assurance coverage:


Importance of Risk Management to Business

Risk Management and Business


Importance of Risk management and Business

A study of the importance of risk management to business has become important because ignorance of possible losses due to circumstances beyond the control of a business could cause a setback in profit targets.

You can not correctly predict the future when it comes to business and this exposes you to the risk of financial loss that comes from any deviation.

We can make financial budgets based on current indices and have it truncated by a change in circumstance beyond our control and that is the true essence of managing risks.

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Recession Insurance: 7 Important Reasons To Buy

recession insurance

It is not a new thing that a period of recession is one where things are financially tough. This may result in people wanting to hold on to cash to spend only on important needs, not luxuries. These areas to spend money includes insurance; both life and non-life insurance which you can prioritize using importance-urgent matrix. In this post, we share 7 top reasons for recession insurance :

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Fundamental Principles of Insurance

Fundamental Principles of insurance

In the insurance industry, the fundamental principles of insurance happen to be a compass for all the players operating within its ecosystem.

Principles of insurance serve as a guide to the functioning of insurance as an industry and as a financial planning tool.

fundamental principles of insurance

For you to build a house, you must have a foundation in place. The strength and sufficiency of this foundation will determine how tall the building will be and how long it will stay standing no matter the circumstances that fight against it.

A good understanding of these principles will be of benefit to us in the future.

The principles of insurance are:

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