Why is Insurance so important?

Who here likes to pay for Insurance?

What no one?

No one likes paying money to people where all you have to show for it is a piece of paper. However, it’s what’s on this piece of paper that counts.  What you are buying is “Peace of Mind”.

Ask yourself these questions:

  • What would I do if a Fire destroyed my business?
  • What would I do if I made a mistake and someone sued me as a result?
  • Who would pay for the damage I accidentally caused to some one else’s property.

Perhaps the government would bail me out? Whoops we do not live in a Socialist country.

Perhaps the Banks will help me out? Yes only if you pay them back double the money over time.

Perhaps we could adopt the Conservative philosophy, well “you will just have to pull yourself up by the bootstraps and start again”. What with? You should know your place. Only some of us are rich enough to cover the costs.

Perhaps that rich uncle or parent will help me out. Maybe a news story will cover my plight and all these people will offer to donate money to my cause.

Perhaps that same week my Factory burnt down, my Lotto numbers come though! Even though it would have been nice to use that money for something else.

I even know religious people who say “it is the will of God”. Yes well that reminds me of a joke about a guy on a boat who got washed overboard. There he is treading water, and a boat comes past and says “you right mate? Do you want us to rescue you?”. But the man in the water says “No, this is the will of God, he will look after me..”.  The next day, still treading water and getting very hungry, another boat comes past. They yell out to him, “Mate, do you want to be rescued?” He says, “No, I have faith in God, he will look after me..” Anyway, the guy eventually drowns and he gets to the Pearly gates and demands to see God. He says to him, “I put my faith in you, that you would look after me and see me right after I was washed overboard. Why did you not do this?” And God says to him “What are you talking about, I sent two boats?”.

Well, Insurance has been sent by God folks. It is there to rescue you if you have some sort of unfortunate event occur. I deal in General Insurance which means something material damaging your assets, or if you are financially liable for injury or property damage to some one else. Insurance is there to see you through the highs and lows caused by accidents or natural disasters. It is protecting your interests.

Governments control economic issues. You control the direction and success of your business. Insurance is there for things totally unexpected and out of your control like Fire, Storm and Accident.

It is a Peace of mind issue because once you have insured your assets and covered yourself for liability, then you can focus your mind on other issues, such as your actual business activities knowing that if some disaster was to occur that could potentially destroy your business, you have transferred that risk away and would be able to keep going.

By the way “Acts of God” are covered!

(This was part of a presentation given recently to a Business Group by Robert Cooper) 

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Three Years running - Insurance Brokerage of the Year 1 to 5 staff

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