Businesses urged to identify, mitigate risks ahead of general election

Businesses urged to identify, mitigate risks ahead of general election

Co-operative Bank is calling on Small Medium-Size Enterprises and Business owners to insure their property with political violence and terrorism extension coverage ahead of next year’s general elections.

Addressing SMEs and business owners during a webinar meeting on Thursday, Joram Kiuna, Head of Banking Assurance at Co-operative Bank noted that the extension responds to any damage or losses which might arise from political unrest.

“We seem as a country to run on a cycle where the electioneering period comes with a lot of uncertainties. Make sure your assets, vehicles, business premises, stocks are insured,” said Kiuna.

“Make sure that all these policies that you have, have what we call political violence and terrorism extension coverage.”

He also called for the need of acquiring personal accident cover and health insurance in place and updated with appropriate limits in case of a potential electoral violence.

Past electoral seasons have mostly disappointed many for the socio-economic disruptions they cause, especially to businesses and investments interrupting critical focus on national development and scaring away investments, while diverting essential resources.

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The bank is now urging business owners to identify risks that are within their business and highlight ways to mitigate them to minimize financial losses.

Due to the varying nature of the working environment, companies should carefully examine risks to determine their specific insurance needs.

Commercial enterprises are pursued to use a qualified, licensed and trusted intermediary to help tailor suitable solutions that will meet their insurance needs.

Strategic, Financial and compliance are some of the business risked outlined by the bank which require to be handled in a specific way.

Other risks highlighted included sickness, death, injury from accidents, employee dishonesty and theft.

Longer-term foreign investment decisions are often postponed until after elections, mainly due to the unpredictability of the investment environment.

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