BY NKECHI NAECHE-ESEZOBOR—Obinna, a petty trader at Balogun Market in Lagos, had just returned home after a long day at market. Later that evening, at about 9:00 p.m., he received a phone call that would change his life. He was told that his shop—along with several others in the market—was on fire.
At first, Obinna thought it was a prank. Only days earlier, he had restocked his shop with goods worth ₦25 million, all purchased on credit. The thought of losing everything seemed too unreal to believe.
When it became clear that the call was genuine, Obinna immediately jumped into his car and drove from Surulere, where he lived, to Balogun market. By the time he arrived, the fire had already done its damage. His shop had been reduced to ashes. With no stock, no capital, and heavy debts, his business closed for good.
Sadly, Obinna’s story reflects the experiences of many Nigerian traders who have not taken advantage of insurance products designed to protect their livelihoods, such as Universal Insurance Plc’s “Shop Insure” cover.
The Shop Insure plan is a simple and affordable insurance solution created to protect shop owners and renters against common risks that can severely disrupt their businesses. The policy covers losses arising from fire, explosion, lightning, burst pipes, and burglary. It also provides compensation for goods damaged, loss of rent, and medical expenses for injuries sustained by the insured or their staff.
According to the company, with as little as ₦2,000 per year, shop insure pays compensation up to ₦200,000 for damages caused by fire, explosion, lightning, burst pipes, or burglary; ₦100,000 for loss of rent; and ₦50,000 for alternative accommodation.
The plan is also available in Silver, Gold, and Diamond categories, with annual premiums of ₦3,000, ₦5,000, and ₦9,000, respectively. Each category comes with its own set of benefits tailored to suit different needs.
