If you’re in business, you know that risks are an inherent part of it. No matter the type of business, risks are present. As such, it’s essential to have insurance underwriters on hand to assess and analyze the risks that come with insuring people and assets.
Insurance underwriters are professionals who determine the pricing of accepted insurable risks. They use specialized software and actuarial data to establish the likelihood and magnitude of the risks involved.
As a business owner, you may wonder why you need insurance underwriters for your small business. For one, no business exists in isolation, and competition is ever-present. Underwriting helps you understand how your business compares to others in your field and assess its soundness.
Secondly, insurance underwriting helps you value your business accurately, which is vital in knowing how much it’s worth. This is essential in understanding that your business is not a speculative venture but a valued entity, backed by experts in the field.
Thirdly, every business has inherent risks. Accidents like fires, theft, or natural disasters can happen at any time, and insurance underwriters can help you know the steps to take should the worst happen. In case of a claim, the underwriter’s evaluation will help you know what to ask for from your insurer.
In Kenya, Xplico Insurance Company Ltd is an established underwriter. The company’s exponential growth in retail underwriting has seen it set up a vibrant Corporate Division catering to SMEs and well-established companies within and outside Kenya. Xplico Insurance goes beyond simply providing insurance solutions that meet people’s business needs, providing decisive financial solutions and cutting a niche in corporate insurance.
