How to rise financially after a business burglary
- Thread starter cherry123
- Start date
Years back, I pawned my necklace in a pawnshop. That necklace was so valuable. It was a gift to me from my brother who works in KSA, but the pawnshop was robbed and, all items were taken away including mine. They replaced it with a cheaper one but I threw it back to them. After some months I saw them operate back in another location in the city. Their pawnshop was insured against burglary.
That's right insurance is for protection against losses due to accident, fire burglary and more.
- Thread starter
- #5
Yeah exactly so that the business would have a little kind of protection in the future.
It's good to be protected the same way as having a saving in the bank but not all believed an insurance.
Businesses need to buy several types of insurance to protect against unexpected happenings. They include property insurance, workers compensation insurance, business interruption insurance.
Yes you're so right, the pawnshop where I pawned my necklace and got robbed was insured, so they were able to start again after they were paid by the insurance company.
Many people feel that getting a business insured is not so important. They feel that it would be a waste of money. But then there are accidents like a robbery and unexpected fire or natural calamities, that can not be fully ignored. People feel that their business are all safe. But then they need to understand that paying a little to the insurance company might save them a lot in long run. It's always wise to give an insurance protection to your business.
An insurance against accident or burglary is to be paid once a year only. It's a nonlife insurance not a Life insurance endowment.
That was a pawnshop where I pawned my necklace and was ransacked by bad elements. That was during the Cory Aquino presidency when government was so weak crimes soared left and right. The thieves weren't captured.
- Thread starter
- #15
Yeah it is to go after them either you are able to recover your items but if not just teach them a lesson they will never forget.
That is the reason why a business suppose to be insured before starting. Many business owners use to consider insurance as a waste of time., but when they encounter accidents or misfortune they will start to regret.
Taking a loan always helps when one is starting a fresh business. It's always advisable to take an insurance for the loan. Many fail to do that. But if a business has robbery or other such unexpected accidents, this insurance helps you save for the loan from your side.
This has happened to me and I am still battling with the aftermath . It is really a bad experience. I never had intentions of working online because I had everything going on well with my offline business and I'm okay. It was what made me come online to settle for peanuts.
