A spate of fires that has affected several businesses around the country has caused losses that run into hundreds of millions. Many traders might not recover simply because they were not insured, a lapse that dogs many. Even among those who took out insurance policies, many are suspected to have under declared their goods to avoid paying more taxes or premiums. This kind of shortsightedness has now come to haunt many as they never expected such misfortunes to befall them. The culture of not taking out insurance policies, especially for businesses, is very rampant but the victims sometimes are not themselves to blame. Insurers do not do much to endear themselves to customers. Getting compensation from the firms is a very tedious affair that puts off many who regard insurance firms as schemers out to get their money. This is where the authorities should step in. Apart from keeping insurance companies on a tight leash, there is also need to sensitise the public on the importance of safeguarding their investments. In fact, the government should make it compulsory, with regular inspections of businesses as it is done for motor vehicles. Shopping centres, mall and markets attract hundreds or even thousands of people at any given time. The shoppers have to be protected. It should not take a sinister catastrophe to befall the population before authorities wake up. Insurance should be a prerequisite to apply for or renew a business license. It would be easy to enforce by local authorities and might save many a businessperson from anguish.
