One delay. One disaster. No backup

TJ is the kind of man people admire. Focused. Visionary. A retired banker who decided to pour his pension and passion into a small but classy hotel on the outskirts of Ibadan.

A quiet place with class. Everything was top-tier, from imported light fittings to local art on the walls. It was not just a business, it was his dream. And he didn’t joke with quality.

When it was time to discuss insurance, TJ didn’t shrug it off. In fact, he called me multiple times before and after his grand opening.

• Let’s talk fire cover again, you know this place is all gas and wires.
• Let me know the best burglary policy, guests bring phones and laptops.
• Business interruption? You might be right o, just send me the info.
• You said something about liability too, right?

I sent quotes, broke it down in plain language, gave flexible options. He understood everything. But each time, the response was the same:

• Not now.
• Let me finish one or two things.
• Maybe next month.

TJ didn’t doubt the value of insurance. Far from it. He gets it.

But like many, he kept postponing. Not because he didn’t care, but because insurance is on the back burner.” And this is where the danger lies. Because One Day, Something Might Just Happen.  

• It may be a fire in the kitchen.
• A careless guest who leaves a straightener on.
• A faulty air conditioner that sparks.
• An angry customer who falls down the stairs and files a lawsuit.
• A break-in when the night guard dozes off.
• Or a flood from a blocked drainage during the rainy season.

And when that happens, then reality strikes, Regrets sets in. 

Insurance is not something you can go back and quickly buy. The time to act is now.

This story isn’t just about Tj. It’s about hundreds of business owners who understand the importance of insurance but procrastinate.

Let’s take a quick look into what insurance products TJ needs for his business, and the scope of cover:

🔥 1. Fire and Special Perils Insurance

What it Covers:

• Fire damage to the building, furniture, fittings, and equipment
• Lightning, explosion
• Storm, flood, impact from vehicles, aircraft damage
• Bush fire, riots, and strikes

What it Excludes:

• War or terrorism-related damage
• Wear and tear
• Fire caused by negligence (e.g., leaving a burning stove unattended without precautions)

Approximate Pricing:

• From 0.15% to 0.3% of value depending on several factors like value of property, location, housekeeping etc

👉 Without this, one small fire could reduce everything to ashes literally.

🧯 2. Burglary and Housebreaking Insurance

What it Covers:

• Theft or attempted theft involving forcible entry
• Loss of assets: TVs, air conditioners, electronics, etc.
• Damage to doors, windows, and locks during break-in

What it Excludes:

• Theft by employees (this requires fidelity guarantee)
• Theft without visible signs of forced entry except cover is extended
• Cash and valuables unless specifically declared

Pricing:

• From =N=20,000/year depending on contents

👉 Hotels are high-target areas for smart thieves. One successful night raid could cost millions.

🧍🏽‍♂️ 3. Public Liability Insurance

What it Covers:

• Accidental injury to guests, suppliers, or third parties within your hotel premises
• Damage to their property while on your premises
• Legal costs if sued

What it Excludes:

• Injury to your employees (this requires Employers’ Liability)
• Intentional harm or negligence

Pricing:

• As low as =N=25,000/year, depending on business size and limit of liability

👉 If a guest slips on a wet floor and breaks a leg, this cover pays for legal fees and compensation.

💼 4. Personal Accident Insurance (for TJ and staff)

What it Covers:

• Accidental injuries to you or named employees
• Medical expenses
• Temporary or permanent disability compensation
• Death benefits

What it Excludes:

• Self-inflicted injuries
• Injuries while under drug or alcohol influence

Pricing:

• As low as =N=15,000 to =N=30,000/year per person depending on the benefits/limit

👉 Imagine TJ falls from a stair during an inspection or a staff member is injured, this cover provides weekly income support during recovery.

🚗 5. Comprehensive Motor Insurance (for hotel shuttles or private use)

What it Covers:

• Accidents, theft, fire, vandalism
• Third-party bodily injury or property damage
• Damage to own vehicle (unlike third-party cover)

What it Excludes:

• Commercial use unless declared
• Driving under the influence of alcohol
• Unlicensed driver use

Pricing:

• From 5% of the vehicle’s current value annually
  E.g., a vehicle worth =N=10m would cost =N=500,000/year

Please note that the above rates and pricing are approximates just for guidance. Your insurer will give you the actual quote specific to your risks and exposure.

Protect Your Investment Before You Regret It

You insure not because something will go wrong. You insure because it can.

Your hard work, sweat, and dreams should not be left to chance. You owe it to yourself to guard it with more than locks and prayers.

TJ, my friend… and all the other TJs reading this, NOW is the time.
Let insurance be your backup plan before life throws you off course.

Procrastination is the Most Expensive Risk

TJ still has not insured his hotel. And I hope he reads this before the unexpected happens.

If you are a hotel owner, salon operator, tailor, storekeeper, event planner, or even an artisan… these insurance products were made for you. Not just for big businesses.

✅ Call to Action: Don’t Delay Like TJ — Protect Your Business Today

📞 Contact a licensed insurance broker.
📝 Get quotes tailored to your size and pocket.
✅ Start small if you must, but by all means start.