Timber traders cry for insurance cover

Sat, 06 May 2017 15:05:17 +0000

BY MAILESI BANDA 

TIMBER traders at Buseko market in Lusaka have challenged insurance companies to in-troduce insurance products that will attract small scale businesses.

Mambo Phiri, a timber trader, challenged insurance companies to visit markets like Buseko and sell the ideas of the products they offer to the business people there.

Speaking in an interview with the Daily Nation, he said the timber business was risky and it was important for those involved in the business to insure their products.

“The biggest challenge that we face in the timber trade business is the risk of theft and fire and we have never had any insurance company come to the market to sell their products to us,“ he said.

Mr. Phiri explained that insurance was not just for those with established businesses, adding that every business regardless of the size had its own risks and needed to be in-sured. He lamented that insurance companies did not see an opportunity among small busi-nesses because of the financial challenges. “There are so many insurance companies in Zambia today but it is rather unfortunate that they do not see a market among small scale businesses, like the timber traders who, when given specific products, could be a good market for insurance,“ he said.

He said the recent fires that swept through markets in the country should make business owners realize the importance of insurance, adding that while insurance was perceived to be expensive, recovering from a loss without insurance cover was almost impossible.