Why Insurance Matters – A Reality Check
Imagine this: You are driving home from work when another car suddenly swerves into your lane. A serious accident occurs, leaving your vehicle in ruins. Or this scenario: a sudden fire breaks out in your home, destroying your belongings. Without insurance, the financial burden of these unexpected events falls entirely on you. Unfortunately, many Nigerians only realise the importance of insurance when disaster strikes.
Insurance is not a luxury but a financial safety net that ensures you and your loved ones do not suffer devastating losses. This guide will help you assess your insurance needs and make informed choices to protect your financial future.
Assessing Your Insurance Needs
Before choosing an insurance policy, take time to evaluate what matters most to you. These are questions you should ask yourself:
- What are my biggest financial risks? Could a car accident, medical emergency, fire, flood, or theft put you in financial distress?
- How much financial damage could I suffer? Would you be able to recover quickly from such events without external support?
- Who depends on me financially? Do you have family members or employees whose livelihoods could be affected by unexpected financial burdens?
By answering these questions, you will better understand which insurance policies are most relevant to you.
Common Types of Insurance You Should Consider
1. Motor Insurance – Stay Covered on Nigerian Roads and in the ECOWAS Region
Whether you own a private vehicle or manage a fleet, motor insurance protects you from the financial impact of accidents, theft, fire damage, and malicious damage to your vehicle.
Linkage Assurance offers:
- Third-Party Insurance (mandatory by law) – This is the basic required motor insurance policy. It covers injury, death, or property damage caused to others.
- Third-Party, Fire & Theft Insurance – Is another insurance policy that includes third-party coverage and protection for your vehicle against fire and theft.
- Comprehensive Insurance – Covers accidental damage to your vehicle in addition to third-party coverage.
- Third-Party Plus Cover – This is a unique budget-friendly and enhanced Third-Party cover with additional Own Damage cover. The Linkage Assurance Third Party Plus Motor Insurance is designed to feel like comprehensive insurance but is much more affordable.
2. Property Insurance – Protect Your Home or Business
Your home, office, or business premises are valuable assets. Linkage Assurance offers:
- Fire and Allied Perils Policy – This is soon to become compulsory insurance in Lagos. Covers losses from fire, explosions, storms, floods, and more.
- Theft/Burglary Policy – Protects against financial loss due to break-ins and theft.
- House Owners and Householder Comprehensive Policy – A tailored policy for homeowners and renters.
3. Health Insurance – Medical Bills Should Not Drain Your Savings
Unexpected medical bills can cripple your finances. Health insurance ensures you get the care you need without financial strain.
4. Life Insurance – Secure Your Loved Ones’ Future
If others depend on your income, life insurance is non-negotiable. It provides financial support to your family if you pass away.
5. General Accident Insurance – Financial Protection for Everyday Risks
This policy helps make accidental loss associated with loss of life or injuries manageable as well as other daily risks. General Accident Insurance covers accidents, loss of income, and other risks in normal daily life and business. Linkage Assurance’s compensation for this insurance comes under these polices:
- Group Personal Accident
- Fidelity Guarantee
- Money Policy
- Goods in Transit Insurance
6. Agriculture Insurance – Shielding Farmers & Agribusinesses
From livestock to crops, farming is full of risks. Agricultural insurance is designed to provide comprehensive protection for the risk exposures of the farmers and agribusiness enterprises. Linkage Assurance provides:
- Poultry & Livestock Insurance
- Farm Property & Produce Insurance
- Multi-Peril Crop Insurance
7. Marine & Aviation Insurance – Protecting Cargo & Air Transport
Transport through the land, rail, sea and air all have their peculiar associated hazards. Linkage Assurance offers coverage for businesses engaged in shipping and aviation, including:
- Marine Cargo & Hull Insurance
- Aviation Hull and Liability Insurance
8. Oil & Gas Insurance – Securing Nigeria’s Energy Sector
The oil and gas industry, spanning upstream to downstream operations, carries significant risks at every stage of its value chain. With substantial investments in assets and liabilities, businesses in this sector require robust protection to ensure risk mitigation, business continuity, and long-term financial stability.
Linkage Assurance covers businesses in the oil and gas industry under the following policies:
- Offshore & Onshore Facilities Damage
- Operator’s Extra Expenses
- General Third-Party Liability
- Business Interruption Insurance /Loss of Production Income
- Political Violence Insurance
- Construction All Risks
- Power Plants Insurances
Debunking Insurance Myths in Nigeria
Many Nigerians hesitate to buy insurance due to misconceptions. Let us clarify some:
- “Insurance companies do not pay claims.” False! Linkage Assurance has a strong track record of settling claims promptly.
- “I do not need insurance—I am careful.” Even the most cautious driver or homeowner cannot predict accidents or disasters.
- “Insurance is too expensive.” Insurance is more affordable than the financial ruin that comes with unexpected losses.
- “Only businesses need insurance.” Everyone faces risks—whether you own a business, drive a car, or provide for a family.
Choosing the Right Insurance: What to Look For
To make a smart insurance decision:
- Compare policies – Do not just settle for the cheapest option; check coverage limits and benefits.
- Understand policy terms – Read the fine print to know what is covered and excluded.
- Consult our expert team – Send us a message or contact us to speak with our professionals at Linkage Assurance to match the right policy to your needs.
