H.Insured: All About Insurance: Three tips on choosing the right insurance company

Before deciding whether to be signed up for an insurance product, you must know how important insurance is and the types of insurance readily available to you. Insurance in Ghana and West Africa is generally limited compared to what other developed countries are privy to. Here in Ghana, you are likely to come across various insurance products such as Motor Insurance, Home Insurance, Life Insurance, Health Insurance, Travel Insurance, Liability Insurance and Marine Insurance, to name a few.

Insurance is an essential tool that Ghanaians seem to overlook. Having the ability to be restored to your previous state after a loss is a privilege everyone needs to embrace. Losses are usually unexpected, so always having a safety net, especially in hard times, is worth every pesewa.

I hope you all are on board the insurance boat, and we can now tackle identifying a good insurance company.

1. Identify your Insurance Needs – Choosing an insurance company can be confusing because of the large pool of companies available. Before deciding which route to tow, you must know WHAT you want to insure. It may be your small business, a shop, a laptop, your summer trip to Italy, your shipping vessels, goods in transit, a precious and sentimental item you own, your staff, your goods, your parents or even the need to secure an educational fund for your kids. Identifying who or what to insure is the first step in choosing an insurance company. After listing your insurance needs, you can select companies that have products that mainly cater to your needs. You can narrow down your options based on whether the product you need is available at the insurance company you are considering.

2. History or Reputation of the company – A company’s Reputation is critical when entering any business venture or agreement. Knowing your business partner, client, or even service provider is vital. Business Fraud is at an all-time high, so knowing your insurer should be a priority. Researching the company can help build trust and security. You can ask questions like “What is the company known for?” “Are they recognised in the insurance industry?” “Do they have awards to show for work done?” “What do their current clients say about their service and credibility?” “Are they listed in the books of the regulator?” Professional-looking websites are a positive indicator in determining whether the company is genuine. Take a look at their social media platforms to have an overview of the brand and if you would like to be associated with it.

Another essential consideration is referrals, testimonials and recommendations from existing clients, brokers, and partners. Having a good word in by someone directly associated with the company is essential. Positive feedback from clients is a good indicator that the brand is legitimate and can be trusted.

You can go a step further by seeking advice from experts in the insurance industry to help validate your options and steer you in the right direction. Knowing your money is safe and secure allows you to enjoy your experience with the company, which is equally important.

3. Budget – Our favourite word as Ghanaians is “Budget”. It is essential to have a budget, especially in challenging times like this. Making decisions within your financial capacity is critical to achieving financial freedom. Insurance is all about being financially independent, even in unforeseen circumstances. After identifying your insurance needs and narrowing your options to trusted brands in the insurance industry, it is time to consider if the payable premiums fall within your budget.

In conclusion, making an informed insurance decision is paramount. You can confidently embark on your insurance journey by identifying your specific needs, scrutinizing the insurance company, and ensuring affordability. The country’s favourite insurer, Hollard Ghana, with subsidiaries Hollard Insurance and Life, is an excellent example of a reputable brand on call to assist you with all your insurance needs. I must add that, Hollard Ghana was among the first companies to meet the new recapitalisation requirement from the National Insurance Commission (NIC). This shows that Hollard is in good standing to underwrite policies and pay claims.

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