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How Do I Insure A Start-Up?

I want to start a customized clothes company/factory (...making customized denims, fitted shirts and specially made blings, belts and tshirt).

I decided to start this because i see the fashion craze in town now. Its sweepin everyone like a tornedo (includin myself..my entire wardrobe is customized except for 2 suits and the footgearz). Every1 wearing clustomized clothings. I've heard pips in other states call me to hook 'em up.

After making extensive market research, Its going to cost me N4Million and i'm ready to start off before xmas. The website is being built. I know all businesses have their fair share of risk.

What i need is a way to insure the business. I don't want to loose my capital. Is there any genuine insurance company in Nigeria that can help insure against loss? I know the premium would be much but i don't mind. I need a sincere insurance company to employ.

Any info would be well appreciated.

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6 answers

As much as you need a good knowledge of your business and a comprehensive business plan, I think it is a good idea to insure your business against unforeseen risk.I quite believe insurance is okay considering our type of country where the governmnent policy is never in support of small and medium businesses

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I guess u r right. Thanx

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There's no such thing as not getting another chance. As long as you are alive, you'll get another chance. Most businessmen have failed at one venture or the other and what they do is that they learn from each failed venture. Failure is part of success. Until you die, you can try again and again and again until you succeed.

One trick is that, you create your venture in such a way that out of your 5 million, if things don't work out, you will be able to recover maybe 2.5 million at the end of the day and use it for something. The other trick is to start by talking to your customers and understanding them very well. If you really sit down to understand your customers and give them what they really need/want, then your business is unlikely to fail.

I believe that insurance is for things that are outside your control, like theft, fire, sickness, disability, etc. It doesn't even usually cover "acts of God".

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Taking calculated risks. Maybe i still need to learn more about that.

I still think paying some amount (depending on how much) to secure your bizness aint a bad idea.

An act of GOD or effects of political instability in Nigeria can make your business dissapear overnight. See what happened to Megaplaza. Waz their market research poorly done? Thank God megaplaza was insured.

The only biz naturally protected against lost is agency biz ; where u link people up on commision basis. But if u'll have to invest...u can still loose because anything can hapen.

So i think...Maybe i'm wrong.

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Entrepreneurship is all about taking calculated risks, and reaping great rewards if you succeed. I don't see why you would want an insurance company to take your money to "insure" against your own failure. The best insurance, I believe, is proper market research.

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