Should you forego insurance? ~ Pinoy Reviews

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Saturday, December 27, 2008

Should you forego insurance?

Okay, so my friends' sister is starting a business in the UK. They're not really much of business persons as both he and his wife are on the medical field and this is their first time venturing into a business. Anyways, their business has something to do with renting trucks and they asked me whether they should insure their HGV trucks outright or wait before their business starts earning profits to do so.

I for one am a bit torn about insurance. I'm always a risk taker but a recent event in my life made me realize that well, insurance is not such a bad thing. I know with the current economic crisis and all they should not spend a lot on their business but I don't think that insurance is something that their business should scrimp on. HGV trucks are their company's assets and if one of it is loss or gets damaged, they would incur a lot of expenses not to mention losses because they can't rent out their trucks.

A lot of insurance and financial companies might be closing but there are still reputable ones that are left. So I just advised them to use the Internet to find the cheapest hgv insurance they could find and make sure that the fine print covers the most important things like loss from theft, flood, fire, etc.