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THE ROLE OF INSURANCE IN MINIMIZING BUSINESS RISK ( A CASE STUDY OF SMALL AND MEDIUM SCALE BUSINESSES IN UYO)



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THE ROLE OF INSURANCE IN MINIMIZING BUSINESS RISK ( A CASE STUDY OF SMALL AND MEDIUM SCALE BUSINESSES IN UYO)



ABSTRACT

 

SMEs are noted as the foundation of the emerging private sector in developing countries and government’s assistance is paramount to sustain in contribution to the country’s economy enhance (World performance of SMEs, little or no attention is given to the sector to become business recovery conscious in moments when disaster strikes. Events such as violent floods, fire outbreaks, traffic accidents, occupational hazards, accidental damage to properties and harm caused to lives, theft and armed robbery, as well as other unforeseen events have slowed down private sector investment activities, and in some instance discontinued the existence of businesses. The need to possess appropriate insurance policy cover is significant and beneficial to both public and private stake holders; and more importantly to the survival and success of the Small and Medium Enterprises (SMEs) sector. The survey involved the collection of data using questionnaire and observation as a complement. In all 184 questionnaires were administered. The data gathered were primary in nature and then analysed using frequency counts, cross tabulation, graphs and percentages. The basic motive of this research was to establish whether SMEs within the UyoArea use non-life insurance as a risk management tool. The results have shown that most of the SMEs do not have insurance policies for their businesses, and the level of information on insurance is relatively low. Owners of SMEs are required to be educated on the need to have insurance and appropriate insurance to recover business losses associated with their operations through periodic workshops organised by industry players. The need to enforce the Insurance Act on fire and liability insurance to ensure compliance is paramount to enhancing business recovery mechanism for the sector.


TABLE OF CONTENTS

 

 

 

 

 

DEDICATION................................................................................................................................. iii

 

ABSTRACT..................................................................................................................................... iv

 

 TABLE OF CONTENTS.................................................................................................................. v

 

 LIST OF TABLES......................................................................................................................... viii

 

 LIST OF FIGURES......................................................................................................................... ix

 

ACKNOWLEDGEMENTS............................................................................................................... x

 

 CHAPTER ONE.............................................................................................................................. 1

 

INTRODUCTION............................................................................................................................ 1

 

1.1      Background to the Study...................................................................................................... 1

 

1.2      Problem Statement................................................................................................................ 3

 

1.3      Objectives of the Study........................................................................................................ 4

 

1.4      Research Questions.............................................................................................................. 5

 

1.5       Significance/Justification of the Study................................................................................. 5

 

1.6      Method of the study............................................................................................................. 6

 

1.7      Scope and Limitation of the Study........................................................................................ 7

 

1.8      Organisation of the Research................................................................................................ 8

 

 CHAPTER TWO........................................................................................................................... 10

 

 LITERATURE REVIEW............................................................................................................... 10

 

2.1      Defining the Small Business; Overview and Key Definitions............................................. 10

 

2.2       History of Medium Scale Enterprises (SMEs) in Ghana..................................................... 12

 

2.3      Characteristics of SMEs for the Research........................................................................... 13

 

2.4      The Nigeriaian Situation..................................................................................................... 14

 

2.4.1      Working Definition......................................................................................................... 17

 

2.5      Strategic Role of SMEs....................................................................................................... 17

 

2.6      Challenges of SMEs............................................................................................................ 18

 

2.7      The Concept of Risk........................................................................................................... 19

 

2.7.1      Types of Risks................................................................................................................ 20

 

 2.7.1.1   Speculative or Dynamic Risk.......................................................................................... 20


 

 

 

v


 2.7.1.2   Pure or Static Risk........................................................................................................... 21

 

2.7.1.2.1    Why some Risks (speculative risks) are not insurable................................................. 21

 

2.8       Risk Management.............................................................................................................. 22

 

2.8.1       Managing risk................................................................................................................. 23

 

2.9       Insurance as a Risk Management Tool............................................................................... 24

 

2.10     SMEs Insurance, the Perspectives...................................................................................... 25

 

 CHAPTER THREE........................................................................................................................ 29

 

METHODOLOGY.......................................................................................................................... 29

 

3.1       Overview............................................................................................................................ 29

 

3.2       Research Design and Data Collection Instrument.............................................................. 29

 

3.2.1       Questionnaire.................................................................................................................. 30

 

3.2.2       Pre-testing of the Research Instrument........................................................................... 30

 

3.3      Population and Sample Size................................................................................................ 30

 

3.4       Sampling Technique.......................................................................................................... 33

 

3.5       Data Preparation for Analysis............................................................................................ 33

 

3.6      Data Analysis..................................................................................................................... 34

 

3.7       Limitations.......................................................................................................................... 34

 

 CHAPTER FOUR.......................................................................................................................... 35

 

 PRESENTATION AND ANALYSIS OF DATA............................................................................ 35

 

4.1      Introduction......................................................................................................................... 35

 

4.2      Types of Business, Ownership and their Size..................................................................... 35

 

4.2.2      Classification of Business............................................................................................... 36

 

4.2.3      Type and Locations of Business in Uyo Metropolis........................................................ 37

 

4.2.5      Registration of Businesses............................................................................................... 38

 

4.3      Analysis of Risk Management............................................................................................ 39

 

4.4      Management of Business Risks by Entrepreneurs of SMEs................................................ 40

 

4.5      Benefits of Insurance......................................................................................................... 44

 

4.6       Information on Insurance.................................................................................................. 45

 

4.6.1       Awareness of Compulsory Insurance............................................................................. 46

 

4.7       Challenges of Businesses Using Insurance........................................................................ 47

 

4.8      Suggested Solutions to Challenges to Using Insurance........................................................ 48

 

 CHAPTER FIVE............................................................................................................................ 49


 

 

vi


 FINDINGS, CONCLUSIONS AND RECOMMENDATIONS........................................................ 49

 

5.1      Introduction......................................................................................................................... 49

 

5.2      Summary of Findings......................................................................................................... 49

 

5.3      Conclusions......................................................................................................................... 50

 

5.4      Suggestions/Recommendations............................................................................................ 51

 

REFERENCES................................................................................................................................ 53

 

APPENDICES................................................................................................................................ 59

 

 Appendix 1................................................................................................................................... 59

 

 Section A: Business Information................................................................................................... 59

 

 Section B: Profile of Business Activities and Risk Management.................................................... 59

 

 Section C: Views of SMEs Insurance by Insurance Providers....................................................... 59

 

 Particulars of respondent............................................................................................................... 59

 

 Appendix 2................................................................................................................................... 60

 

 Questionnaire on Research Topic:................................................................................................. 60


Citation - Reference

All Project Materials Inc. (2020). THE ROLE OF INSURANCE IN MINIMIZING BUSINESS RISK ( A CASE STUDY OF SMALL AND MEDIUM SCALE BUSINESSES IN UYO). Available at: https://researchcub.info/department/paper-783.html. [Accessed: ].

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SMEs are noted as the foundation of the emerging private sector in developing countries and government’s assistance is paramount to sustain in contribution to the country’s economy enhance (World performance of SMEs, little or no attention is given to the sector to become business recovery conscious in moments when disaster strikes. Events such as violent floods, fire outbreaks, traffic accidents, occupational hazards, accidental damage to properties and harm caused to lives, theft and armed robbery, as well as other unforeseen events have slowed down private sector investment activities, and in some instance discontinued the existence of businesses. .. Click here for more

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