About BOI - IB
Mitigating Risk and Optimizing Efficiency
We are pleased to introduce BOI Insurance Brokers Limited and to intimate you of the services being rendered by our organization in the area of Insurance Placement and consultancy.
We have, over the years, acquire the competence and experience to analyze the activities of organizations and individuals, and identify those risks that are likely to disrupt their operations and also, advise on ways to reduce or possibly eliminate them, while transferring whatever risk is left to a reputable Underwriter.
THE NEED FOR OUR SERVICES
The primary function of Insurance companies is to provide cover against specific risks (perils and liabilities) that are likely to disrupt the smooth operation of a Business concern. These risks have to be identified and minimized, before being transferred to the Insurers. This makes insurance business highly technical. This is where our services are required.
We, accordingly, offer our customers skilled and up-to-date technical expertise in addition to the following benefits:
It is important to note here, that our services do not attract any additional cost to the various clients we deal with i.e. our services are free of charge, as we normally get our remuneration from the underwriters in the form of commission.
THE NEED FOR INSURANCE
Insurance is a social service in which many people (the insured) collectively contribute some amount of money (premium) into a pool. It is from this pool that the few that suffer losses are compensated.
It is, therefore, pertinent to know that while a minor loss may not affect a company’s operation (production line) a moderate misfortune can put a corporate entity out of business for some time that could result to an unquantifiable loss of revenue. In addition, a serious misfortune may occur and a company thrown out of business forever if insurance was not taken.
It is for this reason that Banks/Financial institutions insist that some form of insurance be taken whenever loan facilities are given out to either individuals or corporate entities.
TYPES OF INSURANCE COVERS
Firms are normally engaged in the production of goods and/or services. Accordingly, all or some of the insurance covers listed below can be arranged, depending on the needs of the organization( s):