HARARE – Zimbabweans need to embrace insurance for commercial products to cushion themselves against losses arising from theft and robberies.

This insurance covers the loss of money on the premises and in transit.

Old Mutual Insurance Company’s Immaculate Musonza said this also covers money at the insured’s premises during business hours whether it is in a safe, till or secured elsewhere on the premises. This can also be in a locked safe or storeroom when the business is closed for business, in transit to and from the bank.

“Because of the number of robberies involving money, it is very essential to have this form of insurance.

“For the purposes of this policy, money shall mean current coinage and bank notes and all other negotiable instruments such as but not limited to cheques, postal orders, postage stamps, revenue stamps, bills of exchange and promissory notes,” she said.

For goods in transit, policies can either be for loss or damage to goods following fire, collision or overturning of the carrying vehicle or all risks cover which applies whilst goods are being loaded onto and off vehicle and temporary storage during the journey.

The Export Credit Guarantee Corporation (ECGC) recently indicated exporters, especially in the small to medium enterprise sector were lagging behind on insuring their goods against risks during export process.

This comes as general inclusion in insurance is still low in Zimbabwe at 2 percent, creating scope for insurance firms to engage on robust awareness activities to tap into the huge market.

However, Government’s Financial Inclusion Policy seeks to address the level of financial exclusion be it in banking, insurance and capital markets.- Business Weekly