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Insuring peace of mind – election-related risk coverage for individuals and businesses

Election seasons in every country bring along potential economic challenges that affect all sectors of the economy. These challenges encompass economic uncertainties, regulatory changes, deteriorating fiscal policies, currency and exchange rate risks, interest rate risks and political risks among others.

The far-reaching impacts of these potential challenges can significantly affect both individuals and businesses operating within that country. Individual consumers may face uncertainties related to personal safety, while businesses may grapple with disruptions to operations. Recognising these risks is the first step toward securing peace of mind. Many countries across the globe are testament to these economic challenges during election seasons.

In response to these uncertainties, individuals and businesses must proactively prepare to navigate the intricate landscape of election-related risks. One of the most effective strategies to cope with these uncertainties is by securing the right insurance coverage from reputable insurers. Seeking professional advice directly from insurers or through an insurance intermediary – preferably an insurance broker – ensures that individuals and businesses receive tailored guidance.

Insurance policies provide a reliable shield against the potential uncertainties associated with election seasons, offering the surest way to secure your peace of mind amid uncertainties. These policies serve as a financial support system, offering protection for individuals and businesses facing the challenges of an election period.

This article will delve into the diverse insurance policies suitable for both individuals and businesses, offering a comprehensive guide to ensure maximum protection in the face of election uncertainties. By exploring these insurance options, individuals and businesses can proactively protect themselves against the potential economic challenges that often accompany election seasons.

Recommended insurance policies for individuals during election seasons

  1. Personal Property Protection Insurance

Elections can sometimes lead to increased security concerns. Individual consumers can consider insurance coverage that safeguards their personal property, ensuring financial protection in the event of damage or loss. Individuals can take up a fire or home insurance policy for their home. Home insurance policy is a package policy that provides a comprehensive coverage for your home. It provides cover for the building, contents in the building, personal accident within your home, public liability cover and cover for alternative accommodation in the event of a loss and your home is not habitable.

  1. Personal Accident Policy

Personal accident policy is an insurance policy that provides cover for injury or death resulting exclusively from violence, physical impact, accidental occurrences and externally visible causes. Personal accident policy is a worldwide cover and provides 24/7 protection to individuals. Individuals can patronise a personal accident policy to provide them with financial protection in the event of any political violence.

  1. Travel Insurance

For individuals who wish to travel within an election season, a travel insurance policy extended to cover political and civil unrest risks becomes very crucial. Travel insurance will provide cover for trip cancellation, loss of luggage, repatriation, emergency medical care and many more resulting from any election-related event.

Recommended insurance policies for businesses during election seasons

  1. Commercial Property Insurance

This policy can be an undertaking by businesses to cover any potential damage to their assets in the event of any election uncertainties. Commercial property insurance will provide cover for damage to buildings, equipment and inventory resulting from civil unrest or other election-related disturbances. Business owners have the option to seek guidance from insurance professionals on the appropriate policy terms that align to their business operation.

  1. Business Interruption Insurance

This insurance policy will provide indemnity to business owners for any loss of income and other expenses due to their business being halted as a result of any political uncertainty.  Businesses can ensure continuity by investing in business interruption insurance.

  1. Money Insurance

It is important for both individuals and businesses to prioritise the safety and security of their monetary assets in any uncertain political season. Money in this context can be cash, bank notes, currency notes, cheques and postal or money orders. Money insurance is designed to offer essential financial protection when unforeseen circumstances arise. It ensures peace of mind whether you are safeguarding money in your office safe, transporting money between locations and cash hold-ups during an attack. The selection of coverage and limits is dependent on the specific needs and scale of the business.

  1. Political Risk Insurance

Political risk insurance becomes pertinent for both local businesses and businesses engaged in international operations. It provides financial protection to businesses from losing money or investments as a result of uncertain political events. It provides cover for political violence, the inability of businesses to convert local currency and repatriate it to their home country, confiscations of business properties and many more. Top of Form

  1. Cyber liability insurance:

In the midst of an election season, the likelihood of cybersecurity attacks or data breaches targetting businesses is anticipated to increase. This uptick is attributed to political parties actively seeking information for their political campaigns and development projects to gain a political advantage. Cyber liability insurance provides financial protection for your business against liabilities that may arise as a result of data breach (which will involve sensitive data on your customers) or cyber hacks on your work computer or IT systems.

A cyber liability insurance is very necessary for every business that has a website or uses a computer or the Internet.  The basic cover for cyber liability insurance provides reimbursement of expenses in the event of a data breach. It can be extended to cover extortion, hacking, wire fraud, third-party liability and the like. Business owners can buy this policy directly from insurers or through an insurance broker.

  1. Workmen’s compensation policy/Employer’s liability insurance

During an election season, business owners should prioritise securing insurance coverage for their employees to protect them from potential liabilities amid the uncertainties. In certain jurisdictions providing insurance for employees is mandatory, and business owners should be mindful of this obligation.

A Workmen’s Compensation policy issued by an insurance company indemnifies employers against all sums they may be responsible for concerning employee injuries caused by accidents or diseases during their period of employment. This policy includes coverage for death or permanent disability, medical expenses and temporary disability. Employers’ liability policy, which is usually built in the workmen’s compensation policy, provides cover for the cost of any legal defence by the business owner.

Conclusion

Securing appropriate insurance coverage for yourself and your business is a proactive approach to managing any election-related risks during election seasons. By understanding the unique risks that election periods can bring, both individuals and businesses can make informed decisions about insurance coverage. Whether it’s protecting personal property or ensuring business continuity, the right insurance coverage can provide a sense of security and peace of mind in the face of the unknown.

>>>The writer is a chartered insurance Practitioner and an Associate of the Chartered insurance institute of UK. He also holds a professional qualification in Risk Management (Associate in Risk Management -ARM) from the American Insurance Institute. He is currently pursuing his CPCU designation with the American Insurance Institute and MBA (Finance) programme with University of Ghana Business School. He has over nine (9) years’ experience in insurance, reinsurance and risk management. He can be reached on +233249236939 and or akyinarkohbernard@gmail.com / bernardarkoh@yahoo.com

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