By Alhaj Kaddunabbi Ibrahim Lubega – CEO
January 2, 2025 was a normal day to the traders operating at Nyumba Kubwa building, in down town Kampala until 11am. According to media reports, the fire gutted about 16 lockup shops and left over four people injured.
All the joy that the owners had on ushering in the new year was washed away by the tears that ran down their eyes as they watched their merchandise worth millions of shillings burn to ashes.
Fast forward, another fire gutted Kapchorwa market in the wee hours on January 4, 2025. Media reports indicate that property estimated at Shs1.2 billion was destroyed.
Precautions and prevention are something we all want to follow in everything we do. Be it the way we run our business or the way we handle personal incidents, following precautionary measures is a basic human instinct. However, there are times when events spiral out of our control and cause havoc that we can’t manage either.
Fire is one of the forces that can create destruction in a minute, resulting in tens of thousands of shillings in damages and property loss, possible injuries or even fatalities.
For the two recent fires, the big question lingering on the affected traders’ minds is where to get capital to reinstate their businesses. Some of them could even have been servicing bank or Sacco loans.
What happened at Nyumba Kubwa and Kapchorwa market, can happen to any other business, factory, school or any other enterprise at any time and can be devastating. Not only can it cause physical damage, but can also cause emotional trauma and financial loss. That is why, it is essential for every business, home and any other enterprise, to have a fire insurance policy to protect the business valuable properties and assets.
Without a fire insurance policy, you would be responsible for covering all the losses or damages from you own pocket. In certain cases, fire can cause severe financial crisis. To protect your finances, its essential to have the appropriate fire insurance coverage.This policy provides financial protection, mitigates the risk by covering property damage, liability claims, and even providing compensation for business interruption.
As we start 2025, traders are encouraged to purposefully consider transferring all potential financial risks related to their businesses so that they can trade with a peace of mind, prosper and contribute to the economy with confidence.
From small, medium to large businesses, as well as households, let’s prioritize fire insurance in order to protect operations from unexpected losses that could potentially drive you into financial hardship.