How many of us ever imagined that our entrepreneurial dream could turn into an ongoing nightmare?
Although we really don’t like to think about it, disasters happen regularly and many uninformed business owners do nothing to protect themselves. This is when a pleasant dream can turn into an ongoing horror story of epic proportions that sucks money.
It goes without saying that novice entrepreneurs would be more than fools not to protect their interests – and intellectual property – by opting for general business insurance that includes coverage against fire and natural hazards, employee fraud and book debt, as well as loss in car fleets. office equipment and the business premises themselves.
Two hundred motor vehicles destroyed by an inferno
In January 2009, the vehicle depot of a Durban-based import-export company was virtually destroyed by an inferno that erupted on the fourth floor of the building. It is estimated that more than 1,000 imported Japanese vehicles were stored in the five-story building, and although firefighters were able to contain the raging fire, more than 200 cars were totally destroyed and many more damaged by fire and water hoses.
The cars were allegedly parked so close together that firefighters were unable to move freely in an effort to control the blaze and many had full gasoline tanks that exploded in the heat, adding to the danger. Another inexplicably silly move, on the part of the owners, is that multiple full fuel storage tanks were in the same building.
The vehicles had allegedly been shipped to South Africa just a few days earlier and the company’s losses ran into the millions.
Banking Giants Bad Debt Decisions Lead To Economic Collapse
We don’t have to look far for bad debt horror stories. Debt is the single reason for failing economies around the world and even as we speak, the Western giants are literally on their knees, paralyzed by debt.
Like the United States and the United Kingdom, two areas deeply affected by the global economic implosion, all companies, large or small, are particularly vulnerable to debt, whether it is money that the entrepreneur owes suppliers or money that customers owe to the company. Any self-respecting business insurance broker will insist that a budding entrepreneur adequately cover himself for a debt crisis that could arise from things beyond his control.
It was the failure of the US and UK banking giants to sustain ever-increasing private sector debt that has effectively brought the entire world economy to a complete halt, and we have yet to feel the full effects of this disastrous macroeconomic situation. economic policy yet. Just think what it could do to a small or medium business.
Tons of lobster destroyed in bizarre New Year’s Eve celebration
Another freak accident that could have been an outright disaster for a billionaire industry leader was the 1993 fire in the Cape Town harbor that destroyed a cold storage facility and all of its contents.
Minutes after midnight on January 1, 1993, an unidentified New Year’s Eve reveler fired a flare into the night sky to celebrate, but instead of rising into the sky, it vanished over the roof of the cold storage facility and caused a fire that destroyed the entire building. building and millions of Rands worth of fish and lobster inside!
