Hollard Insurance, in collaboration with the Kokompe District Association of Garages, has launched an insurance and financial literacy program aimed at educating local garage owners on the importance of business continuity planning and financial security.
The event, held at the heart of Kokompe, brought together authorities from various garages to discuss strategies for mitigating business risks and ensuring stability through insurance.
The program featured key speakers including the Branch Manager of Hollard Insurance Takoradi, Mr. Isdore Oheneba, the General Manager of Operations at Hollard Insurance, Mr. Alexander Osei Mensah, the Welfare Chairman of Kokompe District Association of Garages, Mr. Emmanuel Beko, the Head of Business Advisory at the Sekondi-Takoradi office of the Ghana Enterprise Agency (GEA), Nanayaa Konadu Amponsah and the Western Regional Chairman of the Association of Garages, Justice Ayitey who also delivered a solidarity message.
Addressing Risks in Garage Operations
In his opening remarks, the Western Regional Chairman of the Association of Garages, Justice Ayitey emphasized the need for garage owners to insure not just their shops but also their businesses, noting that vehicles in workshops are not covered by insurance unless the shop itself is insured.
He highlighted the numerous risks involved in running a garage, such as theft, fire, and other unforeseen events, urging garage owners to secure insurance policies to protect their businesses.
Echoing this sentiment, Emmanuel Beko, the Welfare Chairman highlighted the challenges faced by mechanics at Kokompe, including the physically demanding nature of their jobs and the financial risks they endure.
He urged members to contribute to the welfare fund to provide support for workers in need and encouraged them to explore insurance options that would shield them from potential hardships.
“The association has established policies to assist members during tough times. It’s important for everyone to register for insurance and pay their dues to alleviate future burdens,” Beko said.
Insurance as a Pillar for Business Continuity
Hollard Insurance’s Branch Manager, Mr. Isdore Ohemeba, took the opportunity to explain the concept of insurance to the attendees. He described insurance as a safety net that businesses can rely on during challenging times, likening it to a pool where many contribute, and the one in need receives support.
“Insurance allows businesses to recover from setbacks without exhausting their working capital, ensuring that operations can continue smoothly,” Ohemeba stated.
Mr. Alexander Osei Mensah, Hollard’s General Manager of Operations, delved into how garages can improve their financial stability through insurance.
He emphasized that having insurance provides a buffer against losses, enabling businesses to recover quickly without dipping into their revenue streams.
He highlighted the importance of business continuity planning and introduced Hollard’s tailor-made Asomdwe MSME Insurance, which offers three packages designed specifically for small and medium enterprises (SMEs) like garages.
Supporting SMEs and Entrepreneurship
The Head of Business Advisory at the Sekondi-Takoradi office of the Ghana Enterprise Agency (GEA), Nanayaa Konadu Amponsah underscored the critical role that small businesses play in Ghana’s economy, noting that the GEA is committed to supporting MSMEs to foster employment and economic growth.
She introduced the agency’s “Business in a Box” project, an initiative that provides vocational training for individuals in trades such as hairdressing, welding, and auto mechanics, stating that “so far, 500 individuals have been trained, giving them the skills to start their own businesses”.
Nanayaa Amponsah also mentioned the launch of the SME GoFund, a new financial support initiative aimed at helping small businesses expand and thrive.
Engaging the Audience
The event concluded with a Q&A session where attendees posed questions to the speakers, gaining valuable insights into insurance and business continuity planning.
The speakers responded to inquiries on how best to navigate financial risks, further enlightening the participants on the importance of safeguarding their businesses.
Speaking to Beach Newsroom, several attendees expressed their gratitude to Hollard Insurance and the Kokompe District Association of Garages for organizing the program, calling it both informative and empowering.
The insurance and financial literacy campaign is expected to have a lasting impact on Kokompe’s garage community, equipping business owners with the knowledge and tools to secure their operations and ensure future growth.
