Vinh market traders will suffer less damage if they have property insurance

(Baonghean.vn) - For most of the small traders at Vinh market, their stalls are their only assets. If they have property insurance, the burden of damage in case of an accident will be reduced.

At Vinh market, flooding caused heavy damage to traders, however, for a long time most traders were not aware of the importance of this issue.

Many kiosks were empty, many kiosk owners were left with almost nothing in the historic flood on October 10, but none of them bought risk insurance.

Vinh market is located in a low-lying area and is prone to flooding, so it is essential for traders to purchase property insurance. Photo: Van Truong

It is a fact that only after the flood caused serious damage did those involved realize the importance of property insurance. The mentality of “locking the barn door after the horse is lost” has caused many small businesses to fall into debt. Some kiosk owners now realize that if they had purchased property insurance earlier, they could have recovered their assets.

Ms. Nguyen Thi Lan at the agricultural stall shared: The flood damaged many tons of rice, peanuts... causing damage of over 70 million VND. I know that buying insurance will help reduce the damage, but I saw that no one in the market bought it, so I didn't buy it either.

Ms. Tran Thi Lien, who sells mattresses, blankets, and wooden blinds, had many concerns when it came to buying property insurance: "I never thought about this before and no one advised me. But the historic flood that caused hundreds of millions of dong in damage to my kiosk made me think again."

100% of the traders at Vinh market have not purchased property insurance, while the flood situation is very uncertain. Photo: Van Truong

Vinh market has had fires and other incidents that caused a lot of damage to traders, but because they did not buy insurance, they were not compensated.

Some traders shared: “In my opinion, the Vinh Market Management Board should also guide traders about property insurance, because sometimes people want to buy it but don’t know how to buy it…” Or a trader said: We heard that buying property insurance is a complicated procedure, so we are very hesitant.

Mr. To Thanh Nhan, Head of Vinh Market Management Board, said: Vinh Market has about 3,200 households trading in various products, but up to now, no business household has participated in property insurance, especially fire insurance and other risks. We have promoted and encouraged small traders to buy insurance to reduce losses in case of unexpected events, but most of them have not realized the importance of insurance.

In addition to flooding, Vinh market always has the potential for fire and explosion. In the photo: The western area of ​​Vinh market is degraded, with messy tents and tarpaulins that are very susceptible to fire. Photo: Van Truong

Mr. Phan Ba ​​Trung - Director of Bao Viet Nghe An Company said: Markets are a group of industries with very high risks because there are many diverse and complex business activities, the types of insurance sold to markets are fire and explosion insurance and special risks.

However, people should note that the condition for purchasing fire and explosion insurance and other risks is that the markets must have a certificate of meeting fire prevention and fighting requirements, have an automatic fire alarm system, fire fighting equipment, water tanks... Most importantly, there must be a book of revenue and expenditure declaration and regular storage of goods. In which, it is necessary to monitor and record all categories of goods for each specific day and month. When there is a risk, the insurance company will have enough basis to assess and determine the extent of damage.

Buying insurance for fire, explosion and other risks for goods at the market is a financial guarantee for traders when an incident occurs. To ensure the rights of traders, Vinh Market Management Board needs to closely coordinate with the Fire Police force and local authorities to ensure fire prevention and fighting at the market. At the same time, it is responsible for coordinating with insurance units to promote and mobilize people to buy insurance, contributing to minimizing risks in business./.

Van Truong