Insurance awareness and business success

This study was conducted with an aim of establishing the interaction between business insurance awareness, insurance practices in business as well as business success and continuity in Uganda. This study was carried out using the cross-sectional research design. Data collection was carried out using a questionnaire approach to capture information related to awareness of insurance policies and specifically business insurance policies. Information in relation to business
success in the market area was also collected. The data was collected from a total of 197 respondents out of the sample size of 201 respondents selected for the study representing 98% response rate for this study. Analysis was carried out using SPSS package. Specifically the analysis was focused on regression analysis, correlation analysis and descriptive analysis to properly respond to objectives of the study. Findings indicated that business success and continuity in Uganda is majorly influenced by the actual insurance practices carried out. Awareness of existence of insurance services in Uganda is also considered influential towards business success though not directly. The influence of the latter is reported to be through the intermediation of the actual practice of buying and using insurance policies in the businesses operating in Uganda. Basing on these findings therefore, it is recommended that the business managers and owners in Uganda shouldn’t stop at being aware of the existence of insurance companies and their services. There is need for these business people to move an extra mile and use the services of insurance companies so as to reap the benefits that come with the insurance services in business operations.