As I was thinking about topics for this column, I was in two minds whether to write about the need for insurance for small businesses or not. It is not a very popular topic. The next morning, I read about the fire incident at the Bhagirath Palace at Chandni Chowk, Delhi. More than 120 shops were estimated to be gutted with a cumulative loss of over ₹500 crore. I could no longer sit on the fence. A large majority of these shops would have been uninsured. This would mean their life’s savings would get wiped out in a matter of days.
