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ABSTRACT
The broad objective of the study is to investigate the role of insurance in minimizing business risk: a case study of small and medium scale business. While the specific objectives is to what extent does insurance helps in minimizing business risk problems in small and medium scale business, non challant attitude of some people to insurance affect business risk and insurance serve as self-help and self-reliance to business entrepreneurs. The population of the study is made up of 62 quoted insurance companies in the Nigeria stock exchange. Based on the estimated population, their branches operating in Benin City form the sample size for the purpose of questionnaire administration. While the convenience random sampling technique was adopted for this study.While, the statistical tools employed for the purpose of analyzing the hypotheses formulated is the ordinary least square regression, with the aid of E-view. The findings revealed that there is significant effect of insurance to business risk and insurance to non challant attitude of some people in small and medium scale businesses. While there is no significant effect of insurance serving as self-help and self-reliance in small and medium scale businesses. We therefore recommended that significant marketing communication activities should be targeted to the non challant attitude people to help kindle their interest in the business and bring the insurance institution to the highly exalted position it belongs in their perception.
