While I sympathize with victims of the recent fire incidents in some markets across Nigeria, I wish to urge traders & market unions to embrace insurance coverage as one way to mitigate situations like these, especially now that the insurance sector has greatly improved in Nigeria 
As serial entrepreneur and one who started business with little or no support from anyone, I know how hopeless it could be to lose your entire business to burglary or fire, as I had been through it before I discovered the insurance route, and would encourage others follow suit.
Good news is that premium on sum assured today is as cheap as 1% or even less, in some cases. This means that if your business is worth 10 million naira, you'd be required to pay only N100,000 yearly as premium, which I think is reasonable. This covers burglary, fire, flood, etc
Insurance coverage is the amount of risk or liability that is covered for an individual or entity by way of insurance services. Insurance coverage, such as auto insurance, life insurance—or more exotic forms, is issued by an insurer in the event of unforeseen occurrences.
For example, Burglary, Fire and Special Peril Insurance policy covers the following:
Damages to premises from burglary, stock, furniture and other belongings, cash, pieces of jewelry, fire, lightning, flood, explosion, storm, hurricane, tornado, landslide, rock slide - all at 1%!
Damages to premises from burglary, stock, furniture and other belongings, cash, pieces of jewelry, fire, lightning, flood, explosion, storm, hurricane, tornado, landslide, rock slide - all at 1%!
I'm sure you'd agree with me (by now) that paying just about 1% of the total value of your assets for all the benefits above is a wise venture. Even if nothing happens after years of paying premium, you still win, as you would have enjoyed peace of mind for the period covered
