Insurance That Will Make SME Owners Smile
With Ashgrove Insurance, SME (small to medium enterprises) insurance will quickly turn into SMILE insurance as they have the best options available to suit your specific business needs.
Being an SME owner can be costly in the long run if your business is not properly insured. So how does one prevent this from happening?
well, first focus on the risks you may face if you do not have proper SME business insurance in place. Insurance is one of the top three items one needs to manage, in order to restrain risk. In the event that the company should get sued, you will smile knowing that the insurance will take care of this and you can focus on the task at hand.
Next, let’s have a look at the type of insurance that is best suitable to an SME. Please note that this may vary depending on the type of SME you have. Basically, you should have asset-, owner- and third-party insurance.
Asset insurance refers to the assets of the business. This can range from vehicles, equipment and tools, buildings, computers, cameras, goods and more. In the event of a fire at the office, the insurance will then take care of all items insured that were within the building and the building itself. If an employee is involved in an accident whilst driving a business vehicle, the insurance will sort this out. It is rare that an SME has sufficient funds to cover all these assets should they be damaged or destroyed. If you do not have adequate asset insurance and have to fork out a lot of money for damages, it could cripple your business financially.
What will happen to the business and the employees if the owner is absent, hospitalised or even worse, deceased? In a lot of cases business owners do not regard themselves as irreplaceable to a company but think about it, who will take over the wheel if you are unable to steer? What will happen to those who look to you to put food on their dinner tables? Owner insurance will take care of you (the owner) and your business in case you can’t and consists of pension, life insurance and unemployment insurance.
Third party insurance
Third party insurance or third-party liability is extremely important. Should a third party be injured or damage caused to specific items as a result or consequence of your business, the third party may have grounds for a lawsuit. Third party insurance will cover you for that liability. Phew!
Without proper insurance, you could lose everything you worked so hard for. Are you willing to take the risk?