Who needs SME insurance?

28 Oct 2009

Providers price SME insurance policies according to the risk profile of a business, which is assessed by looking at its turnover and the kind of activities it gets involved in.

As part of the largest independent insurance intermediary in Europe, we consider your business needs and can help find you suitable insurance.

The extent and level of the cover you need will depend on your business, but will usually include employers' liability insurance if you employ anyone. This is a requirement of UK law no matter how small your business is, though there are some exceptions.

For professional services firms like architects and solicitors, professional indemnity policies should be considered, in case a customer should sue for negligent advice. You may also find that a potential client will insist on you having a certain level of cover before they give you any business.

Public liability insurance should form part of your SME insurance package. The cover relates to claims made by the public for damage to property or personal injury that is your or an employee's fault, as a result of your business activities.

Because of the importance of this cover, we offer public liability insurance as part of a standard business insurance package.

Business interruption insurance relates to the trade you lose while damage caused by an insured risk is being repaired. For example, if your premises are being repaired after a fire or severe storm, you will not be able to trade until the premises are habitable. Accordingly, you need to consider cover losses incurred during this period.

If you have any vehicles in your business, you will have vehicle insurance as a matter of law. This can be bought independently of your SME insurance.

Whether your business carries lots of stock, or operates from an office offering professional services, you might need contents insurance to protect the tools of your trade. Most modern businesses are dependent on computers, and it could be prudent to include these in the schedule of items that are covered.

Getting SME insurance is important to ensure that your business does not suffer financially because of the unexpected happening. At Your Insurance Group, we pride ourselves on offering competitively priced cover, backed with a team of professional staff who are happy to assist. So, let us take away the headache of finding suitable cover, while you can focus on the most important thing - your business.

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