SME owners often lack the resources of bigger corporations, and in an effort to minimise costs, may make the mistake of skimping on insurance cover. Underinsurance can also occur if circumstances change in a business, and the owner simply overlooks the need to change the insurance coverage to match the new risk level.
If you own an SME, it’s important to have adequate insurance in place in order to protect your assets in case of loss or damage. This insurance might include fire and perils, business interruption, management liability, and cover for stock and cash.
As well as having the right types of policies, it’s equally important to review your insurance annually to ensure that your cover remains at the appropriate level and that you are not underinsured.
Having appropriate insurance cover in place could make all the difference to your business’s survival if disaster were to strike. Make sure your SME is adequately protected by getting expert advice, reading and understanding your policy documents, and reviewing your cover regularly.