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SME Business Insurance

An SME refers to a small to medium sized business that has a turnover of less than £25m per year and has less than 250 employees. (Source: Gov.uk)

Whether you are a sole trader, family run business or established company, if you fall under this bracket, we can offer specialist SME business insurance policies to suit your needs.

Be Wiser is a leading insurance broker in the UK and has provided over 200,000 active policies to date. We work with a number of top insurers and can tailor a policy specifically for your business – so if you own a property or sell products as your core business, your policy will be created with this in mind.

Our team of insurance advisors is based in Andover, Hampshire and is simply a phone call away. We just require a few basic details about your company over the phone and we can provide you with a competitive quote immediately. Call us today on 0333 999 0802 for a free quotation.


What Cover is Available?

Buildings – For commercial and residential property owners, this cover can protect your premises for any damages to fittings, fixtures, walls, roofs and more.

In the event of a fire, flood or vandalism, you property may need repairing and in this time, you cannot rent out your property to tenants. However, your buildings insurance can pay for all the repairs provided it is part of your policy and also pay for any loss of rent during this time.

Contents – For shopkeepers, retailers and manufacturers, they can cover their contents against theft, vandalism and other damages. Your contents can include important documents, stock, products, machines and equipment. If these items are important to running your daily business, your policy can replace key items or provide income for any lost business.

Vehicle – If running commercial vehicles, couriering or transporting goods is key to your business, your policy can protect the drivers, vehicles and goods. To avoid any business downtime, the cover can allow you repair any vehicles involved in an accident so you can get back on the road in no time. If you are used to carrying a lot of stock, your insurer may be able to replace them or reimburse you in the event of theft or vandalism.


SME Liability Insurance

sme-business-insurance

Liability insurance is essential to protect your business against a person taking legal action against you. This could be an employee, member of the public or customer who might have injured themselves on your premises or is holding you responsible for damaging their property.

If you are found responsible for the damages, your business will be required to pay compensation to the claimant in the form of legal fees, medical bills, ambulance costs, hospital treatment and paying their income if they have to spend time off work. For a building, compensation might be paid to repair and replace any physical damages to the property.

For an SME, there are several types of liability cover. If your business activity comes into contact with the general public, you will need public liability insurance. This will pay for any compensation to a member of the public that experiences an injury whilst you are carrying out your work e.g something heavy falls on a customer in your shop and causes injury.

If your SME sells products, they can apply for products liability to cover any lawsuits as a result of defected or unsafe products that are accidently sent out. Whether you making and selling the goods directly or work as a manufacturer, there is always a risk that one of your products might not be made correctly and if it causes harm to a customer, they have the right to demand compensation. To avoid paying a huge settlement, you can get cover to pay for any legal fees and damages to the customer.

It is a legal requirement for any firm that hires staff to have employers’ liability cover to protect staff from potential harm in the workplace. Whether it is physical stress from performing manual labour for long hours or emotional stress due to the environment or work demands, it is common for employees to seek financial compensation. Instead of dealing with a hefty lawsuit and office politics, your policy can pay for the employee’s medical bills and time off work. You will not require this cover if you are a sole trader or only employ family members.


What Happens If I Don’t Get Insured?

Having insurance in place allows you to prepare for unforeseen circumstances such as a fire or burglary and without it; you are placing a lot of risk onto business.

If your building is damaged due to an accident or disaster, you will required to cover the cost of repairs out of your own pocket and this can be hugely expensive for an SME. Above all, if involved in a compensation claim with an employee or disgruntled customer, you may be required to pay out a huge settlement. The simple alternative is to pay a relatively low cost for insurance each month or year and you will have the peace of mind that you will financially covered in the event of an accident.

References
What is an SME – European Commission

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