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Small Business Insurance: Why You Need It And Types Of Coverage You Should Get
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Running your own small and medium enterprise (SME) is a big deal because of all the effort and risk that’s involved.
Day-to-day operations probably take up most of your time and concentration, leaving fine details such as getting small business insurance, at the back of your mind.
As a small business owner, you’re probably putting most of your resources to scale your business right now.
However, if you’ve overlooked or de-prioritised SME business insurance and risk management to keep costs down, then it’s time to sit down and reconsider your options.
Now let’s answer some of your top questions on small business insurance...
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Why do I need business insurance?
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Now more than ever, you have to secure a suitable and substantial insurance plan to help manage risks and uncertainties, especially in today’s changing and competitive business environment driven by digital transformation.
Imagine if any of these things happen to you:
It rains heavily and your office gets flooded
Your online store falls victim to a cyber attack
Your shop is robbed and you lose a lot of money
What would you do?
If you don’t have an answer, don’t panic just yet.
It’s never too late to realise that business insurance is a necessary investment and that you shouldn’t get it as an afterthought.
When unpredictable events happen, a comprehensive business insurance plan can help you cope with the impact and protect business continuity as all such loss or damage would be covered according to the coverage you’d gotten.
If you haven’t, you might need to use your own business profits and personal assets to cover these costs.
You might think that the chances of anything like this happening seem small, but the fact remains that the consequences could be severe if it did happen.
This is why access to business insurance is a crucial component in a business’ success plan as it acts as a safety net following sudden changes.
The good news here is more and more insurance companies now offer packages designed specifically for small to medium-sized businesses.
With these packages, you will:
have the flexibility to choose the type of protection plan(s) to suit your budget.
have the option to choose tailor-made solutions relevant to your trade.
not need to pay for coverages your business won’t use.
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What business insurance do I need for my small business?
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Have you ever taken a BuzzFeed Quiz before?
Most people have. They're fun and easy to do.
These sort of interesting and engaging quizzes are a great way to get psychographic data on your customers. This refers to their psychological features such as personality, values, opinions, lifestyles, and so on. So while demographics tell you who your customer are, psychographics tell you why your customers buy.
Using quizzes to find out these things about your customers will help your business in many ways.
For example, through a fun quiz on the sort of salad a person prefers, you find out that the majority of people that answered prefer Thai mango salads over Caesar salads. What you can do for your business is then to stock up on Thai mango salad ingredients.
Here are some free tools you can use to create quizzes for your social media profiles, blog, or website:
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3. Customer Loyalty Programme
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Insurance providers have also moved with the times and understand that each SME deals with different challenges. They offer various insurance plans that cover specific types of risk relevant to different industries.
Usually these solutions differ from company to company, but here are the 7 common types of coverage offered in insurance plans for SMEs in Southeast Asia:
Health insurance
This protects your employees’ health and wellbeing. It covers the costs of hospitalisation and medicine since these individuals are valuable assets to your business.
General liability insurance
This helps offer protection against risk of legal claims and compensation due to accidents, bodily injury, and/or property damage acquired by third parties.
Money insurance
This covers money that is lost, destroyed, or damaged whilst in transit or kept in your premises.
Property insurance
This policy provides you with coverage for your property against loss or damage caused by fire and lightning, and allied perils including acts of nature such as typhoon and flood.
Employer’s liability insurance
This policy addresses the compensation costs and legal fees that result from:
being sued by an employee or ex-employee for illness
injuries arising out of and in the course of employment
Business interruption insurance
This type of coverage, which is sometimes offered as an addition to property insurance, offers protection against loss of income resulting from interruption or interference following events that are beyond control - such as an accident or natural disaster - to your business.
Cyber insurance
In addition to all the policies above, some insurance companies also offer commercial insurance coverage for cyber-related claims to address digital threats. Such cyber insurance plans usually cover:
the loss of digital assets
crisis communications and reputational mitigation expenses
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So… how much does business insurance cost per month?
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If you’ve always wondered how much business insurance for SMEs would cost, you could easily request for a quotation from advisors.
Usually, leading international insurers will have an online calculator embedded on their website, so you could easily get a sample quotation instantly.
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When should I get business insurance coverage?
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Photo credit: JD Hancock on Visualhunt.com / CC BY
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You have invested a lot of time and effort to get to where you are today. Now you need to make plans to consult a licensed insurance provider of your choice and get your business insured as soon as possible.
If you ask us, the best time to get your business insurance is now.
Last but not least, make sure you have given careful consideration and understand the insurance coverages and conditions in relation to your financial goals and risk appetite before purchasing any plan.
All the best!
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Power Your Business With StoreHub!
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Click here to learn how StoreHub can help you manage and grow your business.
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