SME Business Insurance is a policy that provides insurance cover for Small and Medium Enterprises (SMEs) under all the expensed exposure risks. This shields an SME from the possibility of loss by giving coverage for an SME’s; intellectual property, physical address and its financial resources.
Obtaining a policy appropriate for them, various businesses get a shield against legal risks coming from business counterparts, consumers, and other third parties. Accident liability coverage, liability within death and on medical emergencies is provided. Fire losses, theft, floods, accident, earthquakes and even vandalism are amongst some which are covered.
Insurance solutions for industries exist and are aimed directly to the problems of various industries. This can also be in the form of package insurance whereby several covers can be put in one policy.
Every business is unique in as much as it is in a particular industry and as such has to be provided services which best suit its operations.
Similarly, in insurance it has to be made keeping in view the needs or the respective industry or business or the losses which it can encounter. Maybe it is because SME also known as small and medium enterprise does not have the same requirements and or same budget as the large industries hence they cannot have similar insurance plans.
In addition, there has been relatively significant expansion in term of growth of the small and medium scale industries or enterprises in India.
Types of commercial insurance available for SMEs in India are:
Marine Cargo Insurance: Most industries require their raw materials, or their finished products to be transported through railways road, water or air transport. These businesses experience a big loss if it at all gets damaged along the way since they must have invested in the material or product. To cater for such losses marine cargo insurance is provided in a way that an entire financial structure of a business is not drained by this loss.
Employee Health Insurance: When small and medium scale enterprises are able to offer their employees’ health insurance benefits, which protect them against medical emergencies, illnesses and accidents, more people will be inclined to work with them.
Fire and Burglary Insurance:When operating any types of business in any industry, it is necessary to have such insurances, so that the entire business and all its employees do not suffer financially, in the aftermath of an accident. No matter how many safety and security precautions are followed, there are chances that such situations might occur. Therefore, it is better to be prepared in advance.
Do you own or work for a small or medium scale enterprise? If you wish to get insured, get in touch with our experts at Policyinserv today and find out how you can start the process.
