What is SME Insurance?
SME insurance is designed for small to medium sized businesses who want to protect themselves against losses that happen from day to day business activities - this becomes more relevant when a compensation claim suddenly appears. A wide range of risks is covered from property damage to business interruption to public and employers liability. Whether you are a sole trader, a partnership or a business with multiple offices, this insurance is designed to cover your specialist business needs.
What type of SME business insurance do I need?
Choosing the right insurance cover depends on the profession or trade you work in. In the UK, businesses are required by law to have employer’s liability insurance to protect against claims made by their employees for injury or illness resulting from their work. In addition to insurance required by UK law, certain clients or professional bodies may require you to have specific types of insurance. SME package insurance provides cover for all the major risks facing a business owner into one bundle and is, therefore, more cost effective than purchasing separate insurance policies. For example, public liability and office equipment policies can be individually purchased but under a package policy there would be no difference in the insurance cover provided and the combined policies would lead to a more competitively priced premium. It's also worth considering however that sometimes only public liability insurance is needed if you are a building contractor or professional indemnity insurance if you are a self-employed business consultant.
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