The Business Beacon – A Proactive Approach to Insuring Your SME

Business beacon 1121If you own a business, you appreciate the inherent risks that come with the territory. Some of the risks include employee’s injuries or death, natural disasters, fire damage, lawsuits due to contractual breach, failure to meet financial obligations among others.  While small and medium enterprises (SMEs) face more exposure to these risks and many others, research shows most of them only take minimum insurance coverage. This is one reason attributed to failure to the failure of start-ups and small businesses in the country.

While the odds seem stacked against SMEs, it is possible to leverage insurance coverage to protect your business. It all starts with consulting the best business insurance broker in your city to find the most comprehensive coverage.

This article discusses the advantages of partnering with an established insurance broker as a proactive approach to protect your business. Keep reading.

How Insurance Protects Your Business

Every business owner understands the need for insurance coverage but it is understandable that small businesses might go for minimum coverage to cut on costs. However, this exposes your business to a higher risk of failure in case of accidents such as fires or compensation lawsuits.

Adequate insurance coverage can keep your business running despite multiple challenges such as fire damage, disruption, compensation claims, liability cases, theft, and natural disasters among other risks. Insurance cover also protects your employees and your assets.  Many clients and employees will only work with companies that carry adequate insurance coverage which makes it crucial to have the best coverage for your business.

Working With an Insurance Broker

The main reason small businesses avoid buying enough cover is because of the high cost of premiums. However, working with an experienced insurance broker can get you amazing discounts on different policies and increase protection for your business.  

A good insurance broker offers the best quote for all types of insurance packages from warehousing insurance, auto insurance, employment practices liability,  public liability, product liability, professional indemnity insurance, personal injury compensation insurance, cyber insurance, and management liability insurance, among others.   

Your insurance broker will evaluate your business and recommend the best insurance cover for you. It is important to work with these professionals to find a tailored insurance package that suits your business needs. This way you can protect yourself against the possible risks facing your business. Through their network in the industry, insurance brokers will find you the best deal available.

Increased Protection Through Financial Risk Services

When looking for an insurance provider, you should consider working with an agency that also provides risk assessment and related financial services.  Look for an insurance broker who can assess the risks your business faces, propose the best risk management practices, and other risk mitigation solutions to protect your business.

This proactive approach improves the protection for your business in case of future problems. The management team can focus on the core business as your financial partner handles the insurance and risk management solutions.

Services offered to SMEs for enhanced protection include commercial legal services, investment strategies, establishing personal, self-managed and employer super funds, Property Investment and advice, income protection insurance among others.

The best business insurance brokers also offer specialised claims management. It is no secret that small businesses struggle with compensation claims and when you use a specialist in this field, you will have an easier time handling such claims.


You have invested a lot of time and resources to set up your business, so you should invest heavily in protecting this venture. An experienced insurance broker offers more than insurance services. They also offer financial services including risk assessment and management offer comprehensive protection for your business. It is a smart move to survive today’s volatile business environment.