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Although most small and medium business owners are aware that it is imperative to have insurance cover, there are certain types of cover you might not even be familiar with.

For most of us, it takes far too much blood, sweat and tears not to have the kind of insurance cover your business deserves. Running a business is only one aspect and difficult enough without having to be concerned about suffering the kind of losses due to unforeseen events.

Most business owners don’t even know what type of short-term cover they require – SME’s have unique insurance requirements so it is advisable to get guidance from the professionals – a broker or financial adviser well-versed in small to medium insurance will be able to offer insurance advice that will stop the gaps.

The insurance you decide on should be affordable – but over and above cost, it needs to be comprehensive enough to ensure that all eventualities are taken care of.

For example, if you run a courier company your insurance has to cover specific automobile insurance cover – but if it is an electronic goods distributor then the focus will be on more on the assets.

Although all the basics are usually covered when taking out business insurance, SME’s more often than not require more than just the basic cover.

Why key person insurance is important:

If you or a key person in your business were to die – do you have key person insurance for this eventuality?

Key person insurance has been created in order to protect a business in the event of the death of an executive or key team member who makes a noteworthy contribution towards the productivity or value of the organization.

Key person insurance – in essence – is life insurance that will replace lost income or fund the replacement of an executive.

Banks, venture capitalist as well as other lenders usually require key person insurance for start-up companies that they fund – this vouchsafes the creditors and investors in order to protect the assets they have invested in.

Vehicle insurance for your own vehicle: 

For most businesses it is usual to insure their business vehicles – but for many business owners it is not uncommon to use their own personal mode of transport for business purposes.

If this is the case, then business insurance cover will also be necessary for your personal car. The premiums of this insurance policy are higher than that for personal insurance cover.

If you don’t have this kind of cover you will not be covered if you are in an accident or other incident – if you only use your car to get to and from work then you don’t need this specialist vehicle cover for your own vehicle, though.

As an SME owner you need to re-evaluate your insurance needs for your niche business – ensure you have enough of the right cover by contacting a professional broker to assist.

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