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Are you a small to medium business owner and are you insured to handle any crisis? Did you know that it is even more important for a small business or a start-up enterprise to be prepared for a crisis because it means that the margin for error is a lot smaller than for other, larger corporates?

Most SME’s understand and appreciate that they are dealing with a much more fragile environment where even a minor crisis could put them right out of business.

That is why it is so important to have the right kind of insurance cover that will step in when things go wrong; you need to ask yourself whether your business has cover for all eventualities.

Key Person Insurance:

  • You need to think of what would happen to your business if you or a key member of your team were to die.
  • Key person insurance has been created to protect a business in the event of the death of an executive or key team member who makes a momentous input towards the profitability or stability of the business.
  • Key person insurance is essentially a basic life insurance policy that can replace lost revenue or fund the search for a replacement executive.
  • For start-ups banks, financiers and other lenders require key person insurance for start-up companies that they fund.
  • This is, of course, to protect those creditors that have invested in you and your business.

Ensuring your business insurance policies are up-to-date is imperative:

  • Make it a habit to check up on your insurance policies at least once a year to ensure that you are adequately covered.
  • Store copies of all your insurance policies off-site as a trusty back-up.

Business interruption insurance:

  • If the power supply crisis highlighted anything it’s the extent to which businesses can lose vast sums of money when the lights go out.
  • Business interruption insurance provides important cover for this area of exposure.
  • Temporary shut-down for a variety of reasons, even for a short period of time, can impact negatively on your business, so make sure you are covered for any potential loss of income in this regard.

It takes far too much effort and finance to build a business not to have the right kind of protection and yet so many SME’s are not equipped to handle a crisis when things go wrong – is your SME equipped to handle a crisis and does your business have the right kind of insurance cover? These are important questions you need to ask yourself.

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