What is SME insurance and how do I get it for my business?

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5 min read

What is SME insurance and how do I get it for my business?

What is SME insurance?

Small and medium-sized enterprises (those consisting of fewer than 250 employees) are a crucial part of driving the UK economy. These enterprises have specialist business insurance in place that caters to the specific needs of a smaller business vs that of a larger chain. 

Insurance for SMEs typically consists of different policies that are specifically designed to protect every facet of your business, while also satisfying legal requirements.  

In this blog, you will learn what SME insurance is and why it is an integral part of your business. 

Why do I need SME insurance for my business?

Whether you’re a sole trader, micro-business with a few employees, or a medium-sized enterprise with closer to 250 members of staff, your business is likely to be exposed to a series of risks, ranging from legal requirements like Employers Liability and motor insurance to ensuring the safety of the public, protecting your stock and premises and ensuring you can continue to trade should certain unforeseen events take place

SME’s are particularly vulnerable to potential risks and the right SME insurance offers vital financial protection for all your hard work.

What insurance should a small business have?

As outlined above, there are many different types of cover that SMEs need. At AbbeyAutoline, we offer a wide range of policies to cover your business, including but not limited to:

• Public/ Products Liability: this offers financial protection if your business is responsible for injuring a member of the public or causing damage to a third party’s property. 
• Employers Liability: if your business has employees, you are legally obliged to have this policy in place to compensate for cases wherein an employee sues you for causing injury or illness. 
• ​​Commercial Combined/Package: this provides cover for multiple perils like liability and property. It can be tailored to your specific business needs.
• Motor Insurance: if you use a vehicle within your business operations, car insurance is a legal requirement.
• Land Liability: if you own land, this policy covers claims following an injury on your land, including that of trespassers. 
• Property Owners Liability: if you’re a landlord or a property owner, this policy protects against claims made if a member of the public (including tenants) injure themselves on your property, or if their property is damaged.
• Fleet Insurance: if your business relies on multiple vehicles, this policy allows you to insure all vehicles under one policy rather than individually. 

 You can choose to boost your cover with added policies, such as tool cover, legal expenses, business travel, and personal accident. 

Do I need to get specific insurance for my business?

We understand that each business is unique, which means insurance needs are rarely the same. Additionally, due to the size of SMEs, it’s particularly common to need a more tailored policy. That’s why we offer specialisms which entails our expert business team working closely with you to build an insurance policy around your specific needs. 

We also offer cover that’s specially designed for Shops & Offices, which covers the legal insurance requirements, as well as additional elements to safeguard your business against a wide range of risks. If you own a motor trade business, our team of business experts can help in finding the best Motor Trade insurance option that we can offer.

To start protecting your SME business, our team is on hand to help you navigate industry legal regulations, insurance jargon, and the several options available, so that you can find the right insurance to suit your specific business needs. Get in touch with the experts on 08000 66 55 44 or arrange a call back today.