In the current dynamics of the business environment in Kenya, SMEs have become a very integral pillar in the economic fortune of Kenya, no one with all their business acumen and expertise can whitewash the SMEs. Whoever does so, does at their peril.
In this article, we are going to discuss about the SME business insurance cover.
Table of Contents
- What is SME Business Insurance Cover?
- What is covered in the SME Business Insurance Package
- Benefits of the cover
What is SME Business Insurance Cover?
This a comprehensive insurance package well designed to protect small and medium enterprises cautioning them against a wide range of potential risks and losses. This coverage enables the businesses to run smoothly without any interruption in case of unexpected incidents.
What is covered in the SME Business Insurance Package?
1. Fire & Allied perils.
Most SMEs are at high risk, as they experience a fair share of fire-related incidents due to various factors such as electrical faults, arson, or accidental causes. Fire and allied perils insurance protects your business property buildings, machinery, and stock from destruction by fire, lightning, and other perils such as floods. This cover ensures that an SME can recover and rebuild after such a catastrophe.
2. Consequential Loss Insurance/ Business Interruption.
This insurance cover ensures that the business is compensated for the income lost during unexpected incidents, allowing the seamless flow of business operations.
3. Burglary Insurance
Increased theft incidents have led to the growing concern of businesses regarding the safety of businesses in the country. Burglary insurance covers the loss of stock, equipment, or cash due to break-ins. SMEs.
4. Electronic Equipment Insurance.
As we continue embracing technology that keeps evolving every time, electronic devices like computers, laptops, mobile phones, etc. This insurance cover protects the gadgets from accidental damages, theft, or breakdown.
5. All Risks Insurance.
This cover provides broader protection for items that could be lost, damaged, or stolen, whether they are on or off the business premises.
6. Money Insurance.
Handling money has always been a risk especially when a large amount is involved. This insurance provides cover against loss of money whether in the business premises, when in transit, or kept in safes.
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7. Plate Glass Insurance.
SMEs that operate within the premises often have aesthetic displays or signage that have glass panels. This insurance covers the cost of replacing glass panels that are damaged due to accidents or vandalism As we continue embracing technology that keeps evolving every time, electronic devices like computers, laptops, mobile phones, etc. This insurance cover protects the gadgets from accidental damages, theft, or breakdown.
8. Fidelity Insurance.
At times, employees’ dishonesty can be a risk especially when handling money or valuable stock matters. This cover provides coverage for financial losses resulting from employee theft or fraud.
9. Goods in transit Insurance.
SME businesses that frequently transport either stock or goods either when doing delivery or selling, are protected by the goods in transit cover against damages or loss when in transit.
10. WIBA Cover.
This provides coverage for employees injured on the job, ensuring compliance with Kenyan labor laws.
11. Employer Insurance Liability.
This cover protects the business against claims from employees who suffer injury or illness as a result of their work.
12. Public Liability.
SMEs operate in a manner that the employer and employees of the business interact with other individuals and third parties. This cover compensates claims for damages or injuries to the third party directly occurring within the business premises.
13. Machinery Breakdown Insurance.
For businesses that operate with special machines, the machinery breakdown insurance covers the cost of repairs or replacements in case of sudden mechanical failure.
14. Machine Loss Insurance.
In case of the loss of machinery that helps in running the business operation, the cover compensates for the financial impact of machinery downtime.
15. Personal Accident Insurance,
This cover provides compensation in case of accidental death or disability. It’s especially important for SMEs where owners and directors play a hands-on role in the business. This type of insurance cover is a well-detailed article Enhanced Personal Accident Insurance with Life and Critical Illness Riders.
16. Motor Vehicle Insurance.
Motor vehicle insurance covers both private and commercial vehicles against risks such as accidents, theft, and third-party liabilities. Affordable Motor Insurance in Kenya
Benefits of the cover
The package is tailored specifically for you as a client to cater to your business.
1. Wide range of covers
Provides a selection of insurance options relevant to you as an SME entrepreneur to protect your business against a wide range of risks.
2. Ease and convenience
As an entrepreneur, you can get one policy document and have a single view of all your business insurance.
3. Cost saving
Saves a huge amount of cost when getting an all-inclusive insurance for your SME business rather than getting a single insurance to cover a certain area.
4. Client-centric
The package is tailored specifically for you as a client to cater to your business.
SME Business Insurance is more than just a safety net—it’s a strategic investment in the longevity and success of your business. By protecting against fire, theft, liability claims, and more, an SME insurance policy ensures that businesses can face uncertainties with confidence, recover quickly from setbacks, and keep moving forward.
Let this insurance policy be the silent partner in your business, safeguarding your future in an unpredictable world.