What do auto dealers and repair shops, web designers, health professionals, non-profits, restaurants and bars, salons, and yoga teachers have in common? Actually, when it comes to insurance, very little. Apart from the fact that they’re all classified as SMEs (small and medium enterprises), they have very different goals and needs. A coffee shop insurance plan will look very different from one needed by a dog walking business.
SME insurance: one size does not fit all
Not many insurance companies recognize these differences, but in SME insurance, one size does not fit all. So what all SMEs have in common is that they need a reliable insurance provider who can give them exactly the policy they need, nothing more and nothing less. They want to be able to hand over responsibility for insurance to the professionals, and get on with what they do best, whether it’s teaching yoga and Pilates, dog grooming or creating websites.
Finding the insurance that’s right for your small business
Insurance for coffee shops would look very different from cyber insurance coverage or dog walker insurance. A reliable insurance broker can find, customize and manage the right insurance policy for each SME, giving them the kinds of coverage they need.
For example, a dog grooming business will need both liability and workers compensation insurance, while a business that store customer information online will need cyber liability insurance. A coffee shop insurance plan needs general liability to cover all kinds of accidents.
Leave insurance to the professionals
Small business owners have enough to to worry about without having to figure out the right insurance policy for their business. And managing insurance policies is a whole field of expertise in itself. An online insurance broker specializing in SME insurance can take over this onerous task, leaving owners free to concentrate on their business.
After all, most small business owners do what they do because it’s what they love and what they’re good at. Insurance is an essential part of running a small business, but not necessarily what small business owners are good at. So it may be time to leave insurance to the professionals and get on with the yoga classes or the special lemon curd that made your coffee shop famous.