SME Insurance Explained
Why You Need SME Insurance
If you run a small (1-99 employees) to medium (100-499 employees) sized enterprise (SME), you are driving the Canadian economy. In fact, according to Government of Canada statistics, “In all industries, at least 70 percent of the workforce is employed by small and medium-sized businesses.”1
While SME’s are a major economic driver, many do not have a plan in place for a worst-case scenario. In fact, a recent survey of Alberta-based small enterprises sheds light on this gap. Canadian Underwriter reports that, “One in five said they have a formal plan and an additional 27% said they had an informal plan. Four per cent did not know while the remaining 49% said they did not have one.”2
Did you know? Unexpected closures can be covered by SME Insurance. The Insurance Bureau of Canada (IBC) notes, “Business interruption insurance is usually an optional add-on to your existing business property insurance policy that would cover your earnings during the period of a shutdown. For example, a retail store owner whose business has suffered fire damage would collect the income they would have expected to generate from doing business during the repairs and shutdown.”3
Whether it is your property, liability or directors risks, there are many things to consider when assessing your SME insurance needs and it’s important to work with expert commercial insurance brokers to have SME insurance explained.
Our sme insurance brokers understand the risks that small business face. From assessing your liability exposures, reviewing losses to providing risk management info to calculating the current value of your property, we’re here to help ensure you get the best and right SME Insurance quote to protect your assets, organization and vision!
|ALIGNED Across Canada
100% Canadian owned, ALIGNED is a premiere insurance brokerage that serves more than 1,400 clients across the country. ALIGNED’s offices in Toronto, Calgary and Vancouver are supported by a national operations centre in Cambridge, Ontario. Uniquely within the industry, ALIGNED creates, negotiates and delivers the best business insurance and risk management strategies/solutions to organizations like yours.
Sources: 1 Government of Canada: Innovation, Science and Economic Development Canada
2 Canadian Underwriter “49% of Alberta SMEs surveyed do not have business continuity plan: ATB Financial”
3 IBC.ca Business Insurance and You