If your haven't insured your SME, you are missing out on these benefits

Building a small and medium enterprise (SME) from the ground up and running it is a tough challenge anywhere in the world. Sustaining such an enterprise for a year or more is even tougher, given the many perils every business – big, medium, or small – faces daily.

For any entrepreneur, the creation of an SME from a mere concept to a viable firm is a source of pride. Hence it becomes painful when a dream business folds, more so when this is as a result of a failure to insure the enterprise against the myriad of risks that every firm is exposed to daily.

If big businesses, including blue-chip companies, need insurance for sustainability, then SMEs, often founded on shakier financial ground, need it even more. Overall, insurance would add financial stability to SMEs, thus building sustainability.

However, a majority of SMEs lack sufficient insurance coverage necessary to keep their enterprises afloat should a fortuitous event strike.

Generally, SMEs struggle to survive large losses caused by business interruptions or closures, loss of income, or even supply-chain delays (as happened to many of them at the height of the Covid-19 pandemic).

Leading insurance solutions provider Jubilee Allianz General Insurance (K) Limited (JAZK) says owners and managers of SMEs need not live with that fear. They can have peace of mind by signing up for an insurance package that fits their needs.

Mishaps

JAZK, in a message to SMEs, notes: “While providing quality goods

and services to your customers, certain mishaps could happen that disrupt your business. An accident such as a fire or theft could prove costly to your

business.”

The message continues: “JAZK understands the risks and exposures that could disrupt your business and provides you with protection for various perils that might affect your business.”

Insurance provides peace of mind to an entrepreneur. One cannot predict the future, and one must always be prepared for any uncertainty that may occur.

Jubilee Allianz premier SME provides an all-round cover. That is, it protects assets and operations of the company, helps the entrepreneur in managing exposure, offers protection to the employee (WIBA and GPA), and even protects the employer (employer’s liability).

This SME insurance product also provides protection against business interruption.

Benefits of SME insurance

Credibility: Having an insurance increases the credibility of the business. This enables the business to obtain loans with less difficulty and helps in times of valuation.

Mitigation of risk: Insurance helps the business owner to mitigate risks when starting new ventures. Starting a new business is never easy, and the financial burden can be tremendous. Insurance companies understand this and mitigate the financial risk carried by the business owner.

Shock absorption: Insurance companies help to absorb losses. Though the extent of absorption differs from policy to policy, one can claim a certain amount. The absorption of loss that may have been incurred is one of the essential benefits of insurance.

The Jubilee Allianz Premier SME insurance package is structured to provide cover to a wide range of businesses across different industries. It can insure against:

• Fire destroying your business.

• Machinery breakdown following a power surge.

• Loss of profit following fire damage.

• Work-related injuries to your employees.

• Legal suits following injuries to customers within the business premises.

• Theft of property/stock as a result of a break-in.

• Loss of property/stock as a result of fraudulent employees.

Why Jubilee Allianz Premier SME Package

• Package policy, hence saving premiums.

• One renewal date.

• Flexible premium payment options.

• Prompt claims settlement to get you back to business.

Jubilee Allianz General Insurance Limited is regulated by the Insurance Regulatory Authority (IRA).

For more information, talk to us via talk2us@allianz.com and visit digilab.jubileeinsurance.com/sme. You may also reach the head office of Jubilee Allianz General Insurance (K) Limited as follows:

Allianz Plaza, 96 Riverside Drive

P.O. Box 66257 - 00800, Nairobi, Kenya

Tel: +254 20 328 1000

Call Centre: +254 709 949 000