What are the characteristics of an SME?
SME is considered a micro, small or medium-sized company that carries out its activities within the national territory and meets certain requirements, such as belonging to a certain sector, having a certain number of total annual sales, and a specific number of personnel. The entity that defines all these criteria and controls the Registry of PyMES Companies is the Federal Administration of Public Revenues (AFIP).
When it comes to being part of this registry, the categories will be strengthened according to the already mentioned requirements and some others, such as the declared activity or the value of the assets.
What are the main risks for small and medium-sized companies?
Whether your business is delivering a professional service or a physical asset, it's important to protect business content from theft, damage, or loss. The contents are neither more nor less than the livelihood of any organization.
That is why any of the following causes should be considered as possible risks for small and medium-sized companies:
Fire of facilities or products.
Stole.
Computer crimes (hacking, fraud).
Damage to company vehicles.
Damage to the integrity of the health and safety of employees or clients.
Natural disasters.
Next, and with some examples, the panorama of what are the risks that an SME could face will be clearer.
What to consider as your business grows?
1. Understand what constitutes 'content'
Business ‘content’ includes all physical property located within your organization’s space, whether you rent, own your own space, or operate from home. It is not only about office furniture, supplies, computers, and machinery, but also inventories or stock of products. For example, if you have a clothing business, clothing and other items for sale are considered 'content' and would need protection.
2. Determine its value
To protect your 'content', you first need to know its value. This means that you will need to keep track of how much you paid for any supplies, materials, or machinery you have, as well as how much you would receive from selling the finished goods. If you own a building or office, the building itself is not included as part of the 'content'.
3. Consider your location
Do you store your supplies in a warehouse or in a store? Are your assets located near a waterway that could overflow? Is your office located in a safe neighborhood? The location of your 'content' affects how secure it is and therefore how much protection you will need to keep your business running if it is damaged or stolen.
4. Estimate the growth of your company
The value of the 'contents' of your company will also depend on the projected growth for the following months and years. If based on your current sales you plan to expand your business soon, you may need additional supplies, which will increase the total value of your 'contents'. As supplies increased, you'll probably want to add insurance protection commensurate with that growth.
5. Select the correct insurance coverage
Work with your insurance advisor to determine the correct coverage that will protect your business and 'contents'. Depending on the size of your business, a good start may be an SME policy, which includes insurance on the property and its 'contents'.
What does the initial insurance for SMEs cover?
Our strength is focused on creating solutions tailored to the protection needs of micro, small and medium-sized companies, covering risks of damage, material loss, and civil liability.
Following a comprehensive risk analysis, these solutions cover loss and damage caused by fire, flood, and other related events. We also have a wide portfolio of products that allows you to choose those that best suit your needs.
Clients who access this insurance belong to sectors such as construction, manufacturing, media, energy, financial institutions, technology, wine, and certain state contractors.
Benefits of having insurance for SMEs
Thanks to our financial strength, we are an AA-rated insurer. We also have an online platform for insurance producers who work with products from the SME segment, where we serve agents, brokers, organizers, banking channels, and other financial institutions.
In this portal, producers can make quotes, issue coverage certificates and online policies for pre-packaged products, interact directly with the company to consult expiring policies, consult claims payments, and consult commissions to collect and enter information for claims settlement, among other options.
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