Small and medium-sized businesses (SMEs), which are more vulnerable to any negative factors, need more protection, especially during the lockdown, says Alina Demchenko, Head of Underwriting at INGO Insurance Company.
"Unlike large enterprises, representatives of small and medium-sized businesses (for example, a coffee shop or a small store) do not have a large margin of safety to cope with the challenges that arise in times of crisis or instability. And often such business is a matter of life for their owners, the main and only asset, the loss of which will mean financial ruin," says Alina Demchenko, "That is why special insurance programs have long been developed for the SME segment to protect the business in case of adversity."
Small businesses require special attention during forced temporary closure. During such periods, the risks of unlawful acts, fire, flooding and other incidents uncontrollable due to the absence of staff at the workplace increase significantly.
The insurance coverage has now been expanded to include an additional option to insure SMEs' own liability. This means that even small businesses can protect themselves from claims for damage they may cause to customers, visitors, and outsiders. Such protection allows the insurance company to compensate for damage caused to other people or their property (for example, to pay the cost of treatment for a visitor who was injured on a slippery step at the entrance to a store or coffee shop).
The expert also notes the accessibility of the insurance program. Thanks to the optimization of business processes, in particular in the calculation of tariffs and insurance conditions, INGO is able to offer affordable insurance coverage for SMEs within 20 minutes.
According to A. Demchenko, compared to standard corporate programs, SMEs go through simpler procedures for settling losses in the event of an insured event, provide a smaller list of documents and eventually receive compensation within 2 weeks.