Insuring to ensure continuity
Calyn Yap | 08 Sep 2017 00:30

In the past, SMEs tended to under-insure their business, believing insurance to be an unnecessary expense.

That has taken a turn for the better owing to the efforts of intermediaries/agents over the years, as SMEs are now more prudent in reviewing the sum insured on an annual basis, especially when it comes to conducting periodic valuations of their properties and machinery.

Although SMEs are now more aware of the need to insure their business and most have some form of insurance, most remain under-insured when it comes to risks in business continuity.

While SMEs may ensure they have adequate insurance coverage for damage to material possessions via the property damage cover, for example, they do not anticipate the risk of disruptions to business continuity that may result from damage to property. 

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