SME: Which insurance plan is right for your business?

As small and medium-sized enterprises have, for years, played a key role in the Greek economy, with many opportunities for growth, but also increasingly increased interest from investors, it is important that their owners look for ways to strengthen them. Insurance is one of the factors that they should seriously consider, as a program aimed at their business can save them from risks and contingencies, which can cost them a lot, especially in times that can be difficult for them.

The important role of SMEs in the Greek economy
According to data from the “EY Attractiveness Survey Greece 2022”, more than one in four (27%) they included her supporting small and medium enterprises (SMEs) among the areas where Greece should focus its efforts to become more attractive. This is an issue that, this year, was found in fourth place, in terms of priorities, from eighth last year. SMEs are the backbone of the economy and it is important that they can be part of a healthy ecosystem as they represent today the 99.9% of the total number of businesses, they employ 83% of the workforce and contribute 56.7% of total value added, significantly higher than the EU average of 65.2% and 53% respectively.

The role of insurance and the choices you need to make for your business
The insurance of a small and medium-sized business is an important one investment that its owner can do so that he can move into the future without insecurities. There are specially designed programs to meet the needs of a small business or office and can protect against mishaps involving both your business building and its contents. By choosing an insurance plan, you have, in many cases, the possibility to choose, in addition to basic covers, and optional for maximum protection, depending on your needs. So, for example, you can choose coverages that offer protection against weather, acts of terrorism, theft or earthquake. Depending on the area where your business is located, the sector in which it operates, as well as other factors, you can choose the coverages that you think will protect you from what threatens your business.

In addition, you can add coverages related to the so-called Liability, which offers coverage for accidents that will happen to third parties from the operation of your business premises, i.e. claims that may arise from actions or omissions by you or your company’s staff and have resulted in material damage or bodily harm to third parties. Also, you can add legal protection in your coverages, so that in the event of an unfortunate incident you have covered the costs of attorney fees, bailiffs, etc.

A flexible program that puts your business forward
It is important for a small and medium-sized business to be able to set up an insurance plan and customize it according to its needs. A program like My Business First her Eurolife FFH can meet the needs of business owners and tenants who wish to have flexibility of options, covering the building, contents, merchandise, equipment, and improvements made to a business building. It is a versatile and completed small and medium business insurance plan that gives its owners the ability to design and customize it according to the needs of their business. It consists of a basic pack of 14 coverssuch as fire, lightning, explosion, storage costs, loss of rent, debris removal costs, etc., while it has and 6 packs of optional covers. Owners can choose one or more optional packages if they wish, increasing their business protection against weather and breakage, acts of terrorism and theft, financial loss, earthquake and other contents coverage, e.g. accidental damage to electronic devices, short circuits or damage to goods, depending on their type of business. In addition, one of the six optional packages provides liability coverage and legal protection.

In addition to flexibility in the choice of coverage, Eurolife FFH gives My Business First holders the option zero exemptions in specific coverages. Finally, the insured can protect their business from third-party claims in the event of unforeseen events. If they choose the relevant coverage, their civil liability is covered with expanded coverage limits of up to €200,000, while their security is enhanced by legal protection, protecting their legal interests with a limit of up to €3,000.

The flexibility of options when it comes to insuring your business allows you to activate a program that is just right for you, adapting to the risks of the area you are in, but also to the subject in which you operate. It is important to trust companies like Eurolife FFH to design with you the plan that suits your needs and offers you the security and reassurance you need to be protected from unexpected situations at all times.

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