As SMEs grow, does insurance alone provide sufficient protection for their business?

Businessman using smart phoneAs the UK economy improves, small businesses look to grow by investing in product development, increasing production and employing more people. Whilst these activities are essential to growth, they also increase the SME’s exposure to a number of risks, both financial and legal.

Insurance, of course, play a critical role in helping SMEs protect against these risks, but does insurance alone provide sufficient protection?

From choosing the right legal structure when starting-up, to complying with employment and data protection laws, SMEs need expert legal advice, as well as practical ways to manage these risks. Yet, fearing the cost of legal advice and practical help, many small businesses will either ignore the problem or try to deal with it themselves, often with serious consequences.

The solution

Give SMEs access to a comprehensive yet affordable legal service alongside an insurance policy. The Epoq service, for example, includes online access to hundreds of customisable legal documents, contracts and policies, a 24/7 legal advice line and extensive online guides to every aspect of business law – all for a fraction of the cost of using a traditional law firm. When combined with an insurance policy, these services give SMEs a much more robust solution to their everyday business risks. What’s more, the service can be used by SMEs on a daily basis – not just when things go wrong and they need to make a claim.

To learn more about the legal risks facing SMEs today and how we can help manage them, take a look at some of our case studies.

For more information, please email us or call on 020 8731 2424.