Business insurance covers have a lot of fine print. As such, business owners need to be familiar with it. With this package, we help protect your business holistically so that you concentrate on your core business activities.
Comprehensive Insurance for Small and Medium-Sized Enterprises (SMEs)
Who is business insurance for?
Any small or medium-sized business with assets can be covered save for a few particular types of companies. SME insurance is designed to be unique to your business needs. Therefore a solution can be tailor-made to your needs.
A Visualization of Risk and Solutions
Business Owners Policy (BOP)
Risk Factor
As a business owner, you've worked hard to build a solid business. But what happens when the unexpected happens? Are you covered?
Solution
A business owners policy is uniquely designed to protect your most important assets, including your business, its continuation, your employees, and your way of life. Discuss the details of this coverage with your agent and ensure that you're protected.
Errors and Omissions Liability (E&O)
Risk Factor
If you perform services for others, you are at risk of not doing the work correctly (errors) or not doing it at all (omissions). Lawsuits can arise claiming the error or omission harmed your client and caused them a financial loss.
Solution
Errors and omissions liability insurance protects any business that gives advice, makes educated recommendations, designs solutions, or represents the needs of others. Ensure you have this important coverage if you perform services for clients.
Directors and Officers Liability Insurance (D&O)
Risk Factor
Directors and officers (such as board members) are exposed to increased risk factors and are held accountable for acts that claim negligence in the performance of their duties. Any resulting lawsuits are typically expensive to defend, resulting in potentially large settlements.
Solution
Obtain comprehensive coverage to protect senior individuals of your company. Directors and officers liability insurance provides coverage for the legal costs to defend a covered lawsuit and provides the money necessary for any settlement beyond the defense costs.
Commercial Umbrella
Risk Factor
What happens when your business faces a large liability loss that exceeds the basic limit of your standard policy?
Solution
A commercial umbrella policy provides high limits of insurance, typically between $2,000,000 and $10,000,000. Coverage is extended over your general liability insurance, workers' compensation, business auto, as well as directors and officers liability coverage. It provides a great safety net and helps ensure your business is well protected.
General Liability
Risk Factor
Businesses are susceptible to many risks, such as claims due to bodily injury, property damage, personal injury, and more.
Solution
General liability insurance is an absolute necessity for any business. It provides broad coverage when you are deemed responsible and liable, and will also pay to defend any covered lawsuit or action regardless of its merit.
Crime and Fidelity Bond
Risk Factor
What will you do if one of your trusted employees is found guilty of doing something dishonest?
Solution
Crime and fidelity coverage is designed to provide coverage for employee dishonesty, forgery and depository, theft, destruction and disappearance, and more. Discuss the details of this coverage with your agent to learn more.
Environmental Insurance
Risk Factor
Could your business cause damage to the environment? If so, are you covered?
Solution
Environmental insurance provides protection if an environmental catastrophe occurs.
Systems Breakdown
Risk Factor
With technology performing many tasks in today's world, a breakdown can cause a significant financial burden, including the cost to repair the equipment, the interruption of your business, as well as any lost income and extra expenses.
Solution
Comprehensive coverage provides protection against equipment mechanical breakdown. Discuss the details of what's covered with your insurance agent.
Workers' Compensation
Risk Factor
If one of your employees receives an injury or becomes ill due to a work-related occurrence, you are required by law to have the proper coverage in place.
Solution
Workers' compensation protects your employees should a job-related injury or sickness occur during the course of employment. This coverage is required by law, so be sure that you understand your obligations.
Business Auto Insurance
Risk Factor
An auto accident can cause bodily injury or property damage to others for which you are responsible, potentially putting your business in financial jeopardy.
Solution
Business auto insurance provides coverage for vehicles owned or leased by a commercial enterprise and provides coverage for bodily injury, property damage, and other coverages, and includes both comprehensive and collision coverage.
Employment Practices Liability Insurance (EPLI)
Risk Factor
On average, it's estimated that three out of five businesses will be sued by their employees. While there is nothing you can do to prevent someone from filing a lawsuit, there is something you can do to limit the costs of defending a legal claim.
Solution
Obtain employment practices liability insurance to protect your business and its directors, officers, and employees from alleged employment-related acts such as wrongful termination, failure to promote, discrimination, and sexual harassment.
Cyber Liability
Risk Factor
The Internet has spun a whole new web of liability exposures. E-commerce, social networking, cloud storage, and other technologies bring great benefits to large and small businesses alike. But with these benefits also come challenges, including protection of privacy, data, and financial information of your customers.
Solution
Cyber liability coverage covers unauthorized access to electronic data or software within your network. It also provides coverage for spreading a virus, computer theft, extortion, or any unintentional act, mistake, error, or omission made by an employee. This coverage is quickly becoming more and more important as you embrace technology to help run your businesses.
Business Income
Risk Factor
What would you do if a fire impacted the operation of your business? Or what if a pipe leak caused a system outage or extended downtime? These and other events can destroy your ability to serve clients and bring in revenue, which can have a major long-term impact on the viability of your business.
Solution
Business income insurance compensates you for lost income if the business cannot operate as normal due to damage that is covered under your commercial property insurance policy, such as fire or water damage. Business interruption insurance covers the revenue you would have earned, based on your financial records, had the incident not occurred. The policy also covers operating expenses, like electricity, that continue even though business activities have come to a temporary halt.
Commercial Property
Risk Factor
Your business property is a significant financial investment. What if something happens to it?
Solution
Commercial property insurance can help protect the property your business owns or leases, including things like equipment, inventory, furniture, and fixtures. Whether you own your building or lease your workspace, commercial property insurance can be purchased separately or can be combined with other necessary coverage to protect your business’ physical assets.
Possible Business Risk
What are the possible risks your business faces if you're not covered? This is what you need to watch out for.
A business that is not covered puts the owners and its employees at risk. We all hope for the best, but it’s always wise to be cautious of threats facing the business. You’ve worked hard to build what you have, take precautions, and cover your industry.
At Dawit, we walk our clients through the entire process of getting covered. We consider ourselves your insurance department. From helping you pick the right covers best suited for supporting you through the claim process, we’ve got you covered.
Assets
SME covers with respect to your assets
- Fire & Perils – My business premises could catch fire or be affected by floods or lightning, resulting in damage or loss of my building, stock, production equipment, plant & machinery fixtures & fittings, and other office assets –
- Business Interruption – Following the losses covered under the fire, there may be an increased cost of working, such as paying salaries with no production, hiring alternative working premises, and losing profit.
- Burglary – loss of property by theft. In insurance, a burglary is considered a forceful entry or exit.
- All Risks – this is a cover that has an extensive scope. It caters to all risks except those that which has been expressly excluded. The reach could be limited to Kenya or Worldwide.
- Electronic Equipment – damage to electronic equipment due to fire, theft, electrical or unforeseen damage, e.g., Property damage., Reinstatement Data, Increased cost of working. However, terms and conditions apply.
- Machinery Breakdown – accidental damage to completely installed machinery resulting from the machinery breaking down due to sudden and unforeseen causes.
- Money – This covers loss of money to and from the bank, on-premises, or with authorized officials.
- Fidelity Guarantee (FG) – Theft by a servant of money and stock.
- Goods in transit (GIT) & Marine covers theft, loss, or damage to your goods while transported over land, sea, or air.
- Political Violence & Terrorism (PVT) – this is an extension with an additional premium to cover Political Violence & Terrorism.
Liabilities
SME covers with respect to liabilities
- Public Liability – This policy protects against claims arising from:
- Accidental bodily injury (including death) to any person
- Accidental loss of or damage to property happens in connection with the insured’s business. There must be proof of negligence on the part of the insured.
- Employers’ Liability covers you against a legal suit by the employee due to employer negligence.
People
SME covers with respect to people
- Work Injury Benefits Act (WIBA) Takes care of the employer’s financial obligation under the WIBA act to compensate workers injured out of and in the course of duty
- Staff Medical Covers – this caters to medical expenses incurred by the insured. Cover can be outpatient (walk in and out of hospital) or in-patient (admission) only. It can also have a combination of both in and outpatient.
- Group Life Assurance – pays out multiples of salary upon death by any cause (except that which is excluded) to an employee.
- Work Injury Benefits Act (WIBA) Takes care of the employer’s financial obligation under the WIBA act to compensate workers injured out of and in the course of duty.
Risk Scenarios Per Industry
What are the possible risks your business faces if you're not covered? This is what you need to watch out for.
Manufacturing
SME Businesses in light manufacturing could get cover for;
- Fire & Perils(perils include lighting, earthquakes, etc.)
- Buildings & contents
- Stock in trade getting damaged or stolen
- Business interruption resulting in losses or increased cost of working
- Accidents or death to third parties while at work
- Employee injuries while at work
Retail & Service Industry
Businesses such as supermarkets, boutiques, bookshops, etc., could protect themselves from;
- Theft of goods in stock
- Stock in trade getting damaged or stolen
- Theft by employees
- Fire
- Theft of cash in transit or at premises
Offices
Businesses with physical office locations could protect themselves from;
- Fire
- Burglary
- Accidents or death to third parties while at work
- Employee injuries while at work or elsewhere
Property Owners
People who own property could protect their assets from;
- Fire & Perils(perils include lighting, earthquakes, etc.)
- Buildings & contents
- Business interruption resulting in losses or increased cost of working
- Accidental bodily injury (including death) to any person and accidental loss of or damage to property
- Bodily injury, property damage, personal injury, and others during business operations
- Claims arising from food-borne illnesses
- Guest’s property lost or damaged ( Short stay)
- Employee injuries while at work or elsewhere
Hotels & Restaurants
Businesses in the hospitality industry, such as hotels and restaurants, could protect themselves from;
- Fire
- Theft
- Money
- Fidelity Guarantee
- Accidents or death to third parties while at work
- Claims arising from food-borne illnesses
- Guest’s property lost or damaged
- Employee injuries while at work or elsewhere.
We also recommend Tour Operator Liability Insurance.
Education
Private institutions in education could protect themselves from;
- Fire: Building Risk
- Burglary
- Money
- Fidelity Guarantee
- Accidental bodily injury (including death) to any person and unexpected loss of or damage to property
- Employee injuries while at work or elsewhere: Teaching & Non-Teaching staff
- Student Personal Accident(SPA) mitigates the financial consequences of an accident to a student.
PS: When filling out the Student Personal Accident (SPA) cover, use our contact
“0712 856 447”, for the Referrer Agent Code section.
Medics & Surgeries
Businesses in this category could protect their businesses from;
- Asset Risk(Medical Equipment & Machinery)
- Accidental bodily injury (including death) to any person and unexpected loss of or damage to property
- Bodily injury, property damage, personal injury, and others during business operations
- Employee injuries while at work or elsewhere
PS: Since Businesses in this industry offer services dealing with advising clients, we highly recommend getting a professional indemnity cover.
Claiming
In the uneventful case where your business suffers risk, this is what will happen.
Dawit Insurance Agency
We ensure that the insurance carriers keep the promise to repay our clients. We deliver the promise by assisting in filing insurance claims and identifying and verifying important issues to be addressed, such as policy excess, terms, and exclusions. We do this in a cordial, fast, and transparent manner.
Your Business
As your business grows, the dynamics of your cover also change. You’ll buy new equipment for your business, hire new staff, etc. Without the right partner, these changes to your business may not be covered unless you revise the insurance contract each time. Let us worry about the dynamics of your business and keep your business fully covered as you do what you do best.
Be assured you're in safe hands. We have over 15 years of industry experience and have won many awards from various insurance companies.
Related Products
Further protect your business and employees from risk by combining SME Insurance and these products
Let's cover your business
Don't wait any longer to protect your business. Regardless of the size of your business or scale of operations, we can tailor-make a solution specific to your needs.
Interested in SME Insurance?
Our ultimate interest is to match the customer’s expectations to the underwriter’s reality and eventually become our clients’ “insurance department”. This is achieved through a dedicated and professional staff and partnerships with insurance companies.
We’d love to hear from you about your business. As you continue to grow and take your business to the next level, let us worry about mitigating your risks. You can reach out by calling, emailing or paying us a visit. You can also fill in the form and we’ll get back to you in a bit.
Utumishi Coop Building, Mamlaka Rd, Off Nyerere rd.
+254 712 856 447
Book Free Online Consultation
