Businesses in Asia are facing an increasingly uncertain and volatile risk environment, with growing concerns in inflation, economic downturn, supply chain disruption, labor and talent shortage, extreme weather and emerging risks such as cyberattacks.
Small- and medium-sized enterprises (SMEs) in particular should proactively seek ways to better mitigate their businesses against these risks, as the potential financial lossess can place further strain on their employees, supply chain, and revenue.
Insurance is one of the commonly adopted approaches to provide businesses with peace of mind by ensuring financial security even after suffering losses, damages to property and assets, or business interruption.
The challenge is that there are a multitude of products and coverages for SMEs available in the market, which makes it difficult to decide what is best for your business from both a financial and a risk management perspective. Speaking to a qualified and experienced insurance broker can help you make informed decisions and obtain the appropriate coverages for each risk.
Contrary to many SMEs’ belief that buying insurance via a broker incurs additional expense, a broker is instrumental in helping you find the best-value coverage amid inflation and elevated premiums. With their market knowledge and insurer network, they have the ability to help SMEs obtain capacity in challenging areas such as property damage and business interruption, particularly for assets exposed to natural catastrophe and climate risks, as well as provide an unbiased assessment of which policy is right for them.
In addition, by accurately defining the scope of a business’s insurance needs and identifying risk exposure blind spots, an insurance broker plays a vital to helping SMEs stay afloat in challenging times, meaning that SMEs focused on survival during challenging times can gain additional peace of mind by partnering with a broker. This is because, by entrusting the complex task of optimising and strategising risk management and transfer to a broker, SMEs can focus on more crucial aspects of their business, from day-to-day operations to business expansion. In short, an insurance broker can empower your business’s growth.
An insurance broker is not simply an expert in risk management and transfer, but also your critical ally in navigating the complex world of business risks. However, before engaging a broker, it is helpful to understand whether your business’s existing level of insurance protection is adequate. You can do so with Marsh’s Corporate Insurance Survey, a free, 7-minute assessment help you identify gaps in your existing protection.