As an insurance executive, you understand the importance of protecting your business against risks. However, insuring your small or medium-sized enterprise (SME) can be a daunting task. With the rise of SMEs and MSMEs in the manufacturing sector, it’s crucial to ensure that your business is adequately insured. In this step-by-step guide, we’ll show you how to successfully insure your SME business.

Step 1: Identify Your Risks

The first step in insuring your SME business is to identify the risks associated with your business. This includes risks such as fire, theft, natural disasters, and liability claims. Once you’ve identified your risks, you can determine the type of insurance coverage you need.

Step 2: Choose the Right Insurance Coverage

Choosing the right insurance coverage is crucial to protecting your SME business. InsuranceDekho, an insurtech firm, offers a range of insurance products for SMEs, including fire & shop insurance, workmen’s compensation, transit insurance, and group health insurance. Fire and marine insurance are significant verticals in the company’s portfolio, constituting two-thirds of its business.

Step 3: Work with an Insurance Agent

Working with an insurance agent can help you navigate the complex world of insurance and ensure that you have the right coverage for your business. InsuranceDekho has a network of over one lakh agent partners across India who can help you choose the right insurance coverage for your SME business.

Step 4: Digitize Your Insurance Platform

Digitizing your insurance platform can help streamline the insurance process and make it easier for you to manage your policies. InsuranceDekho has started digitizing its platform, making it easier for SMEs to purchase and manage their insurance policies.

Step 5: Educate Yourself and Your Employees

Educating yourself and your employees on the risks associated with your business and how to mitigate them is crucial to protecting your SME business. InsuranceDekho works on a ‘D-square-E’ strategy in its insurtech business, focusing on distribution, digitization, and customer education. The company hires people across the country who can work with its agent partners, educate and teach them on the various do’s and don’ts of its SME policy, and then they, in turn, will go out and talk to the SME owners and advise them on risks associated with the business and help them get insured.

In conclusion, insuring your SME business is crucial to protecting it against risks. By following these five steps, you can successfully insure your SME business and ensure that it’s adequately protected. With Riskwolf, you can turn real-time data into insurance. Using unique real-time data and dynamic risk modeling, we enable insurers to build and operate parametric insurance at scale. Simple. Reliable. Fast. To learn more about insuring your SME business, visit InsuranceDekho’s website and read the original article by Ajinkya Kawale on Business Standard.