Small and medium-size commercial insurance

April 15, 2024

As insurance providers become more attuned to opportunities found within Small and Medium Enterprises, commercial insurers are seeing significant shifts within this space - Insurtech (insurance technology) companies in particular are profoundly affecting how expectations for commercial coverage across businesses of various sizes. This is where SummitCover’s Small and medium-size commercial insurance comes to the rescue!

The Appeal of Insuring SMEs

SME insurance offers appealing prospects for insurers on several fronts. First, it addresses an inherent underinsurance problem in this sector—many SMEs operate without adequate protection, leaving themselves financially exposed when unexpected events strike. Summit Cover, one of the premier commercial insurers, recognizes this need and offers tailored products designed specifically to meet SMEs' needs, including landlord insurance policies.

The SME landscape is also experiencing significant shifts in expectations and customer relationships, often more open than larger corporations to innovative insurance products and tailored service packages than previously. This allows insurers to adapt quickly to changing customer needs while building lasting customer relations.

Insurance Solutions for SME Requirements 

Serving small—to mid-sized enterprise (SME) needs requires an approach distinct from that of more giant corporations, emphasizing simplification and efficient processes. At Summit Insurance Kelowna, we prioritize making insurance products and their application processes as straightforward as possible for our business owner clients. With years of experience helping busy business owners navigate complicated options efficiently, our team offers clear explanations of coverage choices while guaranteeing an effortless application experience.

Untapped Revenue Opportunities: SME Growth Management

Small and medium-sized enterprises (SMEs) constitute the backbone of many countries, as they directly or indirectly account for approximately a third of the GDP and the majority of jobs. Their economic influence creates vast unexploited premium potential in the insurance industry that insurers could tap by understanding SME requirements and offering tailored insurance products designed specifically to their needs. Insurers could generate substantial new revenue streams by better understanding SME needs and offering customized policies.

Opportunity Abound for Insurers

One of the great pleasures of serving SME markets lies in their diversity; representing businesses across many different industries and offering them coverage options tailored specifically for them - Summit Cover is one such insurer that offers commercial insurance products tailored specifically for SME market needs, going far beyond landlord coverage alone.

However, SME market participants must recognize the necessity of tailor-made approaches for every segment in this space. A one-size-fits-all strategy often falls short; tailoring solutions based on industry risks and exposures allows insurers to negotiate mutually advantageous agreements with clients.

Strengthening customer loyalty within the SME market is equally essential, and building long-term relationships allows insurers to anticipate the changing needs of SME clients while adapting offerings accordingly, building trust and collaboration amongst themselves and with them.

How Can Insurers Tactic the SME Market 

Below are several key strategies:

  • Align with Business Objectives: Begin with an accurate understanding of your company's goals and values before aligning SME insurance offerings with broader business goals for an integrated approach to strategy implementation.
  • Customers and Customization: Focus on an approach tailored to meet customers' individual needs and risks by cultivating a deep understanding of your SME target segment. Then, personalize insurance products that cater specifically to these segments.
  • Acknowledging Technological Advancements: There has been a great opportunity since the rise of insurtech. Through digitalization and technology, insurers can provide small businesses with fast online application processes, excellent claims services that are done in seconds, and helpful risk mitigation tools that result in better and actual savings.
  • Seamless Customer Experience and Innovation: Pay attention to achieving the client's demands, which are carried out smoothly and effectively with a user-friendly approach. This will create a culture of innovation that develops new solutions to satisfy SME market requirements.

Summit Cover Is Here for SMBs

At Summit Cover, we recognize the unique challenges SMBs are up against, which is why our insurance products go beyond mere coverage - they serve as partners toward your business success. Here's why SummitCover stands out:

  • Tailored Solutions: We do not take a "one size fits all" approach regarding our solutions for our clients' businesses and the insurance plans that meet them. Instead, our agents work directly with each one to learn their business and develop tailored plans explicitly suited for them based on needs and budget.
  • Competitive Rates: We have a very strong and close relationship with the top insurance companies, which allows us to negotiate the best deals that are affordable for our clients.
  • Local Knowledge: An advantage of working with Summit Insurance—Kelowna and surrounding business experts is that our team has inside knowledge of the Kelowna business environment and can provide useful guidance.
  • Service Excellence: We hold customer service in high regard and take pride in providing outstanding service. Staff members who are easy to talk to and have a lot of information will perfectly match you. They can answer questions or help you with the claims process.

Summit Cover offers small and medium enterprise commercial insurance covers and other ancillary products such as tenant insurance packages to protect life’s precious moments, be it personal or professional.

Next Steps: Get Your Tailored Budget Now

By securing sufficient insurance coverage for your business, you can shelter it from unanticipated events, and in turn, you will be able to guide it to a successful position. If Summit Cover is the one, you are with the right help to see your business ideas come to life!

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