“When brokers speak to an SME owner about liability cover it is important to look at the specific business’s ability to recover from an uninsured liability event. The legal fees alone could be enough to financially cripple any business. Big corporates are more likely to have a team of lawyers employed who can be sent to court to defend the company should a liability claim occur. Within the SME space, not only do most businesses not have a relationship with a law firm or a lawyer, they generally also have little to no resources available to fund a proper legal defence. A liability policy should at the very least, be capable of protecting the SME from financial ruin in a messy liability matter. “
By Simon Colman, Head of Commercial Liability Underwriting at SHA Specialist Underwriters. When it comes to specialist insurance, many of the products that are available to the corporate market are not made available to smaller enterprises.