SME Package Insurance

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SME Package Insurance, or Small and Medium-sized Enterprise Package Insurance, is a comprehensive insurance solution designed specifically for the diverse needs of SMEs. Instead of purchasing multiple individual policies, a package policy bundles various essential coverages into a single, convenient plan, making it easier and often more cost-effective for businesses to manage their risks.

TLDR: SME Package Insurance protects your business from unexpected risks, combining essential coverages for convenience, savings, and peace of mind — so you can focus on growth.

Purpose: The primary purpose of SME Package Insurance is to provide holistic protection for small and medium-sized businesses against a wide array of common risks. SMEs often have limited resources and may not have dedicated risk management teams. A package policy simplifies insurance management, ensuring that critical areas of the business are covered without the complexity of multiple policies.

Coverage: SME Package Insurance policies are highly customizable but typically include a combination of the following coverages:

• Property All Risks: Protects your business premises, contents, and stock against physical loss or damage from events like fire, flood, theft, and other perils.
• Business Interruption: Covers loss of income and increased operating expenses if your business is forced to temporarily close or reduce operations due to a covered event (e.g., fire, natural disaster).
• Public Liability: Protects your business against claims for bodily injury or property damage suffered by third parties (e.g., customers, visitors) on your premises or due to your business operations.
• Work Injury Compensation: (If not covered separately) Provides compensation to employees for work-related injuries or illnesses, as mandated by law.
• Money Insurance: Covers loss of money due to theft, robbery, or accidental damage, both on and off your premises.
• Fidelity Guarantee: Protects your business from financial losses due to dishonest acts by employees, such as fraud or embezzlement.
• Plate Glass: Covers accidental breakage of fixed glass at your business premises.
• Machinery Breakdown: Covers repair or replacement costs for essential machinery due to unexpected breakdown.

Use-Case: Consider a small café is hit by an electrical fire that damages its kitchen, dining area, and equipment. The café has to close for two months for repairs. Without an SME package policy, the owner would have to cover repair costs, replace equipment, and lose all income during the closure. With an SME package, the Property All Risks cover pays for repairs and replacements, while the Business Interruption cover helps with lost income — so the café can recover and reopen without major financial stress.

Running a business? Our expert advisors are here to help you find the right SME insurance package. We work with 18 trusted insurance partners in Singapore to tailor coverage that protects what matters most.