Although small and medium-sized enterprises secure the majority of added value and jobs, they are exposed to a variety of risks. Martin Beste, managing director of R+V Versicherung in Austria, explains which insurance policies help to minimize these risks.
The Austrian economy relies heavily on its small and medium-sized companies. Over 99 percent of all companies fall into this category and they are responsible for a significant portion of the country’s value creation and jobs. But SMEs in particular often do not have their own risk management departments like those that large corporations have, explains Martin Beste, managing director of R+V Versicherung in Austria, in an interview with “Die Presse” department head Michael Köttritsch. They often have to rely on third-party insurance brokers to identify and protect their risks. There are numerous risks that require insurance specifically tailored to small and medium-sized businesses.
New risks: From cybercrime to bankruptcies
The risk landscape for SMEs has changed significantly in recent years. In addition to classic dangers such as fire or liability, topics such as cyber risks and electronics insurance are becoming increasingly relevant, says Beste. SMEs are increasingly reliant on digital infrastructure and the failure of electronic devices can have significant consequences. Increasing bankruptcies are also a serious problem in today’s economic situation. Bad debts that are not adequately insured can cause small businesses to stumble.
The importance of specialized insurance
In order to protect SMEs from specific risks, R+V Versicherung offers tailor-made solutions. Manager liability insurance (D&O) and trade credit insurance are particularly in demand. While large listed companies have long been investing in D&O insurance to protect their managers from liability claims, R+V is also bringing this concept to SMEs. Trade credit insurance, which covers the risk of payment defaults, is also becoming increasingly important as it ensures the continued existence of the company.
Information
Further information: R+V
With one Manager liability insurance (D&O) Managers protect themselves from liability claims Trade credit insurance protects quickly and efficiently against default on receivables and thus ensures secure payment flows. With one Cyberversicherung you can protect yourself in the event of a cyber attack on the company.
Die R+V General Insurance AG is one of the leading credit insurers and is on Trade credit insurance for small and medium-sized businesses specialized. Next to one Credit check R+V also takes care of that Compensation for bad debts and secures the liquidity and creditworthiness of the company.