SME Total insurance: cover for your business, building, stock and liability

What does SME Total insurance cover?

1. Covers business buildings and property

Covers damage to the insured property, such as:

• Office buildings or business premises
• Furniture and office equipment
• Stock
• Machinery
• Other equipment on the business premises

Sums insured from THB 2 million to THB 50 million, paid on the actual loss, up to the sum insured

Perils covered

The main cover includes key perils such as:

• Fire
• Lightning
• Explosion
• Water damage other than flood
• Smoke damage
• Aircraft or objects falling from aircraft
• Impact by cars or other vehicles
• Windstorm
• Hail
• Earthquake
• Riot or strike
• Malicious acts, subject to the policy conditions
• Spontaneous combustion or natural heating
• Other accidents from external causes, subject to the policy conditions

Is flood covered?

Flood cover is available, but with its own limit and conditions, generally capped at 10% of the sum insured, with an excess as specified

In areas at high risk of flooding, the insurer may consider acceptance case by case

Additional cover business owners should know about

Besides property cover, there is additional cover such as:

• Electrical equipment damaged by short circuits or power surges
• Rent for temporary premises during repairs
• Compensation for loss of income
• Signboards and neon signs
• Machinery breakdown
• Burglary
• Permanently fixed glass
• Money on the premises
• Phones, tablets, computers and portable property
• Employees' personal belongings
• Demolition and debris removal costs
• Cost of damaged documents and computer data
• Engineers', architects' and surveyors' fees
• Firefighting costs
• Costs of preventing and mitigating damage

Third-party liability cover

If a customer, visitor or other third party is injured, or their property is damaged, on the business premises, the business owner may be legally liable

The policy can cover liability such as:

• A customer injured in the shop
• Damage to third-party property
• Food or drink poisoning
• Accidents in the car park
• Damage caused by signboards
• Medical expenses for accidents on the business premises

Main liability limit of up to THB 2 million per year, subject to the conditions and amounts stated in the policy

Which businesses suit SME Total?

It suits many types of business, such as:

• Offices
• Shops
• Restaurants
• Coffee shop
• Bakeries
• Hotels, dormitories and guesthouses
• Clinics and health businesses
• Beauty salons, spas and gyms
• Schools and tutoring centres
• Car repair garages without spray painting
• Showrooms
• Service businesses
• Small factories in categories set by the insurer

Key conditions before you buy

• 1 policy per insured location
• The building should be a Class 1 construction with brick-and-mortar walls
• The values of the building, stock, machinery and equipment must be checked to make sure they are appropriate
• Don't set the sum insured below the real value, as you may not receive the claim in full
• Some types of business may need a risk survey before acceptance
• High-risk businesses, such as those involving flammable materials, plastics, rubber or foam factories, or gambling, may not meet the underwriting conditions
• Actual cover is governed by the policy, its exclusions and endorsements

Summary for business owners

Businesses are not only at risk from fire. They can also suffer losses from flood, burglary, short circuits, storms, machinery damage or liability to customers.

SME Total insurance helps share the burden of potential losses and helps your business get back up and running faster after something unexpected.

Before deciding, assess the value of your property, the nature of your business, the risks at your location and the right limits for your business.

Get advice and check SME insurance premiums

Prakanthai.com helps compare and recommend business insurance to suit your type of business, building, stock and budget.

For details, contact us at:

LINE Official: @Prakanthai
Tel. +66 2 459 2223
Website: www.prakanthai.com

Let Prakanthai.com help look after your business's risks, from before you buy insurance to the day you need help with a claim.