Travelers Europe on how to help SME clients take control

Introduction

• Emphasize the importance of planning for unexpected challenges in the business world.
• While global events like pandemics are hard to predict, many business difficulties can be foreseen and mitigated.
• Introduce the focus on small- to medium-sized businesses (SMEs) and their unique challenges.

Challenges Faced by SMEs

• Highlight SMEs’ disadvantages compared to more giant corporations regarding resources and expertise.
• Discuss how the current economic climate amplifies these challenges.
• Provide examples of how seemingly minor issues can snowball into significant problems for SMEs.

The Impact of Inadequate Preparation

• Explain the consequences of inadequate preparation for SMEs when facing incidents.
• Cite research from Travelers regarding the extended resolution times and increased costs associated with poor incident management.
• Discuss the productivity losses suffered by SMEs due to workplace injuries.

The Role of Brokers

• Emphasize the importance of a proactive, less reactive approach to risk management.
• Stress the role of insurance brokers in assisting SMEs with preparation.
• Highlight the potential for brokers to address gaps in knowledge and insurance coverage.

Offering Solutions Through Insurance

• Introduce Travelers’ SME product offerings as an example of proactive risk management.
• Explain how Travelers’ cyber insurance policyholders can access resources to improve cyber hygiene and reduce the risk of cyber breaches.
• Highlight the importance of quick action in cyber protection to prevent operational disruptions and reputation damage.

Comprehensive Support for SMEs

• Discuss Travelers’ broader SME product offering, which includes various types of insurance coverage.
• Describe specific benefits, such as First Recovery, which helps SMEs quickly recover from incidents like fires or floods.
• Emphasize the value of in-the-moment support from experts for everyday challenges.

Conclusion

• Summarize the proactive approach SMEs should take to risk management.
• Encourage SMEs to assess their knowledge gaps and protection needs.
• Highlight the role of brokers in helping SMEs thrive in favorable times and stay resilient during difficult ones.