// EXPERT PROFILE //

What types of insurance can support your business in the procurement process?

Public Liability Insurance

IF YOU ARE AN SME OWNER, NOW IS THE TIME TO FOCUS ON DEVELOPING YOUR BUSINESS’ PUBLIC IMAGE TO POSITION YOUR COMPANY AS STRONGLY AS POSSIBLE IN THE EYES OF PUBLIC SECTOR BUYERS.

Many government contracts require SMEs to have adequate public liability insurance. This type of insurance can protect businesses in the event they are held liable for injury caused to a thirdparty, or property damage, during the performance of a contract.

Professional indemnity insurance

Government contracts often involve significant sums of money, and mistakes can have serious financial consequences. Professional indemnity insurance can mitigate this risk by protecting businesses from allegations of professional negligence. If the contracts you tender for will involve providing designs, advice or professional services, it’ s likely that the contracting authority will have a requirement for your business to hold a minimum level of professional indemnity insurance cover.

Product liability insurance

For SMEs supplying goods as part of a government contract, product liability insurance can be crucial. It can protect businesses from claims related to defects in the products supplied and more. This type of insurance is generally considered essential cover when bidding for contracts involving manufacturing or distribution.

Cyberinsurance

Public sector contracts often involve handling sensitive data, which increases the risk of breaches, cyberattacks and data loss. Cyberinsurance can offer financial protection against cyber-related incidents and demonstrates that SMEs have strong risk management in place, providing reassurance to contracting authorities. If you’ re a policyholder with Markel Direct, you’ ll have access to a cyber response helpline and we’ ll cover agreed associated costs of the public relations response service following a crisis. �

36 Intelligent SME. tech