SMEs continue to miss the value of insurance for the cost

IT IS common knowledge that Singapore's small and medium-sized enterprises (SMEs) are an integral part of the economy, accounting for nearly half of the country's gross domestic product.

But with that comes the need for SMEs to be well protected against any issues that could hamper operations, growth and success - both individually and for the economy as a whole. Last year, there were significant global events that gave rise to a volatile business environment that is expected to persist through 2017.

We continue to see uncertainty in key economies and, closer to home, a local manpower crunch, fierce competition and overall economic downturn that bring the survivability and profitability of local companies into question.