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To take their business forward, SME owners and managers must have peace of mind. But since they don’t have all the resources internally to do so, they often face different challenges and situations that may be detrimental to their business.

Simplifying human resources management

Simply think about some difficulties relating to human resources management (HRM). Many companies don’t have a human resource advisor within their staff. According to Morneau Shepell, an HR consulting firm, an HR manager is generally hired when a company has at least 100 employees. In Quebec, more than 98% of companies have between 0 and 99 employees.¹ Therefore, they sometimes feel powerless in certain situations:

• when they have a particular problem with an employee, but ignore what action to take to address the situation;  
• when they hire several new employees and have to make them sign employment contracts, but don’t have any.  

This is why being able to count on HRM skilled resources is essential.

To be well informed when facing legal issues  

Whatever their business line, companies are subject to various existing laws and regulations. Nearly 50% of Quebec businesses have faced a dispute, and 35% say they don’t know enough about Quebec legal system². Incidentally, 87% of SMEs hire a lawyer to settle a dispute, therefore paying up to $300 an hour for the assistance of an experienced professional. Here are some examples to that effect:

• A business receives a formal notice from a client and doesn’t know how to react.
• A contractor sustains losses after one of his service providers decides to terminate the contractual agreement they have without complying with certain terms.

Addressing cyber risks

Stolen or lost laptops or cell phones, unauthorised access to personal information following the hacking of an SME computer system or network. Whether we like it or not, cybercrime is a real threat, as shown below:

• 71% of SMEs have experienced a privacy breach²
• 51% of businesses were hit by service downtime, and 42% suffered a loss of productivity ³.

According to Statistics Canada, the remediation costs of a cyber attack amount to $15,000^4.

In case of a privacy breach, owners and managers must be well informed about the risks incurred by their business and well protected too.

SME managers will love Assistinc., which includes Intact Insurance’s HR Assist, Legal Guard legal assistance and Cyber coverage. Available at a competitive price, this solution allows them to find an answer to their questions about human resources, legal issues or protection of their data, without having to pay substantial professional fees. 

Intact Insurance Team

1. Statistics Canada, Key Small Business Statistics - June 2016.

2. DAS Canada and Assistenza, Legal Risks Faced by Quebec Business Owners.

3. Statistics Canada, 2013.

4. https://www.getcybersafe.gc.ca