Saturday, 1 April 2023: Zulyusmar, Health

The Importance of Insurance for Young Entrepreneurs

In the Asian edition of Forbes’ highly coveted 30 Under 30 list 2022, 11 of the 300 honourees who made their mark across various fields were Malaysian. There is no denying that in recent times, young Malaysian entrepreneurs (especially those aged 30 to 40) have been making waves both within the country and around the world.

Indeed, starting a business can be a thrilling and rewarding experience. However, young entrepreneurs, especially, are likely to encounter a wide range of risks that could threaten their business and one of the ways to mitigate this is through insurance. Insurance plays a highly vital role securing a business.

Young business owners often overlook insurance, considering it an unnecessary expense until their business grows. However, risks are always present, and insurance provides a safety net. Having that in mind, Liberty Insurance would like to emphasize on the importance of insurance in protecting businesses from potential risks.

Let’s take a closer look at just some of the risks that entrepreneurs face and how insurance can help mitigate them.

Firstly, there are liability risks. Business owners are responsible for ensuring that their products and services are safe and do not cause harm to their stakeholders. However, accidents and mishaps do happen, and business owners could find themselves facing a costly lawsuit if someone is injured or falls ill due to a business’ products or services. In this case, insurance can help protect from financial ruin by covering the costs of legal fees, damages, and settlements.

Secondly, there are financial risks that businesses face, such as market fluctuations, credit risks, and currency exchange risks. These risks can have a significant impact on a business’s financial performance and stability. Insurance can help businesses manage these risks by providing coverage for financial losses related to these risks.

Lastly, cyber threats are also on the rise, and cyberattacks can be especially damaging for small businesses. Without insurance, the cost of repairing damages to software, hardware, and data breaches can be significant. It's important to note that new risks and threats are constantly emerging.

To determine which insurance policies best fit their needs, young business owners should take the time to understand what their businesses require. Insurance providers, such as Liberty Insurance, offer customized policies to suit the needs of different businesses. Making an informed decision is essential since one-size-fits-all policies may not suffice.

Here are some handy tips for young business owners to consider the right insurance policy for a business: Assess the risks: Start by identifying the risks that are unique to your business. This will help you determine what types of insurance policies you need to protect yourself and your business. Look for policies that have a range of coverages that can protect your business from the risks you face.

Research and compare: Once the required types of insurance policies are identified, research and compare different insurance providers to find the best coverage for your needs. Check their reputation, coverage options, pricing, and customer service reviews and ratings.

Get professional advice: It can be helpful to consult with someone in the know – someone you can trust - who can provide you with expert advice and help you navigate the complex world of insurance.

Review your policies regularly: As your business grows and evolves, your insurance needs may change. It is important to review your policies regularly to ensure that you have adequate coverage.

Liberty Insurance is an experienced and reliable insurance provider offering a variety of insurance options for entrepreneurs and business owners. These include comprehensive insurance packages like BizCare, which protects business owners against risks like fire, liability, workmen's compensation, fidelity guarantee, and burglary. As a business owner, it's important to understand the risks your business face and to choose the insurance product that can help you mitigate the financial losses. With Liberty Insurance by your side, you can pursue your passion with confidence.

Liberty Insurance Berhad and AmGeneral Insurance Berhad Have Officially Merged

 

AmGeneral Insurance Berhad (“AmGeneral”) is excited to inform that Liberty Insurance Berhad (“Liberty”), a subsidiary of Liberty Mutual Insurance, and AmGeneral have officially merged on 1 April 2023, and will be moving forward together as AmGeneral Insurance Berhad. 

Post integration, the merged entity will emerge as a leading general insurer in Malaysia. Together, the merged entity will be serving more than 3 million customers and have access to more than 8,000 agents and partners, as well as multiple brands, i.e. Liberty, Kurnia, AmAssurance to continue keeping your needs protected while giving you greater peace of mind.

As a Kurnia, AmAssurance and Liberty policyholders, your rights and benefits in respect of your policy(ies) and/or claims will not be affected. For more information, please reach out to us via contact details below.

For the official announcement, please refer to this link.

For more information, please check our FAQs here.

 

ABOUT LIBERTY INSURANCE MALAYSIA

Liberty, a trustworthy brand that has offered insurance coverage to Malaysians for 45 years, is a subsidiary of the Liberty Mutual Insurance Group. Liberty is backed by 110 years of experience globally and boasts a wide range of insurance products and services including personal & commercial automobile, homeowners, accident & health, general liability, property, surety, workers compensation, personal, travel and specialty lines. 

Liberty business operations are available nationwide, including our branches plus POS Malaysia, Puspakom, affinity partners, franchise holders, dealers and 2,500 strong agency force. It is also a MYEG Insurance Partner and a bancassurance partner of UOB Malaysia.

On 28 July 2022, Liberty Insurance Berhad acquired 100% of the shares in AmGeneral, resulting in AmGeneral becoming a member of the Liberty Mutual Group. The legacy of this robust general insurance player will continue through AmGeneral.

 

ABOUT LIBERTY MUTUAL INSURANCE

At Liberty Mutual, we believe progress happens when people feel secure. By providing protection for the unexpected and delivering it with care, we help people embrace today and confidently pursue tomorrow.

In business since 1912, and headquartered in Boston, today we are the sixth largest global property and casualty insurer based on 2021 gross written premium. We also rank 78^th on the Fortune 100 list of largest corporations in the US based on 2021 revenue. As of December 31, 2022, we had $50 billion in annual consolidated revenue.

We employ over 50,000 people in 29 countries and economies around the world. We offer a wide range of insurance products and services, including personal automobile, homeowners, specialty lines, reinsurance, commercial multiple-peril, workers compensation, commercial automobile, general liability, surety, and commercial property.

For more information, visit www.libertymutualinsurance.com

 

ABOUT AMGENERAL 

In July 2022, AmGeneral officially became a member of the Liberty Mutual Group, with Liberty Mutual Insurance and AMMB Holding Berhad holding 70% and 30% of the share capital respectively in AmGeneral Insurance Berhad.

AmGeneral serves the Malaysian insurance market nationwide. A top three motor insurer with a growing business in additional product lines, the company distributes its personal and commercial insurance products under the AmAssurance and Kurnia brands through more than 6,000 agents, brokers, car dealers, franchises and affinity partners, and its fast-growing digital and direct capabilities.

For more information, visit www.amgeneralinsurance.com

 

CONTACT DETAILS

Liberty Products and Services

For all Liberty Insurance policyholders, we assure you that this merger will not affect your rights or benefits in respect of your policy(ies) and/or claims.

If you have any enquiry about the products, claims and/or services, please visit our website or contact the Customer Care Hotline for further assistance.

• Customer Care Hotline: 1 300 888 990 or 03-2619 9000
• 24 Hours Emergency Roadside Assistance: 1 800 88 5005
• 24 Hours Worldwide Emergency Medical or Travel Advise Assistance: 03-7965 3977
• Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

AmGeneral (Kurnia & AmAssurance) Products and Services

There is no change to our contact details. 

If you have any enquiry about our products, claims and/or services, please visit the websites or call our Contact Centres for further assistance.

Kurnia

• Kurnia Contact Centre: 1 800 88 3833
• 24 Hours Kurnia Auto Assist: 1 800 88 3833
• 24 Hours Travel Assistance (Asia Assistance Network): 03-7841 5750 or 03-7628 3770
• Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

AmAssurance

• AmAssurance Contact Centre: 1 800 88 6333
• 24 Hours AmAssurance Auto Assist: 1 800 88 6333
• Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

 

 

Tuesday, 28 March 2023: SME Asia, Features

In the Asian edition of Forbes’ highly coveted 30 Under 30 list 2022, 11 of the 300 honourees who made their mark across various fields were Malaysians. There is no denying that in recent times, young Malaysian entrepreneurs (especially those aged 30-40) have been making waves around the world.

Indeed, starting a business can be a thrilling and rewarding experience. However, new entrepreneurs, especially, are likely to encounter a wide range of risks that could threaten their business. Insurance is one way to mitigate this.

Having that in mind, Liberty Insurance would like to emphasise the importance of insurance in protecting businesses from potential risks. Let’s take a closer look at just some of the risks that entrepreneurs face and how insurance can help mitigate them.

Types of risks

Firstly, there are liability risks. Business owners are responsible for ensuring that their products and services are safe and do not cause harm to their stakeholders. However, accidents and mishaps do happen, and business owners could find themselves facing a costly lawsuit if someone is injured or falls ill due to a business’ products or services.

In this case, insurance can help protect from financial ruin by covering the costs of legal fees, damages, and settlements.

Secondly, there are financial risks that businesses face, such as market fluctuations, credit risks, and currency exchange risks. These risks can have a significant impact on a business’s financial performance and stability.

Insurance can help businesses manage these risks by providing coverage for financial losses related to these risks.

Lastly, cyber threats are also on the rise, and cyberattacks can be especially damaging for small businesses.

Without insurance, the cost of repairing damages to software, hardware, and data breaches can be significant. It is important to note that new risks and threats are constantly emerging.

To determine which insurance policies best fit their needs, young business owners should take the time to understand what their businesses require. Insurance providers, such as Liberty Insurance, offer customized policies to suit the needs of different businesses.

Making an informed decision is essential since one-size-fits-all policies may not suffice.

Here are some handy tips for young business owners to consider the right insurance policy for a business:

• Assess the risks: Start by identifying the risks that are unique to your business. This will help you determine what types of insurance policies you need to protect yourself and your business. Look for policies that have a range of coverages that can protect your business from the risks you face.
• Research and compare: Once the required types of insurance policies are identified, research and compare different insurance providers to find the best coverage for your needs. Check their reputation, coverage options, pricing, and customer service reviews and ratings.
• Get professional advice: It can be helpful to consult with someone in the know someone you can trust – who can provide you with expert advice and help you navigate the complex world of insurance.
• Review your policies regularly: As your business grows and evolves, your insurance needs may change. It is important to review your policies regularly to ensure that you have adequate coverage.

As a business owner, it’s important to understand the risks your business face and to choose the insurance product that can help you mitigate the financial losses. With Liberty Insurance by your side, you can pursue your passion with confidence. For more information about Liberty Insurance, visit www.libertyinsurance.com.my.

Wednesday, 22 February 2023: SME Asia, Features

A lot of unexpected things can happen in life and if you have not already signed up for sufficient insurance coverage, now is the best time to do so to protect yourselves from unforeseen perils or risks that may happen anytime throughout the year. With adequate insurance coverage, you can glide through 2023 with peace of mind knowing that you and your loved ones are covered financially in times of emergency.

With that in mind, Liberty Insurance would like to share a few different types of insurance coverage that you may want to consider equipping yourselves with this 2023 for holistic coverage. If you already have this insurance, do ensure that it is adequate and covers all aspects necessary.

 

Protect Loved Ones from Financial Ruin

First and foremost, the most basic insurance coverage that one should have, is personal accident coverage. Some might not know this but having Personal Accident (PA) insurance can be a literal lifesaver especially when your world is turned upside down due to an accident. Having a PA can certainly help with unexpected expenses occurring after an accident. Especially, if you are the sole breadwinner of the family, having a PA is essential.

Liberty PA Guard policy provides you and your family with comprehensive 24/7 worldwide coverage and protection against unexpected circumstances. It covers accidental death, permanent disablement, medical expenses, snatch theft, personal liability, and up to 23 benefits in total.

 

Be Prepared for a Rainy Day

Let’s face it, Malaysia is a flood-prone country where flash floods and even unprecedented major floods have been happening time after time. Have we not learned from past experiences yet? With Malaysia’s heavy rainfall annually, it is a no-brainer to ensure that your insurance includes flood coverage.

Some might argue that flood coverage is not needed as they do not live in a flood-prone area, but judging by the past two years of merciless continuous rainfall, even the most unexpected places can end up flooding leaving behind damaged homes and vehicles in the blink of an eye. That said, to protect you and your loved ones from having to fork out an extensive amount of savings for repairs, flood coverage is a must.

 

New Year, New Wheels

With all the amazing year end and new year deals out there, it is hard not to be tempted by the good deals and own a new vehicle. Be it a trade up or the first ever vehicle owned, it is imperative to get adequate motor insurance coverage. Doesn’t matter if it’s two or four wheels, an insurance plan is necessary to be protected from unforeseen circumstances and perils.

Meanwhile, the Private Car Comprehensive Tariff policy protects your vehicle from damages caused due to unexpected accidents. It covers every aspect of your vehicle, as well as protecting you against liabilities to third parties. With this policy, your vehicle is also covered by loss or damage to your own vehicle due to fire, theft, accidents, and Third-party bodily injury and death cover.

As for the Motorcycle Comprehensive, it covers losses caused by Own Damage, fire, or theft and also protects owners against liabilities to third parties.

 

May the Fortune Rabbit Shine Upon Business

With so many uncertainties and even the much-talked-about recession hitting every economic sector and industry, it is indeed worrying to think about the future of your own businesses. More so when it comes to SMEs, a lot more is at stake when something unexpected hits. This is why getting your businesses insured is vital. Doesn’t matter if it’s a company of one employee or 50 employees, insurance is necessary for all. Another wrong assumption to make is that your home insurance is sufficient if you operate your business from the comfort of your own home.

This is incorrect because a home and business are two separate entities and should be treated as such. If a fire or flood damages business assets or equipment in your own home, it is not covered by your home insurance. So, to safeguard your business, Liberty Insurance offers its BizCare plan that is a holistic plan tailored to cover every SME business needs.

In addition to BizCare, Liberty Insurance also offers Legal Shield, an add-on option that protects businesses from legal action. It not only covers legal action from third parties such as customers or other companies, it also covers legal disputes with current and ex-employees. Legal Shield aims to shield businesses from facing the full brunt of the law and its high costs.

As employees, all we want is to be seen, acknowledged, be recognised and to be given equal opportunities for growth. However, over the past two years, the Covid-19 pandemic has left some employees feeling disconnected, isolated and stunted in terms of career progression and knowledge acquisition.

Both employers and employees had to adjust to the new norms of working from home while simultaneously trying to balance maintaining employee productivity, and engagement and simply to keep morale up. This was no easy task for any company big or small, as working remotely in isolation was something completely new to most....

Read the full article at HR Asia