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In today’s rapidly evolving business environment, protecting your enterprise is more crucial than ever. To support SMEs in Malaysia, Liberty General Insurance (Liberty) has launched SME BI 365, a comprehensive business interruption insurance product designed to ensure continuity and resilience in times of crisis.
SME BI 365 complements Liberty’s De-tariffed Fire insurance policies, such as Liberty Premier Fire & Con Loss, Fire 365, and Fire Enhanced, providing SMEs with an additional layer of protection against income loss resulting from insured events like fires, floods, or natural disasters.
Addressing SME Vulnerabilities
The adage “fail to plan, plan to fail” is particularly true for SMEs, which often operate with lean structures and are highly susceptible to major disruptions. According to a joint report by the World Bank and Bank Negara Malaysia, 75% of small businesses identified supply chain bottlenecks as a primary cause of delays in returning to operations, emphasizing the importance of insurance payouts for recovery efforts.
Liberty’s SME BI 365 is crafted to address these challenges, offering a straightforward and easily accessible insurance solution. This product simplifies the coverage process, enabling SME owners to focus on growing their businesses while safeguarding against income losses.
Key Features of SME BI 365
- Simple Application: Easy sum insured calculations and straightforward proposal requirements.
- Comprehensive Protection: Coverage for loss of net takings and increased operational costs due to fire, lightning, domestic explosions, and other insured perils, with options for extended coverage.
- Industry-Specific Tailoring: Designed for businesses such as restaurants, retail shops, clinics, laundries, pet shops, and mini markets.
- Robust Coverage Limits: Flexible sums insured up to RM5 million per location.
- Optional Add-Ons: Additional premium options for scenarios like prevention of access or public utility failures.
Empowering SMEs with Confidence
“The SME BI 365 is a game changer for the SME segment, offering ease of calculation for the sum insured,” said Puneet Pasricha (Pasha), Chief Executive Officer of Liberty General Insurance Berhad. “This reduces the burden on business owners, allowing them to focus on expanding their operations with confidence.”
By simplifying the traditionally complex process of business interruption insurance, SME BI 365 enables business owners to provide only essential information, ensuring accessible and efficient protection.
“Understanding the risks associated with running a business is crucial,” added Pasha. “Our goal is to equip SMEs with the tools and support needed to navigate uncertainties with greater assurance.”
SMEs are encouraged to safeguard their businesses by leveraging SME BI 365. For more information, visit Liberty Insurance or connect with a Liberty General Insurance agent today.
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