In The News

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.

Like it or not, the holiday season does come with some extra risks that include theft or even natural disasters like an unexpected fire or even floods. Christmas carols will not be sung in the same happy tune if we end up becoming victims of such perils just because we failed to take simple proactive preventive measures.

So, to avoid having presents stolen from cars or burnt to a crisp, here are some tips by Liberty Insurance on the types of coverage needed to enjoy the most wonderful time of the year.

Light up the Christmas tree and not the car

There is no telling when a motor vehicle will go up in smoke as fires can be caused by anything from fuel leaks, engine overheating or even an accident on the road. Some vehicle owners who fail to meet their regular maintenance checks may also be at a bigger risk of their vehicles catching fire. With Liberty Insurance Private Car EZY Plus Comprehensive and Third Party, Fire and Theft motor insurance coverage, your vehicle is protected from fire, explosion, lightning or even fires caused by your vehicle to a third party.

Leave cookies and milk for Santa and not for car thieves

The temptation to steal is always heightened especially when vehicle owners leave valuables visible in their cars. More so during the festive season with gifts aplenty, there is a risk of vehicle break-ins to steal valuable presents, gadgets, or even vehicle theft. Fortunately, Liberty Insurance, the company offers protection against theft or break-ins and will offer claims based on the sum insured amount at the time of loss.

Have a white Christmas instead of a wet Christmas

With the yearly monsoon season coupled with heavy rainfall, vehicles on the road are always at risk of being damaged or stuck in flood waters. Flash floods can happen anywhere and at any time, and unbeknownst to most vehicle owners, most motor insurance policies do not automatically cover natural disasters like a flood. With Liberty Insurance EZY Plus Bundle, it includes additional add-ons that cover flood allowance, warranty for workmanship repairs, and even offers 24 hours unlimited mileage towing for breakdowns or if stuck in floods.

Safe travels during the holidays

Safety on the road is the most important aspect, especially when travelling with a family of young children who rely on child safety seats to keep them safe during the long drive. However, car seats can be a costly expenditure for most and if damaged in an accident or even flood, it would be an extra expenditure that most will not be able to afford on top of the other costs needed for the damaged or stolen vehicle. Fret not as with Liberty Insurance’s EZY Plus Comprehensive policy, it covers child seat replacement if the seats are damaged due to accidents, theft, or flood. For more complete coverage, the Private Car EZY Plus policy also covers key replacement if the keys are lost due to theft – up to RM500 for one key replacement.

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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

As the annual year-end monsoon season approaches yet again, all Malaysians have been warned to stay vigilant and prepare for floods. Last year, the floods in several states forced over 20,000 families out of their homes and into relief centres prepared by the government. The estimated loss was recorded to be at least RM20 billion nationwide.

Judging by how the monsoon season brings about floods on a yearly basis between November to March, and with rainfall at an all-time high, there are certain precautionary steps that can be taken to help minimise losses and even lives. Below are a few things that can be done before, during and after a flood.

Before a Flood

1. Flood Proof Your Home

   Familiarise yourself with where the main switches are and how to turn it off fast in times of a flood. Portable electricity sockets and movable power points should also be relocated above floor level or covered properly to prevent water from entering. Also, do identify items that can be raised onto higher ground to prevent it from being damaged. Valuable items such as
   important documents and jewellery should be placed into a waterproof container or waterproof zip lock bags.

2. Emergency Kits to be Prepped and Ready to Go

   Have a checklist of what is needed, especially the necessities such as food and lots of drinking water. It is also crucial to stock up on emergency kits such as flashlights, batteries, cash, and first aid supplies along with a good and long-lasting power bank to ensure your mobile phones do not run out of battery to reach out for help. Familiarise yourself with the emergency exits and routes for your home and know how to get to higher ground safely.

3. Are you insured?

   Being insured with flood coverage is definitely a smart choice because it is the most inexpensive way to prepare for flood risks. An insurance can potentially be life-saving as it can cover expenses needed to repair damages to vehicles or homes. If you already have home and vehicle insurance, double-check to ensure flood coverage is part of the policy. Do not take it for granted that flood is covered automatically. Liberty Insurance’s Home Insurance does come with Flood cover.

4. During a Flood

   Stay Connected. This is one of the most important things to do during a flood – try to ensure your connection to the world is not cut off and you are able to seek help if needed. Do monitor the news or social media feeds for updates or announcements on the rescue operations and what is recommended to be done. Try to be resourceful and exchange information with neighbours to find the best way to get to safer ground.

5. Stay Grounded Unless Told Otherwise

   The safest thing to do in times of a flood is to get to higher ground immediately but avoid locking yourself in a room as waters might enter and flood the room. Getting onto the roof or an open balcony are better options. Do not attempt to wade or swim through flood waters because it can be hazardous as there is no knowing what is in it or how deep it is. Also, try not to drive out of the flooded area as the vehicle might get stuck or be swept away.

6. Execute your Emergency Plans

   The moment water starts seeping in, be prepared to execute your emergency plans. Place all electricals onto higher ground and immediately turn off all the mains for water, gas and electricity. Gather all the necessities like food and drinking water before making your way to higher ground. Be ready and prepare to evacuate if necessary and follow all instructions given by rescue personnel.

After a Flood

1. Photographic Evidence

   The first thing to do upon reaching home would be to take a photograph of everything that is damaged for insurance claims purposes. Ensure to take photos of damages to both vehicles and the home to clearly show the damages caused by the floods.

2. Cleaning and Disinfecting

   Major cleaning work would be needed, especially when most items in the house would have been inundated with flood waters. If possible, be sure to put on a pair of gloves, a mask, and rubber boots when cleaning. Watch out for debris left over by the flood waters, especially sharp objects. Clean everything from the floor, walls, furniture, and other appliances.

3. Be Wary of Surroundings

   Avoid standing in stagnant water as it may still be electrically charged. Flood victims should only return home when authorities give the green light. Just because the water has receded or the rain has stopped, that does not mean that conditions are safe.

To ensure proper flood coverage for your home and your contents, there are insurance options out there that one can take, for instance, Liberty Insurance’s Home Insurance policy offers both the Householder for building and the Houseowner contents Insurance policies that are holistic and comprehensive. These policies cover both the interior and exterior of the house that includes furniture, electrical appliances, personal effects, valuables, and even clothing.

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Published in Business Today on 4 August 2022

Home is where the heart is and for most, a home is where one can find comfort and solace. That said, doesn’t it make perfect sense to safeguard and protect one’s most precious asset – their home? With a proper insurance plan in place, precious valuables and priceless belongings in the house can be safeguarded from any untoward incidents. Victims of
such unfortunate circumstances would also not be left in a financial lurch as repair cost mounts.

In a tropical country like Malaysia, getting a proper house insurance coverage is pivotal. If anything, a lesson should be learnt from the most recent flooding that wreaked havoc on thousands of houses in Selangor where many have lost their homes. Based on reports, thousands of flood victims with an estimated damage cost of at least RM20 billion were left with huge repair bills and no means of paying for it.

Yet, there are many Malaysians that are deeply underinsured and uninsured for weather-related perils, especially the B40 groups who see insurance as a luxury rather than a necessity.

Based on the Department of Statistics Malaysia (DoSM), Malaysia reported a loss of about RM6.1 billion due to floods in 2021. Meanwhile, the Selangor Fire and Rescue Department dealt with 8,814 fires involving buildings and properties in the state in 2021. In the same period, some RM347.7 million in losses to fire were recorded, increasing from RM297.9 million losses in 2020. The most common causes of fire breakouts in residential houses include cooking or boiling water left unattended, leaking gas regulators and hoses, short circuits due to electrical wiring and the use of uncertified electrical equipment.

“With these rampant natural disasters hitting thousands nationwide annually, it is about time this mindset about the importance of insurance be changed. It is our hope at Liberty Insurance that all homeowners be educated about the importance of home insurance and what to look out for in terms of coverage. That way, more homeowners and their homes can be thoroughly protected and covered by insurance if and when natural disaster strikes or an untoward incident occurs like theft for instance,” said Liberty Insurance Berhad Commercial Lines Head, Foo Yong Chiat.

Houseowner or Householder Insurance Policy?
For most insurance packages, there are two aspects to a home insurance plan to look into – the Houseowner plan and the Householder plan. What is the difference? Simply put, the houseowner policy usually covers the house structure that includes walls, ceiling, roof, fixtures and others. Meanwhile, the householder policy covers the content in the house like furniture and so on. Both the insurance policies are equally important and with both policies in hand, home owners can rest easy knowing that their most precious belongings are safeguarded at all times.

Other things to look into for a holistic home insurance plan include coverage for natural instances such as disaster relief including fire, lightning, windstorm, earthquake and floods. These are important key factors to note, especially where fire, lightning and floods are concerned in Malaysia. Another thing to look out for is if the coverage includes sudden impact situations where your house may be damaged by road vehicles, animals or domestic gas explosions.

If the home is being rented out, there are also plans that cover rental loss, theft and even damages caused by overflowing water tanks or burst water pipes. If this basic coverage is not sufficient, then be sure to look out for add-ons to the policy that covers landslip especially for houses on a hill for example.

While the exterior of the house is well covered and protected, the insides must be equally protected too. Precious belongings like furniture, electrical appliances, kitchen equipment, clothing, personal effects and valuables should be well covered by a proper insurance plan. Other items like cash, jewellery, damage to lock and keys should also be included into the insurance plan.

To get all the above and more, Liberty Insurance offers both the home insurance plans that are holistic and comprehensive. Its Householder and Houseowner Insurance Policies cover all aspects and come with various add-ons to suit every home owner’s needs. If you are still unsure about how to choose an insurance package that encompasses all aspects, the knowledgeable Liberty Insurance agents are always on hand to guide a homeowner through the whole process and which plan suits them best.