Malayan offers protection to SMEs versus typhoon hazards
With the threat of over a dozen tropical cyclones feared to slam the Philippines, Malayan Insurance Co. Inc. stressed the importance of insurance protection especially for small and medium entrepreneurs (SMEs).
The Philippine Atmospheric, Geophysical and Astronomical Services Administration (PAGASA) warned in early July that an estimated 10 to 14 tropical cyclones are forecast to slam into the country between July and December this year.
That is not to discount unexpected natural catastrophes worsened by a warming earth and changes in the environment.
Some parts of Luzon and the Visayas were battered by the Typhoon Ambo last May, resulting in over P1-billion worth of damages, mostly to the agriculture sector.
To lower the risks for SMEs, Malayan Insurance re-designed its Business Protect business insurance to address losses from typhoons, floods, fire, lightning, earthquake, explosions, volcanic eruption, among others.
Considering the added pressure brought about by the COVID-19 pandemic and community quarantine, Malayan Insurance provided Business Protect policies to SMEs at more affordable premiums as the country braces for the typhoon season, and the economy chokes from the pandemic.
For a premium of P1,000 annually or P2.75 per day, entrepreneurs can also secure their businesses against robbery and burglary.
As a standard feature, four employees would also be covered on personal accident insurance, protecting them against accidents 24/7.
The policy also provides a comprehensive general liability (CGL), which covers third party claims as a result of property damage or bodily injury arising from the operations of the business.
Malayan Insurance Co., Inc. (MICO) is a member of the Yuchengco Group of Companies (YGC). Recently, AM Best, the world’s rating authority for insurance, assigned a B++ (Good) rating for financial strength to the insurer.