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-sized enterprises.
The state weather bureau warned in early July that an estimated 10 to 14 tropical cyclones will batter the country between July and December this year, and this does not yet count unexpected natural catastrophes worsened by a warming earth and changes in the environment.
When Typhoon Ambo hit some parts of Luzon and the Visayas in May, for example, it left in its wake over P1-billion in damages, mostly to the agriculture sector.
To lower the risks for SMEs, Malayan Insurance re-designed its Business Protect insurance to address losses from typhoons, floods, fire, lightning, earthquake, explosions, and volcanic eruption, among others.
Considering the added pressure brought about by the COVID-19 pandemic and the resulting community quarantine, Malayan Insurance provided Business Protect policies to SMEs at more affordable premiums.
For a premium of P1,000 annually or at 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.