TOKIO Marine Insurance (M) Bhd (TMIM) is offering a new insurance solution – SME Plus – targeted at small- and medium-sized enterprise (SME) owners in Malaysia.
TMIM chief executive officer Yen Saw said the increased competition in today’s globalised economy as well as rising costs were putting tremendous pressure on SME owners.
“With SME Plus, we’re providing a new kind of needs-based insurance solution with the option to progressively build cover according to one’s capability,” said Yen.
She said in the past, SME owners commonly cited affordability, complicated buying process and lack of product understanding as reasons why they were not fully or adequately insured.
“SME Plus was developed to address these concerns after receiving market feedback and demand for such a product.
Yen says SME Plus provides a new kind of needs-based insurance solution with the option to progressively build cover according to one’s capability.
“In today’s economic environment, risk management is key to business sustainability and reflective of how well the company is being run,” Yen added.
Acting as a safety net for SMEs, the insurance plan offers an all-rounded protection for key business persons, family breadwinners, borrowers or guarantors and shareholders or partners for business continuity, family protection, loan cover and shareholder protection.
Under this plan, TMIM offers SME owners three simple and smart plans with the flexibility of adding optional cover extensions to suit specific business needs.
Also present at the launch were former International Trade and Industry minister Tan Sri Rafidah Aziz, TMIM deputy chief executive officer Yoshiaki Okabe and Ernst & Young Tax Consultants Sdn Bhd partner Farah Rosley.
“SMEs are the heartbeat of the country. About 97.3% of businesses are SMEs.
“Although there are many blueprints out there catering to help their businesses, there’s hardly anything about insurance.
“With this specialised plan, SMEs should know there is infrastructure supporting them and they should make full use to help their businesses sustain and blossom,” Rafidah said.
She also stressed that business players should identify and focus on what was important to them.
“Forget about the political haze. Business has got nothing to do with that. All you need is to focus on the opportunities that are laid out for you,” Rafidah advised.
Held in conjunction with Coverage – a TMIM conference to equip business partners with current industry insights – business partners and representatives also had an insightful morning as Rosley discussed tax issues affecting SMEs.
For details, call 03-2026 9808.