SLIC repositions Business Club insurance with more focus on SMEs

Friday, 21 January 2022 00:00 - - {{hitsCtrl.values.hits}}

Sri Lanka Insurance repositions Business Club insurance, a trade insurance which provides a comprehensive business insurance solution to fit for the diverse insurance need of small and medium enterprises (SME).

According to the Export Development Board of Sri Lanka, SMEs are considered to be the backbone of the economy with a contribution up to 52% of the GDP. SMEs play a crucial role to battle the poverty in the country, providing employment opportunities for the youth as the SMEs does not require capital in comparison to the large firms. Further, SMEs increase tax bases much quickly when compared to large firms.

Recognising the importance and vital contribution made to the economy by SMEs, Sri Lanka Insurance went back to the drawing board to refine the ‘Business Club’ comprehensive insurance solution to cater to the unique requirements of the businesses. Therefore, the insurance solution was developed to reinforce the success and safety of the businesses.

The insurance plan will provide protection for any business – be it retail, grocery store, supermarket, pharmacy or any other, covering many perils, inclusive of environmental dangers such as floods, cyclone, fire, lightning as well as other factors such as breakings and burglary.

An array of main covers are available for businesses, inclusive of fire and/or lightning, explosion, malicious damage, aircraft damage, earthquakes, along with the free covers such as cost of removal of debris, loss of rental, architect, surveyors, consulting engineering fees, cost of alternative accommodation etc.

A range of additional covers are also available at an additional premium for businesses to choose. Money insurance during transit and while at premises, accidental breakage of glass cover, sign board cover, electronic equipment are all risks covered under the many additional covers offered.

Interested parties who would like Sri Lanka Insurance to assist in developing an insurance solution that covers the business risks can contact SLIC call centre on 011 2 357 357.