In today’s globalised economy – increased competition, rising cost of goods and operational cost due to recent Government reforms such as subsidy rationalisation, implementation of minimum wage and GST are putting tremendous pressure on SME business owners.
Realising the stress, Tokio Marine Insurans (Malaysia) Berhad (TMIM) launched SME Plus, a new protection plan targeting SME business owners, yesterday. Former Malaysian Minister of International Trade and Industry Tan Sri Rafidah Aziz officiated the launch.
According to Chief Executive Officer of TMIM Yen Saw, whether its business continuity, family protection, loan cover or shareholder protection – these needs are covered by SME Plus’s all rounded protection with one simple application.
“In the past, SME business owners commonly cited affordability, complicated buying process and lack of product understanding as reasons why they are not or adequately insured.”
SME Plus was developed to address these concerns after receiving market feedback and demands for such a product. Allowing SME owners’ business journey and insurance needs to grow without constraint, paving the way for business owners and enterprises to adapt to a new simpler way of getting insured.
“With SME Plus, you will finally have the option to progressively build cover over time with a holistic insurance solution according to one’s affordability level which will eventually help reduce the need to underinsure resulting in improved credit evaluation standards by financial institutions – something to be taken into consideration when a bank loan is required for business expansion. After all, under today’s economic environment, risk management is key to business sustainability and reflective on how well the company is run,” said Yen.
The SME Plus enables business owners to choose from a variety of covers and add optional cover extensions to suit specific business needs categorised into three simple and smart plans.
° Smart 1 Plan
Provides all-rounded protection to safeguard one’s property, physical assets, contents and fulfil legal obligations against risks such as lawsuits or other legal claims.
° Smart 2 Plan
Solutions to elevate staff medical benefits for a positive impact to counter rising cost of medical expenses with our customised group medical and personal accident cover to protect your biggest asset – your employees.
° Smart 3 Plan
A range of 360° Personal Lines insurance products catering to what matters most – individual needs for you, employees and family members.