One of Nigeria’s leading underwriting firms, AXA Mansard Insurance Plc has launched a new product that targets supporting Small and Medium Enterprises (SME’s) in their operations and growth.
The AXA Mansard new product, Business Insurance Plan (BIP), the company stated is a one-stop insurance solution that addresses the business risk exposures of small and medium enterprises.
Kunle Ahmed, managing director/CEO of the Company at the launch Friday said beyond using the product to deepen insurance penetration in Nigeria, it aims to help SME’s in their business operation and contributions to the economy.
“We understand the important role that Small and Medium Enterprises play in the economy, their peculiarities and the need to be continually protected for businesses continuity, he said.
According to him, Business Insurance Plan was designed after consultation with SME’s to really understand what the need that addresses their business challenges in terms of risks.
Ahmed said the BIP, which is a unique and comprehensive policy will give SME’s in Nigeria the comfort to concentrate on growing their business and contribute more to the economy.
Akinlolu Akinyele, head, Emerging Market Group at AXA Mansard presenting the product, and how it can be accessed by potential customers and brokers said the 17.4 million SME’s in Nigeria are a key segment of the economy that should not be taken for granted, stating that this population has been underserved for a long time.
Akinyele said BIP covers Business Content, Group Personal Accident, SME Life, Health Care, Public Liability, Professional Indemnity, Motor, and Stock among others.
Business content includes loss or damage to tools, furnishing, fixtures, fittings, consumable store and all contents including office machinery, computers and office equipment excluding business stocks. It also covers for theft of business contents. This is up to a limit of 10 percent of Content Sum Insured.
Group Personal Accident: This is a 24-hours cover designed to improve the welfare of employees as well as reduce the financial strain on the employer in the event of an accident or bodily injury to a member of staff
SME Life: covers for amounts paid to beneficiaries of employees in the event of the death of the employee whilst in employed.
Health Care: Covers medical expenses incurred by employees for accessing medical care, in the event the employee suffer an illness, injury or accidents.
Public Liability
Optional Covers: covers liabilities incurred in the event of an Injury or Damage to properties arising out of business conduct and activities during the period of insurance.
Professional Indemnity: covers for damage to Building and any extensions to it. Building include permanent fixtures, fittings, sanitary ware, signs, shop fronts, annexes, outbuildings, walls, gates, fences and hoardings at the Premises.
Comprehensive Motor: Covers liability at law arising out of an actual or alleged breach of professional duty or negligent acts committed during the conduct of Business within Nigeria.
Stock: Covers all sums one is obliged to pay or incur as a result of accidental damage to vehicle, theft, fire, vandalization, and third party property damage up to limits of N1, 000,000 and third-party death and injury. We will also pay you for all cost of recovery to prevent further damage to the vehicle up to a limit of N20, 000.
General Conditions: Covers for damage to stock and materials in trade including raw materials, work in progress and finished goods owned whilst contained in Business Premises, excluding any stock separately insured
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