Why Insurance Is Pivotal For SMEs

Deal with unforeseen circumstances the right way with the right coverage

Originally published on sme.asia. Read the full article here.


Let’s face the facts! Insurance is a very important aspect in any business, especially for small and medium enterprises (SMEs). We often ask ourselves; is insurance really necessary? Will it come off as an unnecessary expense which my business cannot afford

Well, the answer is YES, insurance is necessary and NO, it will not burn holes in the pockets of SMEs.

As exposure to risk is inevitable for any business, it is crucial to mitigate losses with the help of a good insurance plan. However, insurance is something which is often overlooked by business owners with fingers crossed and a wishful hope that nothing will go wrong.

For SMEs in Malaysia, insurance is something that is often brushed over the shoulders due to many reasons such as being financially tight and lack of awareness. That said, with proper business management and financial planning, businesses should think of protecting themselves by prioritising getting sufficient insurance coverage. Planning for the unexpected is one of the keys to a successful business.

“This is where a holistic insurance company like Liberty Insurance comes in. We are a platform which can help minimise risk, safeguard assets and protect business owners from a multitude of unforeseen circumstances. This covers damage to property, liabilities, health and employees’ lives, theft, scam and so much more.” says Liberty Insurance Bhd CEO, Mr Puneet Pasricha.

“True, there is no one-size-fits-all insurance plan but with the right coverage specially curated for each business, I believe that businesses can thrive and grow at a healthier pace. In fact, SMEs without a comprehensive insurance plan stand to lose more as compared to businesses which have one.”

He further expressed his thoughts on how SMEs without a suitable insurance coverage will ultimately be forking out more money to pay for unplanned losses and damages to their business, affecting their overall financial capacity in the long run.

For instance, in Malaysia, where businesses face the unpredictability of burglary, flood and fire, there is no telling what will happen. Buildings can be razed to ash in the blink of an eye, electronic assets can be damaged in flood waters and theft can happen anywhere at any time. With a suitable insurance plan, the insurer can offer an applicable pay-out which will cover loss or damages to the building and its contents resulting from fire, lightning or explosion.

Although insurance plans cannot protect actual lives or properties, it can definitely help protect SMEs against facing huge financial losses. An unplanned financial loss is something that SMEs cannot afford to deal with as most businesses are initially built from their life savings.

“With a suitable insurance coverage plan, SMEs will also appear more credible when it comes to dealing with other financial institutions or when trying to secure partnerships or dealings with other companies. Having an insurance plan will show how serious, committed and smart an entrepreneur or business owner is when it comes down to business and financial management,” said Mr Puneet.

If there is one thing life has proven, it is the economy’s uncertainty as the cost of living escalates. The COVID-19 pandemic has pushed many home-grown SMEs to the limit and has proven that losses can happen unknowingly to anyone. It is times like these that show how crucial it is to protect the business from any unforeseen circumstances which may lead to financial losses.

In today’s day and age, insurance does much more than mitigate loss; it also protects the livelihood of business owners and its employees. For example, at Liberty Insurance, its holistic coverage also offers coverage to employees, liability to third parties and employer’s liability to their employees. This in turn allows businesses to protect its workforce while also protecting themselves from members of the public.

With the right insurance coverage plan, like Liberty Insurance’s BizCare, SMEs can be rest assured and not be burdened by financial woes on a rainy day. BizCare is a comprehensive insurance package that has been specially curated and tailored to meet each business need. It provides coverage for fire, accidental risk, burglary, money loss, public liability and so much more. And is this time of pandemic, Liberty Insurance is helping SMEs to make this more economical by encouraging SMEs to tailor-make the required cover and limits to suit their own exposure.

To find out more on which insurance is most beneficial to your business structure, check out the various coverage plans offered by Liberty Insurance at https://www.libertyinsurance.com.my/business-insurance/bizcare.

Liberty Insurance is a majority-owned subsidiary of the Liberty Mutual Insurance Group. The company’s insurance products and services cover a wide scope including personal & commercial automobile, homeowners, accident & health, general liability, property, surety, workers compensation, personal, travel and specialty lines.

Having served Malaysians with its trustworthy brand and insurance coverage for 44 years, this robust general insurance player – Liberty Insurance is backed by 100+ years of experience globally. Headquartered in Kuala Lumpur, the company is supported by six regional offices, 24 branches and 450 personnel nationwide.

Liberty Insurance’s diverse distribution network is made up of a wide geographic footprint which includes POS Malaysia, Puspakom, affinity partners, franchise holders, dealers and over a 2,000 strong agency force. The company is a MYEG Insurance Partner and a bancassurance partner of UOB Bank.

At Liberty Mutual, the company believes progress happens when people feel secure. By providing protection for the unexpected and delivering it with care, it helps people embrace today and confidently pursue tomorrow.

In business since 1912, and headquartered in Boston, today Liberty Mutual is the sixth largest global property and casualty insurer based on 2020 gross written premium. It also ranks 71 on the Fortune 100 list of largest corporations in the U.S. based on 2020 revenue. As of 31 December 2020, we had US$43.8 billion in annual consolidated revenue.

The group employs over 45,000 people in 29 countries and economies around the world. It offers a wide range of insurance products and services, including personal automobile, homeowners, specialty lines, reinsurance, commercial multiple-peril, workers compensation, commercial automobile, general liability, surety, and commercial property.

Protect Against The Unexpected With The Right Insurance Plan

Loss is something that businesses can never plan for and the only way to protect assets is with the right insurance coverage

Originaly published on sme.asia. Read the full article here.


With all the uncertainties of the economy faced during these trying times, wouldn’t businesses want a safety net to fall on? Especially when it comes to untoward incidences which lead to unplanned losses. For most small medium enterprises (SMEs) which are built over blood, sweat and tears, it only makes sense to safeguard all aspects of the business. However, in Malaysia, a huge percentage of SMEs are still either completely uninsured or underinsured. It is a common misconception that insurance coverage is an unnecessary expense and the benefits of a good insurance coverage are often lost in translation.

For business insurance, especially SMEs, there is no one-size-fits-all plan. When a business is paired with sufficient coverage specially tailored to suit the business’ need, businesses can rest assured a holistic protection plan is in place. The key takeaway here is to be well informed on the types of risks out there and how to mitigate them before choosing the correct insurance plan.

“There is no doubt in mind that an insurance company can bring tremendous value to any business because we are there to protect it and financially shield it from untoward incidences. For us at Liberty Insurance, our range of coverage has been well-thought out and is curated to fit the needs of any business regardless of size and nature,” said Liberty Insurance Berhad Chief Executive Officer, Mr Puneet Pasricha.

He also shared his view that while many other insurance companies could be offering almost the same plans when it comes to SME insurance, the insured should always look out for pointers on how each insurer works, from the start (purchasing a plan) to end (making claims and efficiency of reimbursement). This will help the insured make well informed decisions when it comes to choosing the right insurance plan.

It just does not make sense if a business buys a low premium insurance plan at the cost of troublesome claims, which takes a long time to process. Some scenarios might also involve businesses being underinsured, only to find out at the time of crisis that certain things are not covered by the insurance plan.

It is also a common misunderstanding that a business may be too small to be insured or that there is very little risk to mitigate, hence there’s no need for insurance – which should never be the case.

However, operating without an insurance plan puts SMEs at higher risk as mitigating losses does not solely revolve around flood or fire, for instance. It also protects the insured against long-term revenue loss for businesses which may be the cause of partners or key players within the business drifting apart, for example.

In fact, the risks which SMEs may face are endless. Fraud or dishonest employees may leave businesses in a lurch as the loss of a large amount of money will be hard to recover from. Threats from the public is another risk to consider as businesses may find themselves trapped in a legal battle from a third-party dispute.

“All these risks and so much more should be seriously considered by SMEs because you never know when disaster will strike. Getting insured will also help businesses mitigate risks better because they will be better informed and will be equipped to set up preventive measures specifically catered for their business needs,” said Mr Puneet.

Aside from minimising risks, the right insurance plan can also help the business grow at a healthy pace and increase its credibility within the industry. Having an insurance plan shows strategic future planning and the company’s commitment in ensuring that the business and all its assets and employees are protected.

One such insurance company which has its customers at heart while offering the best packages is Liberty Insurance. With over 44 years of experience in the Malaysian market, Liberty Insurance provides insurance solutions from all-inclusive personal accident and motor policies to legal and business policies that covers legal consultancy services and safeguard financial investments.

Making Your Insurance Claim Free Of Hassle With Liberty Insurance

Originally Published on Carsick.my. Read the full article here.

 

Being in a traffic accident is a very headache situation to be in. According to the Department of Statistic, Malaysia is one of the top 3 country that has the highest fatality rates in Asia, while the road accidents is the 4th most common cause of death in Malaysia.

Most of the accidents that happened on Malaysian roads are usually freak accidents, which is hard for any motorist to avoid. However, car owners can always opt to take preventive steps, on top of being more cautious on the road and getting a good insurance plan that has a hassle-free claims process.

Let’s take a look at a few common causes of road accidents:

  1. Speed Kills

Speeding is one of the most common causes of road accidents. The higher the speed and thrill, the more severe the accident is going to be. There is no telling if the road will be wet up ahead, if there are potholes, or other pedestrians and motorists. This is made worse when rear passengers are not properly buckled in.

  1. Gadgets Away

Using a mobile phone when driving is as bad as driving under the influence of drugs or alcohol. Looking down at your mobile phone will distract a driver for an average of 4 seconds. This amount of time is sufficient to cause an unwanted accident. It is more important to get to the destination safely and on time than checking a message or social media.

  1. Red Means Stop

We see these almost every day, especially among motorcyclist. Drivers and motorist needs to keep in mind that when When the light turns amber, it means slow down, but a majority of drivers accelerate instead. This is highly dangerous because there may be blind spots for vehicles coming from the other direction or worse, motorcyclists beating the red light from another corner.

  1. Signalling Saves Lives

All type of vehicles are fitted with functioning indicator, it is to inform other road users about the direction of the driver is heading. It is the most basic and yet crucial form of communication on the road between motorists. Switching lanes or making a sharp turn without signalling first will result in accidents.

  1. Poorly Maintained Car

Maintaining your car is part of your ownership experience, and it must not be skipped. If a car is not properly maintain, it may cause accidents during emergency situation. For example, balding tyres, broken turn signals, low brake fluid and exhausted brake pads could put you and everyone around you in danger. Driving blindly without thinking of timely maintenance is hazardous.

However sometimes, no matter how careful one is, accidents may still happen. Hence, an insurance plan with an excellent claims process is crucial because what policy holders ultimately want is speedy and hassle-free cash settlement within 24 hours. With Liberty Insurance’s Private Car EZY Plus Comprehensive policy, owners need worry no more as it not only provides a holistic coverage, but offers an efficient claims process too with its Liberty Own Damage (OD) Express Claim. This claim allows the insured to make claims via any smart phone without having to visit the branch and no submission of physical documents are required.

Having served Malaysians with its trustworthy brand and insurance coverage for 44 years, Liberty Insurance provides insurance solutions from all-inclusive personal accident and motor policies to legal and business policies that covers legal consultancy services and safeguard financial investments.

To find out more about Liberty Insurance’s Private Car EZY Plus Comprehensive, visit  https://www.libertyinsurance.com.my/motor-insurance/private-car/ezy-plus.

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Four things motorcyclists must know

Pubished on New Straits Times. Read the original article here.

MOTORCYCLES, being one of the most convenient ways to travel, have always been a key part of the local transportation scene.

With inescapable traffic congestions and small city roads, it is a no brainer why many opt for a motorcycle even if they do already own a car.

Like any other vehicle, a motorcycle is also susceptible to wear and tear, theft, breakdowns and accidents.

A motorcyclist also tends to be at a higher risk on the road compared to a motorist because there are no doors or any external shell to offer protection.

This is why being sufficiently and properly insured is one of the best ways motorcyclists can safeguard and mitigate those risks. With that in mind, here are some of the important tips on how motorcycle insurance works.

 

1) CHEAPER IS NOT ALWAYS BETTER:

Owners may believe that the cheapest option is always the best for their pockets financially but in reality, it may mean being underinsured.

This means that getting a full claim will not be possible. Similar to car insurance, the owner would be penalised and the claim amount will be deducted proportional to the underinsured value based on the plan.

 

2) KNOW THE SCOPE OF COVERAGE:

Unlike cars, motorcycle coverage is less complicated. Coverage for cars can extend to hardware like side mirrors, windscreen and child seats, etc.

What is similar for both cars and motorcycles, however, generally involves loss or damage due to fire, theft or accident, third-party bodily injury or death and third-party property loss or damage.

 

3) ADD-ONS ARE NECESSARY:

The common knee-jerk reaction to add-ons, which requires additional payment, is a strong 'No'.

However, they may just be the missing link to ensure owners are holistically protected in addition to the existing coverage plan.

For motorcycle owners, adding extra protection for passengers, for instance, is crucial to ensure coverage for the loved ones. An add-on for flood coverage is also an important one, especially if living in a flood-prone area.

 

4) BEYOND THE NORMAL COVERAGE:

With motorcyclists being at risk every time they are on the road, getting a Personal Accident (PA) plan may not be such a bad idea. It provides the rider compensation in the event of injuries, disability or death, which is caused solely by accidents.

This will also help grieving family members or the rider to get a peace of mind from any financial worries in the event of an unforeseen accident. It also covers funeral expenses and total paralysis.

Getting a PA in addition to existing insurance plans is definitely something to think about.

To ensure sufficient coverage, it is important to equip yourself with knowledge of the various plans offered by the insurer.

Other than that, staying safe on the road can be as simple as not running the red light, ensuring all lights on the motorcycle are working and, where possible, riding on the designated motorcycle lanes.

 

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