Micro, Small and Medium Enterprises (MSMEs) are a key component of Fijian economy and access to insurance can play a significant role in mitigating risks faced by the MSMEs in Fiji.
Business Assistance Fiji (BAF) in partnership with the Tower Insurance Fiji (TIF) conducted a Business Insurance Awareness Seminar on Tuesday 29 August 2023. The objective of the seminar is to raise awareness to MSMEs the importance of insuring their business for future growth and sustainability. The event was attended by sixteen MSMEs from various sectors at the Arabian Coffee Break in Suva.
Business Link Pacific (BLP), Business Services Manager – Fiji, Mr. Deepak Prasad highlighted in his opening remarks on the importance of MSME sectors contribution towards developing Fiji’s economy.
“MSMEs role is crucial and vital in the economic growth for any country and so is insuring your business to mitigate the risk of unforeseen circumstances such as cyclone, theft, fire and other natural disaster.
“It is indeed exciting that TIF will be sharing a new product on the market which is Parametric insurance something different from the other traditional products that are currently on the market,” he said.
Mr. Prasad also provided an overview of the organization BAF activities, business advisory and BLP Business Support Grant available to MSMEs with its benefits.
TIF Manager Partnership, Ms. Josephine emphasized on the importance of insurance from an investment perspective and provided insights into TIF insurance products. TIF offers three different covers in relation to commercial premises including SmartPac, Business Protection Policy and Industrial special risks subject to business size and occupation of the risk.
Ms. Ravai elaborated that SmartPac business insurance was designed specifically to protect all aspect of MSMEs under one policy wording.
This insurance will cover for business protection, business income, money cover, burglary, business liability, business fraud, business property breakdown and business motor vehicle.
Limits under SmartPac insurance cover includes for material damage -$3m, Loss of Profit/ consequential loss – $2m, money- $10K, burglary – $50K, liability- $2m, employee fraud- $2500, machinery breakdown – $50K, motor- up to $200K.
Industrial Special Risks Package Policy is designed to cover larger commercial risks with multiple locations and possible occupations (minimum sum insured $1M).
While Business Protection Policy is an all-up package which is in addition to fire and various named perils policy can be extended to include additional risks like consequential Loss (profit and loss), burglary, fidelity guarantee, money, assets breakdown and public lability.
BAF received positive feedbacks from its participants with Mr. Swaresh Chandra who runs the Pumps Tech (Fiji) Pte Limited, a hardware business said was amazed with the insurance package by the Tower Insurance for MSMEs in Fiji.
Ms. Razia Subhan, the Director of Art Studio has insurance for her house and vehicle but, with SmartPac, she will also get insurance for her business.
The owner of Super Supreme Protection, a security service business, Mr Bill Tiko said he will now get his business insured.
While Trinity Tours Investment director, Ms. Ajeshni Nand was enlightened with the informative session on insurance provided by BAF.