Over five hundred MSMEs, or micro, small, and medium enterprises, have already acquired insurance protection through business-oriented Negosyo Insure.
Negosyo Insure was introduced to the market last February by Malayan Insurance Co. Inc. (Malayan) with the help of mobile wallet GCash. It offers MSMEs protection against risks, including fire, burglary, housebreaking, and personal accidents.
Malayan Insurance President and Chief Executive Officer Paolo Y. Abaya noted the multitude of risks faced by small business owners, which could potentially impose unexpected financial burdens and hamper their growth.
“Running a business comes with its fair share of challenges, and unexpected mishaps can pose significant threats to small business owners. As we celebrate MSME Month, we want to reinforce our commitment to Filipino entrepreneurs, enabling them to navigate potential setbacks and help them thrive in their businesses,” he said.
Earlier this year, Malayan joined forces with GCash to bolster the resilience of small-scale businesses through its new solution Negosyo Insure.
The collaboration provides MSMEs access to much-needed business insurance protection while leveraging GCash’s expansive network of GCash Pera Outlets (GPOs), composed of over 50,000 active partners nationwide.
Abaya revealed that Malayan plans to tap nearly 3,500 GPOs this year in a bid to reach out to more MSMEs.
Malayan’s Negosyo Insure offers premiums as low as P525 annually. Small business owners can secure up to P50,000 coverage against accidental death, total permanent disability due to accidents, and disablement or dismemberment.
This solution also provides crucial benefits such as medical reimbursement of up to P5,000 and assistance of up to P10,000 in case of fire, burglary, housebreaking, or loss of money within business premises.
Understanding the diverse needs and financial preferences of MSMEs, this product also provides flexible payment options: P160 for monthly payment terms, quarterly payments for P265, or semi-annual payments for P395.