MSIG Insurance (Malaysia) Bhd (MSIG Malaysia) has launched two new fire insurance products – Retail SafeGuard and Business SafeGuard – which aim to provide business owners with new options when it comes to protecting their businesses from emerging threats such as cyber-crime, social media risks and even terrorism and sabotage.
Retail SafeGuard Insurance is a comprehensive protection targeted at small businesses such as retailers, mini-marts, florists, restaurants, cinemas and others. It gives business owners the ability to select a desired plan that caters to their business needs at an affordable premium.
Business SafeGuard Insurance is designed to provide customised comprehensive protection targeted at medium-sized customers. It gives business owners the freedom to tailor their insurance solution under a single competitively priced policy and maximise their premium savings.
The two new products have been developed since the liberalisation of the fire insurance tariff, which has allowed MSIG to introduce new fire insurance products with innovative features which were not previously available.
Both products provide the fundamental conventional fire insurance protections, but also include extra coverage for risks that reflect the changing nature of the business world. These include:
• Loss of Money via Electronic Fund Transfers – The cover for physical money stolen whilst transiting from the business to the bank has now been expanded to also cover loss of money during an authorised online transaction which is intercepted by a third party.
• Social Media Reputation Risk – In today’s world, businesses can suffer badly when a fake or false news story or social media posting goes viral. This cover allows businesses to reclaim some of the expenses involved in correcting false news by providing an allowance for the business to undertake some advertising or public relations efforts to set things straight.
• Cyber Risk Allowance – While the common perception of cyber-crime is that it affects only huge multinational corporations, the reality is that it can even cause damage to small and medium-sized businesses who may not have the same protections that larger businesses have – and it is becoming increasingly prevalent. The Cyber Risk Allowance provides smaller businesses with an inconvenience allowance to aid them in obtaining professional assistance to deal with the initial consequences of a breach in their business’ computer system security or network.
• Terrorism & Sabotage – MSIG’s new fire products now provide protection for physical loss or damage to the business property due to terrorism or sabotage.
“A fire or a flood can be really devastating for a small or medium size business, but new risks are emerging that can be almost as devastating to the wellbeing of Malaysian businesses. That is why we have taken the opportunity of the insurance liberalisation process to review our existing products and introduce new ones to better meet business needs into the future. We know our customers put their heart into their businesses, so we have gone above and beyond in our efforts to assist them against both conventional and emerging risks,” said Chua Seck Guan, MSIG Malaysia Chief Executive Officer.