Since 2020, the world have shown us that it is filled with uncertainties and unforeseen circumstances that can negatively impact businesses, from the largest multinational corporation to the individual self-employed gig worker or freelancer.
Whether it is a pandemic like COVID-19, or piracy on the high seas as experienced around the Red Sea or by Somali pirates, or an IT outage like the recent CrowdStrike fiasco, or more recently, fires like the one that broke out in Kuching, or other business-specific emergencies and catastrophes, many of these strike without warning and have the potential to cripple if not outright collapse any enterprise. It could even be something indirect – the tragic sinkhole incident along Jalan Masjid India caused several businesses to experience significant drops in sales and others decided to close for the time being.
In face of such disasters, businesses need to ensure business continuity and recovery. Therefore, business insurance that cover most likely risks are essential; such policies can provide businesses with financial peace of mind if such events were to occur. This is where an insurance company like Berjaya Sompo Insurance Berhad (Berjaya Sompo) and its portfolio of business insurance can help businesses mitigate and face the specific risks without worry, with various types of insurance to comprehensively coveraging the most challenging of risks.
For companies involved in the shipping, logistics, and maritime business, Berjaya Sompo offers Marine insurance products in the form of Marine Cargo Insurance which covers cargoes being shipped across multiple transportation modes against a wide range of perils and Marine Hull Insurance, which covers the actual ships (and associated) machinery as well as liabilities arising from various maritime perils.
Besides being a pioneer in the shipping, logistics, and maritime insurance, Berjaya Sompo has a deep understanding of different fire risks and coverage requirements too with its comprehensive variety of fire insurance products. For instance, where the standard Fire policy covers losses to physical assets, and does not cover non-physical losses such as loss of revenue. For that, Berjaya Sompo further offers the Fire Consequential Loss policy. This policy covers various non-physical losses following an indemnifiable peril (generally as per your Fire policy, which must be purchased to qualify for the Fire Consequential Loss policy). The cover also extends to include additional expenditures reasonably incurred to minimise the loss of gross profit.
Businesses that require a more robust insurance coverage can opt for the Industrial All Risk (IAR) insurance policy, which extends to cover “accidental damage” not covered under Fire Insurance, subject only to specific exclusions of the policy. For example, theft of equipment, plant & machinery, and its contents including stocks of every description kept at the business premises, can be covered under the IAR policy, instead of a separate Burglary Insurance policy.
In addition, Berjaya Sompo also features insurance plans that are targeted at employee wellbeing. For instance, the Foreign Worker Schemes available represent a comprehensive and flexible policy designed to protect the interests and welfare of foreign workers in Malaysia, as well as a mandatory Guarantee coverage required by the Malaysian government.
Last but not least, Berjaya Sompo also offers a wide range of Liabilities insurance policies to indemnify against liabilities incurred by senior management, medical practitioners, and other professionals when carrying out their duties for the business, as well as other types of liabilities.
As with all types of insurance, standard exclusions do apply to these policies; these can include war, civil war, and terrorism; radioactive and nuclear energy risks; losses stemming from actions taken by government authorities; and so on.
Staying true to Berjaya Sompo’s vision – We Are Here With You, the team is trained to study and understand individual businesses’ specific requirements and propose the most optimal and suitable solution to fit their needs, adopting a more consultative approach. This underscores the company’s commitment to being the leading general insurer of choice by providing the right solutions for individual and commercial needs.
For more information on Berjaya Sompo’s business insurance portfolio and details of the various policies available, visit the Berjaya Sompo Business Insurance website.
