AXA SmartPlan caters to a wide range of business types, such as offices, retail stores, food and beverage establishments, and clinics. It provides SMEs with comprehensive and customisable covers to support their business needs, such as property all risks, work injury compensation, business interruption, and liability.
As COVID-19 brings about numerous changes to how businesses function, AXA has announced several coverages to adapt to these changes.
With working from home becoming the new normal, many businesses’ portable electronics are often left uninsured when brought home by employees. SmartPlan can cover the cost of repairs or replacement of portable electronic equipment such as laptops and tablets but excluding mobile phones, if damaged or destroyed. AXA will provide SMEs complimentary coverage of up to SG$5,000 per equipment, which can be topped-up if more comprehensive protection is required.
Food and beverage businesses have become more focused on takeaway and delivery orders in recent months, making exposure to food poisoning a larger concern. AXA will provide SMEs with complimentary food poisoning cover, of up to SG$500,000, with additional cover available.
AXA also said that it will cover claims, legal costs and expenses incurred as a result of employees’ work accidents or illnesses, including COVID-19 arising from and in the course of work. It additionally provides coverage for scenarios not compensable under the Work Injury Compensation Act, such as an employee involved in a traffic accident while travelling by car or public transport to or from the workplace and home.
In order to help businesses struggling with cash flow, AXA will provide the option of interest-free monthly payment of premiums, instead of lump sum upon enrolment.
“SMEs are a key growth driver of Singapore’s economy, but many are underinsured or even uninsured against business risks,” said Kevin Leong, managing director, commercial Lines, AXA Insurance. “We understand that this is a particularly challenging and uncertain time for many SMEs and are committed to not just ensuring their protection through our solutions, but also offering greater value and support.”