Chubb has launched its enhanced Enterprise Guard Plus business insurance package for the Hong Kong market. According to a company statement, the product offers greater coverage for the evolving needs of businesses, in particular for new exposures due to COVID-19.
With movement restrictions severely impacting business operations and the wider economy, more have shifted their operations online. This stretches out businesses’ IT departments and increases exposure to cyber risk. In response to this, the enhanced plan comes with an optional legal liability cover that protects businesses when handling personal data, Chubb said.
The policy’s benefits include newly added material damage cover, which incorporates daily cash benefits, exhibition materials, and accidental glass breakage, as well as cover for fraudulent use of a company credit card. It has also doubled up the increased costs of work benefit, in case of business interruption. Additionally, Chubb has extended the legal liability cover to include bodily injury arising from activities arranged by social and welfare clubs.
“With the ongoing pandemic and business restrictions in Hong Kong, SMEs are the hardest hit in the economic downturn,” said Stanley Wong, president of Chubb’s general insurance business in Hong Kong. “We understand the emerging risks as businesses adapt their operations to the new normal. With Enterprise Guard Plus, we have tailored coverage to respond to the evolving risks so that SMEs can sustain their core business with confidence.”
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