AXA Affin General Insurance has launched Business Advantage Plus (Enhanced), or BAPE, a business protection plan for small and medium enterprises (SMEs).
The policy covers fire and other insured perils, such as burglary, public liability, and workmen’s compensation, according to a statement from AXA’s Malaysian general insurance arm.
It also provides an “inconvenience allowance” with two payout benefits. The first benefit comes within five working days after the incident (applicable only to physical damage), and a second of up to 10% of claims payable for selected plans will be paid upon receipt of full documents and claims verification.
BAPE also offers unique benefits for certain types of businesses, such as food & beverage establishments, budget hotels, and learning centres.
“We realise how challenging the situation may be for the SMEs and now more than ever they need great support to pivot their business and navigate a business environment that has been entirely changed by the pandemic,” said Emmanuel Nivet, CEO of AXA Affin GI. “We strongly believe we have to do something about it, to help SMEs to bounce back from unforeseen events.”
SMEs make up 98.5% of total registered businesses in Malaysia, and a huge majority of them have been negatively impacted by the COVID-19 pandemic. According to a survey by SME Corp., almost 60% of SMEs reported they did not have any sales during the Movement Control Order period. A further 39% of SMEs said they saw lower sales.
As a complimentary benefit during the product’s introductory campaign, BAPE customers can avail of a sanitisation benefit of up to MYR2,000 (SG$657) for their business premises in case any of personnel acquire COVID-19. AXA Affin has set aside a MYR100,000 fund for this. Customers will also receive a 1kg dry powder fire extinguisher for signing up during the campaign period.