Standard Bank Malawi unveils new insurance for SMEs: Madinga touts BizSure to ease customer bureaucracy

Standard Bank Plc Head of Personal and Business Banking Phillip Madinga has announced the launch of BizSure, a new insurance to protect small and medium businesses from general risks.

BizSure will be provided in partnership with Liberty General Insurance Company and will offer peace of mind for SMEs in times of uncertainty.

Madinga says BizSure will help entrepreneurs safeguard their dreams and ambitions in the face of uncertainty as they contribute to a sector that is critical in the country’s economic growth and development.

“Standard Bank appreciates that a vibrant SMEs sector is the heart of the economy. This group encounters numerous challenges most of which emerge unexpectedly. It is therefore our aim to address their anxiety by offering them a solution for unexpected situations and help them focus on growing their businesses,” he said.

He said BizSure is a coupon-based insurance aimed at providing simple insurance solution to the needs of small and medium sized business customers by providing them with one single policy covering various risks typically faced in their day to day business operations for as little as MK9,900 per month for up to MK4 million cover.

Potential risks covered by BizSure include; Fire, Stock, Burglary, Money, Fidelity Guarantee, Liability policies, Goods in Transit, and All risks cover for Phones and Laptops.

According to Madinga, the product benefits include affordable premium, no application of average clause (Agreed sums insured paid at claims stage less policy excess), wide coverage with less exclusions and easy to administration.

In an event of a claim, customers are expected to complete claim form, police report for theft claims, two replacement quotations and any other documentation as requested by the insurer.

Madinga also highlighted that BizSure has eased the normal bureaucracy for customers.

“The service comes with measurable convenience to our customers. All these products are bundled into one making it easy for an SME customer to access insurance at an affordable price with one policy document and one application form completed.