Minet, Fidelity deal to cover local small firms

Minet Kenya and Fidelity Insurance have partnered to launch a customized protective cover that protects micro, small and medium enterprises (MSMEs) from a wide range of risks.

Dubbed Bizna Sure, the product seeks to protect MSMEs from financial, legal and reputational damages unlike traditional covers in the market that do not envisage such dynamics.

The premiums payable will range from Sh5,000 to Sh1 million, depending on the value of the assets being insured.

is reading: Minette loses trying to provide medical cover for deputies

“We offer a unique, differentiated and customizable solution to cover all risks including theft, property damage, business interruption and other risks that may affect owner, employees and even third parties,” said Richard, CEO of Fidelity Insurance. Marisen.

Coverage options include machinery breakdown, breach of trust, electronic liability, political violence, property, money and employee compensation.

The payout premium depends on the coverage options chosen with the asset-heavy MSMEs paying the most.

There are about 7.4 million micro, small and medium enterprises (MSMEs) in Kenya, most of which are struggling to make ends meet due to the difficult environment in which they operate.

Small businesses have been hit hard by Covid-19, leading to job layoffs, salary cuts and closures due to dwindling revenue streams.

“The unveiling of this product is timely as it comes at a time when the country is recovering from the effects of Covid-19,” said Insurance Regulatory Authority Chairman Mwambo Mapungah.

is reading: IRA to shut down rogue insurance companies in strict compliance rules

At the height of the Covid-19 pandemic, businesses such as restaurants, bars and retail stores were grappling with a drop in customer demand, repaying bank loans, and rent and utility bills fueling fears of a rise in non-performing loans.

→ (email protected)