Help is on the way for small businesses in Barbados with the creation of an affordable insurance package by Sagicor General Insurance.
Executives of Sagicor General said The Small Business Insurance Package, rolled out earlier this month, is a response to cries for assistance in the sector in these challenging economic times. In addition to the innovative policy, Sagicor General has extended its many premium payment plans which should assist small businesses with their cash flow.
President and chief executive officer of Sagicor General, David Alleyne said the new policy provided cover for eight exposures which were more affordable than if they were to buy each policy separately.
“We are operating in a difficult environment and many businesses are finding it increasingly difficult to afford insurance. The reality is that businesses, big and small, are under significant financial strain,” said Alleyne.
Adding that small businesses tended to feel greater pain in these circumstances, because of further restrictions in credit and other onerous conditions attached to financial assistance, Alleyne said Sagicor General and the wider insurance industry could not sit back but needed to respond to the needs of the sector. “Inactivity in our profession will have a significant dampening effect on the economy. We have a role to play by being innovative in creating growth opportunities, and small and micro businesses have a very special part to play if we are to prosper again,” he said.
The Sagicor General Insurance Small Business Package is designed with a wide range of protection for business operating with 25 employees or less, as defined under Barbados’ Small Business Act.
Sagicor General’s vice-president of marketing, Mark Blakeley, said the areas being covered were: fire and other perils, accidental damage cover, public and employee liability insurance, loss of money insurance, additional expenditure/loss of rent insurance, fidelity guarantee insurance, goods in transit and plate glass.
Blakeley explained that in the area of fire and other perils, coverage would be provided for buildings, tenants improvements, contents, stock, machinery and equipment against damage or loss which may be caused by a variety of disasters including storms, hurricanes, earthquake, riot and burglary.
Public liability insurance will cover injuries or damage to the property of third parties, conducting business on the premises of the enterprise, while employee liability insurance would cover injuries caused to employees for which the business may be held liable.
“In terms of value, this product is hard to beat”, said Blakeley, “With this policy small businesses can now focus on growing their business rather than worry about what is covered and what is not covered”.
More than 50 per cent of the policy coverage sections are offered at no additional costs to the insured, which was accomplished through the company’s innovative business model.
Furthermore, while the policy package is designed with set limits it is still flexible and can be increased based on the needs of customers.
