Small and Medium Enterprises
(SME)
SME
- Comprehensive risk protection solution for Small & Medium Enterprises with asset base (sum insured) not exceeding 100,000,000.
- Aimed at ensuring business continuity of SMEs in the dynamic & uncertain environment they operate in.
- Designed to provide 360° protection covering business risks under a one structured & flexible insurance.
- Business Focus areas include.
- Business assets.
- Business operations.
- Legal liabilities.
- Employee risks.
- Business assets.
Classes of insurance covered
- Fire and Allied Perils
- Business Interruption
- All Risks
- Burglary
- Electronic Equipment
- Money
- Plate Glass
- Public Liability
- Goods in Transit
- Machinery Breakdown
- Machinery Breakdown Loss of Profit
- Employers Liability
- Political Violence
- Fidelity Guarantee
- WIBA
- WIBA/GPA
Fire & Allied Perils
- The basic cover responds to loss or damage to property caused by Fire, Lightning and explosion and is extended to include Riot, Strike, malicious damage, storm, earthquake, flood, and water damage due to bursting or overflowing water tanks apparatus and pipes.
- Property covered includes Buildings, Furniture, fixtures and fittings, Plant and machinery, Stock and the like
Business interruption
- This form of insurance is also known as Fire consequential loss. The policy responds to consequential losses arising from risks covered under fire and allied perils section.
- Examples of such consequential losses include Loss of profit, rent, wages or increase or additional expenses in the cost of working within a given period.
- It has a time in excess of 7 days.
All risks insurance
- Provides cover against accidental physical loss or damage to specified items because of any cause which is not specifically excluded from the policy. This includes theft, fire and accidental damage including riot and strikes. It is important that the insured lists the items covered and their respective values / sum insured.
Burglary
- Theft of insured property by any person or persons using violent and forcible means of entry into or exit from the premises where such property is kept, without permission from the owner, person or persons to whom such property is legally entrusted or kept on behalf.
- This section extends to cover the insured against losses occurring without forcible or violent entry or exit from Insured premises.
Electronic Equipment
- The section of the policy covers:
- Material Damage
Accidental physical loss or damage to electronic equipment is due to fire, theft, electrical derangement or any other sudden and unforeseeable damage to the equipment not otherwise excluded in the policy. - Reinstatement of data
Reinstatement of data and storage media for data caused by a defined event or circumstances covered under the material damage section above. - Increased Cost of Working
The additional expenditure necessarily and reasonably incurred by the Insured includes costs and expenses for hiring of alternative equipment following loss or damage to the electronic equipment covered under the material damage section above.
Money
Covers loss of money within the premise (during & outside working hours), on transit, with authorized staff as well as damage to safe.
Plate Glass
This section covers accidental loss or damage to plate glass up to the insurance value.
Cover can be arranged for cabinet glass, display glass, signs and neon's, fixed glass and glass partitions on the premises.
Public Liability
This cover provides compensation in law arising out of:
i. Bodily Injury to any person who is not a member of the Insured family or engaged in his service at the time of the injury and ii. Damage to property not belonging to the Insured or a member of the Insured family and not being in the charge or under the control of the Insured or of a person acting on behalf of the Insured arising out of or in connection with the insured business
The cover does not extend to any claim arising out of contractual agreements.
Goods in transit
The section covers loss of or damage to property and/or goods caused by fire, theft or accidental means whilst in transit by road, rail or inland waterways.
Cover extends to include temporarily storages or housing of the vehicle in the ordinary course of transit within the territorial limits.
Machinery Breakdown
Specialized policy that covers accidental and sudden physical damage (short circuits, overheating, lubrication failure, physical explosion) to machinery and equipment while in operation, rest, or during maintenance/installation
Employers Liability
Protects employers against legal and financial liabilities arising from employee claims for work-related injuries, illnesses, or deaths that are not covered under workers' compensation or similar schemes.
Political violence & terrorism
This section covers Acts of Terrorism, Sabotage, Riots, Strikes and Civil Commotion, Civil War, Malicious Damage, Insurrection, Revolution or Rebellion, Mutiny, Coup état or any other damage or losses caused by acts of political violence.
Fidelity Guarantee
It compensates the insured person against direct pecuniary (financial) loss by any means like forgery, embezzlement, theft carried out by the insure employees while carrying out their duties.
In this case it will cover theft by the drivers and turn boys.
Group personal accident (GPA) & work injury benefits act (WIBA)
a) Work Injury Benefit Act (WIBA)
It is an employee benefits cover that lifts the employer financial obligation under the Work Injury Benefit Act to compensate employees injured out of and in the course of employment.
The insurance cover includes:
- Loss of Life and Disability. Cost of Medical Care. Cost of Rehabilitation.
- Cost of Wages for the injured employee.
- Benefits to dependents of employees that have lost life due to work related accidents.
b) Group Personal Accident (GPA)
Covers employees against accidental loss of life or disability arising out of accident whilst on duty or pleasure on a 24-hour basis.
The benefits provided for both WIBA and GPA are outlined as follows:
- Benefits
- Accidental Death - 8 Years Earnings
- Permanent Total Disablement (PTD) - 8 Years Earnings subject to continental scale
- Temporary Total Disablement (TTD) - Weekly Earnings up to a maximum of 104 weeks
- Medical expenses Kshs 100,000/- per person
- Funeral expenses Kshs 30,000/=per deceased employee
- Occupational diseases up to a maximum of Kshs 4,000,000
The benefits payable under WIBA and Occupational diseases is based on the provision of Work Injury Benefits Act, Chapter 13 of 2007 Laws of Kenya
Sanlam Allianz SME insurance
Product Benefits
- Comprehensive risk protection - Bundled product thus simplifies management and reduces gaps in protection.
- Business continuity support in the event of halted operations – business interruption cover helps with payroll, rent, supplier payments, and cash flow while recovery is underway.
- Protection of capital investment and reduces the financial burden of replacing essential business assets.
- Tailored to SME Scale - modular options, so clients pay only for the covers they need.
- Simple underwriting for faster policy issuance hence is accessible and affordable for smaller firms.
- Credibility & Confidence – build trust between SMEs & their clients, lenders and suppliers.
- Claims Support & Expertise – top notch claim handling support, loss assessment guidance and dedicated relationship management.
- Focus on Legal and Regulatory Alignment thus reducing risk of fines on SMEs – especially on liabilities and WIBA.
- Better financial planning – Being a bundled product, all policies fall within the same renewal date.
- Flexible premium payment – we offer payment in instalments.