85% Of SMEs In Malaysia Are Underinsured. Here's How Tune Protect Aims To Help
Having insurance coverage is crucial, even for small businesses operating on a tight budget and constrained cash flow.
By Jeremy Ng — 30 Nov 2023, 10:37 AM
Small and medium-sized enterprises (SMEs) make up around 97% of businesses in the nation, according to an article by Ernst & Young (EY)
SMEs account for 48% of employment and contribute 38% of total Gross Domestic Product (GDP).
However, some common problems faced by these local businesses include limited budget and tight cash flow, coupled with lack of information as well as options when it comes to insurance.
As a result, a 2020 report showed than more than 85% of small and medium-sized enterprises (SMEs) had inadequate coverage, leaving them exposed to business interruption and property damage.
While getting insurance may not be a priority for most business owners and mom-and-pop shops, the fact is that having the right coverage is very important
According to the Malaysian Insurance Highlights (MIH 2021) publication, a six-day flood in Malaysia during December 2021 caused economic losses of RM5.3 billion to RM6.5 billion, as covered by The Sun.
While the cost for flood insurance is rather nominal, many businesses are underinsured — on average, only 10% of economic losses are covered in relation to floods.
In fact, a PwC report showed that only 15% of SMEs have takaful or insurance protection. This shows that there is a protection gap, especially when it comes to local businesses in Malaysia.
Understanding the challenges and limitations faced by SMEs in Malaysia, insurance provider Tune Protect aims to simplify the process for businesses to get the coverage they need
First of all, Tune Protect is equipped with a user-friendly SME microsite, serving as a comprehensive platform for small business owners to acquire personalized insurance solutions. This microsite ensures convenient information access, empowering SMEs to make well-informed coverage decisions.
Furthermore, Tune Protect provides insurance plans tailored for all business industries. Tune Protect gets that there's no one-size-fits-all solution, and every company has its own priorities to protect.
Thus, it has come up with insurance plans for five main industries:
1. Food and beverage
2. Retail merchants
3. Office and building
4. Motor showroom and workshop
5. Wholesale and distribution
Some of the areas of coverage include damaged equipment, damaged inventory, theft, fidelity guarantee, natural disaster, property damage, and fire damage.
Additionally, with Tune Protect, you can customise your flexible insurance plans to suit your business and enjoy up to 50% off when you combine two or more policies.
Tune Protect strives not just to improve the customer experience but also to offer the SME community a platform for collaboration through the microsite. Working alongside onboard partners, the SME community can jointly build a flourishing ecosystem for the growth and protection of small businesses.
Business owners can get an instant quote from Tune Protect's SME microsite in three simple steps:
STEP 1: Select an industry
STEP 2: Select the categories that best describes your primary product or service offerings
STEP 3: Get an instant quote for your selected coverage and get insured!
What's cool is that you can do all this online, without even needing to visit a physical branch. This means you can focus on your business, while Tune Protect takes care of what you need.
Tune Protect even has a 3:3:3 commitment and assures a rapid quote within three minutes, a response time of three hours, and claims payout within three days upon approval
To date, Tune Protect has protected over 3,000 companies in Malaysia, amounting to over RM10 million worth of business assets insured
Tune Protect has also maintained a 100% claim success rate, not to mention an impressive 4.1-star rating on Google, offering businesses extra peace of mind.
Ready to find an insurance policy that meets your business needs? Find out more about Tune Protect's SME insurance offerings on their microsite today!
