SLIC repositions Business Club insurance with more focus on SMEs

Sri Lanka Insurance Corporation (SLIC) repositions Business Club insurance, a trade insurance that provides a comprehensive business insurance solution to fit for the diverse insurance needs of small and medium enterprises (SME).

According to the Export Development Board of Sri Lanka, SMEs are considered to be the backbone of the economy with a contribution up to 52 percent of GDP. SMEs play a crucial role to battle the poverty in the country, providing employment opportunities for the youth, as the SMEs do not require capital than large firms. Further, SMEs increase tax bases much quickly when compared to large firms.

Recognising the importance and vital contribution made to the economy by SMEs, SLIC went back to the drawing board to refine the Business Club comprehensive insurance solution to cater to the unique requirements of the businesses. Therefore, the insurance solution was developed to reinforce the success and safety of the businesses.  The insurance plan will provide protection for any businesses, be it retail, grocery store, supermarket, pharmacy or any other covering many perils, inclusive of environmental dangers such as floods, cyclone, fire, lightning as well as other factors such as breaking and burglary.

An array of main covers are available for businesses, inclusive of fire and/or lightening, explosion, malicious damage, aircraft damage, earthquakes  along with the free covers such as cost of removal of debris, loss of rental, architect, surveyors, consulting engineering fees, cost of alternative accommodation, etc.