AXA Insurance has announced a new initiative aimed at supporting its corporate customers, particularly SMEs, who may be impacted by the COVID-19 pandemic. Existing and new AXA SmartPlan customers will receive an additional month of complimentary insurance coverage for their annual policy upon renewal or new enrolment, from 1 June 2020 until 31 August 2020.
AXA SmartPlan can help to safeguard a business against future risks with its holistic coverage options that cater to a wide range of business types including office, retail, food and beverage and clinics. It provides SMEs comprehensive and customisable protection to support their business needs, including the following coverage which may be particularly relevant in the current environment:
- Property protection – including complimentary coverage for portable electronic equipment
Provides essential coverage against property damage (including goods-in-transit in Singapore) due to accidental causes such as fire and water damage, which can cause severe and long-term losses that have a huge financial impact on one’s business.
In addition, with work from home becoming the new normal, portable electronics are often left uninsured when brought home by employees. The plan provides worldwide coverage for the cost of repairs or replacement of portable electronic equipment such as laptops and tablets but excluding mobile phones, if damaged or destroyed. AXA is offering SMEs complimentary coverage of up to S$5,000 per equipment, which can be topped-up if more comprehensive protection is required.
- Protection against public liability – including food poisoning suffered by patrons
Covers legal liability for accidental bodily injury, death or property damage to third parties arising out of the operation of the business. This includes coverage for food poisoning suffered by customers resulting in bodily injury or death.
With more food and beverage businesses diversifying their operations into takeaways and deliveries in recent months, exposure to food poisoning may be of greater concern. AXA is providing SMEs complimentary food poisoning cover, of up to of up to S$500,000, which can be topped-up if more comprehensive protection is required.
- Protection for employees – including COVID-19 and scenarios not compensable under the Work Injury Compensation Act
Provides coverage for any claims, legal costs and expenses incurred as a result of employees’ work accidents or illnesses, inlcuding COVID-19 arising from and in the course of work. It also provides coverage for scenarios not compensable under the Work Injury Compensation Act, such as an employee who meets with a traffic accident while travelling by car or public transport to or from the workplace and home.
Kevin Leong, Managing Director, Commercial Lines, AXA Insurance said, “SMEs are a key growth driver of Singapore’s economy, but many are underinsured or even uninsured against business risks. We understand that this is a particularly challenging and uncertain time for many SMEs and are committed to not just ensuring their protection through our solutions, but also offering greater value and support.”
In addition to extending complimentary coverage for an additional month, AXA is also offering AXA SmartPlan customers the option to pay for premiums by monthly interest-free instalments, instead of paying a lump sum premium for the entire policy period at the start, which may go some way in helping to ease their cash flow while maintaining their business insurance protection. SMEs who may have cash flow concerns also have the option to increase the deductible / co-pay amount borne by them, which will reduce their premium while ensuring they receive the coverage they need.
For more information on the benefits of AXA SmartPlan, please visit https://www.axa.com.sg/pdf/our_solutions/commercial_business/smartplan-personal-service/smartplan_brochure.pdf
ABOUT AXA INSURANCE
AXA Insurance is part of the AXA group, a worldwide leader in insurance and asset management with 160,000 employees serving 108 million clients in 57 countries. Present in Singapore since 1969, AXA Insurance has been serving the general and life insurance needs of individuals and companies in Singapore through a wide range of innovative products. As one of the top global insurers in Singapore, AXA Insurance protects more than a third of a million customers in Singapore. As a company whose business is about protecting people, AXA Insurance is committed to building a stronger and safer society by empowering customers to live better lives.
For more information, please visit www.axa.com.sg.
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