KB Insurance Launches Small Business Flood and Wind Damage Mutual Aid Covering Natural Disaster Losses

KB?Sonbo, Ministry of the Interior and Safety, and Korea Federation of SMEs Sign Business Agreement

KB Insurance announced on the 23rd the launch of the 'Small Business Flood and Windstorm Mutual Aid' to protect small business establishments affected by natural disasters such as earthquakes, typhoons, and floods.

[Asia Economy Reporter Oh Hyung-gil] KB Insurance announced on the 23rd that it has launched the 'Small Business Owner Wind and Flood Damage Mutual Aid' to protect small business establishments affected by natural disasters such as earthquakes, typhoons, and floods.

This product covers damages caused by wind and flood to business buildings such as stores and factories, as well as various facilities, machinery, and inventory assets. It is a policy insurance product supported by the government and local governments, covering 59~92% of the mutual aid premiums.

To launch the mutual aid, KB Insurance signed a business agreement with the Ministry of the Interior and Safety and the Korea Federation of SMEs.

The Ministry of the Interior and Safety oversees the operation of the wind and flood damage mutual aid project, the Korea Federation of SMEs handles contract signing, policy issuance, and subscription guidance, and KB Insurance is responsible for underwriting mutual aid contracts, accident reporting, and claims processing.

Not only owners of stores or factories but also tenants can subscribe and receive coverage for facilities and inventory assets. Subscriptions can be easily made anytime and anywhere via mobile.

KB Insurance stated, "In the difficult economic situation caused by the recent COVID-19 pandemic, this provides a safety net in the form of mutual aid for small business owners," and added, "We will promote coexistence through collaboration with various institutions and companies and contribute to creating a better business environment."

This content was produced with the assistance of AI translation services.