KB Insurance Opens Mobile Mandatory Liability Insurance Enrollment System for Small Business Owners

KIDI and General Insurance Association API Utilization
Calculate Insurance Premiums and Easy Enrollment with Just Address, Business Type, and Trade Name Input
Guide to Mandatory Liability Insurance for Business Establishments

[Asia Economy Reporter Ki Ha-young] KB Insurance announced on the 15th that it has opened a 'Mobile Small Business Mandatory Liability Insurance' subscription system through its online channel, KB Insurance Direct, which easily guides small business owners on the mandatory liability insurance they must subscribe to and allows for simple enrollment.

The KB Insurance Direct Mobile Small Business Mandatory Liability Insurance subscription system utilizes the Application Programming Interfaces (APIs) of the Korea Insurance Development Institute and the General Insurance Association of Korea. By simply entering the address, business type, and business name, it provides guidance on whether the business is required to subscribe to 'Multi-use Facility Fire Liability Insurance' and 'Disaster Liability Insurance,' calculates the insurance premium, and significantly simplifies the subscription process.

Businesses subject to mandatory insurance are facilities assigned a mandatory subscription serial number, and failure to subscribe can result in fines of up to 3 million KRW. However, small business owners have experienced difficulties in understanding which mandatory insurance they need to subscribe to. For example, a restaurant on the first floor must subscribe to Disaster Liability Insurance, while restaurants on other floors must subscribe to Multi-use Facility Fire Liability Insurance, which was hard for small business owners to distinguish.

Through the newly launched KB Insurance Mobile Small Business Mandatory Liability Insurance, small business owners in a total of 34 industries, including restaurants, singing rooms, and PC rooms, can easily check whether they are subject to mandatory subscription and which insurance they need to subscribe to, even if they do not know their mandatory subscription serial number. Additionally, customers can calculate premiums and subscribe conveniently anytime and anywhere via mobile, with essential coverage and coverage amounts tailored to the type of business they wish to insure.

The coverage provided by this insurance includes liability for fire accidents that the business owner must bear. If a customer is injured, compensation is provided up to 150 million KRW per person regardless of the number of victims, and if the fire spreads to neighboring stores, compensation is provided up to 1 billion KRW per incident.

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