Samsung Fire & Marine Insurance Launches Biz & Safety Partner for Commercial Property Insurance

Samsung Fire & Marine Insurance announced on the 16th the launch of 'Biz & Safety Partner,' a property insurance that covers property damage, liability, and employee-related protection all in one.

[Asia Economy Reporter Oh Hyung-gil] Samsung Fire & Marine Insurance announced on the 16th that it has launched 'Biz & Safety Partner,' a property insurance that covers property damage, liability, and employee-related protection all in one.

The insurance premium is applied according to the type of business the customer is actually operating at their business site. Previously, customers had to subscribe based on the riskiest business type around the site.

Additionally, in case of fire damage, a fire damage special contract compensates for the actual loss within the insured amount limit. The subscription limit is up to 2 billion KRW, which is the highest level in the industry. The limit has been expanded more than twice compared to before to ensure customers receive sufficient compensation.

Liability coverage for nursing homes and caregivers, which are mandatory to subscribe to, as well as accidents related to indoor children's play facilities such as trampolines and air bounces, can also be optionally included.

Regarding the recently increasing food delivery services, liability for property damage such as damage to customers' clothes or bags caused by poor packaging after delivery can also be covered.

Furthermore, for the first time in the industry, a special contract has been established to compensate for business interruption caused by wind and water disasters. In cases where stores are closed due to fire, wind and water disasters, collapse, subsidence, landslides, on-premises explosions, or ruptures, compensation of up to 100,000 KRW per day is provided. Even for non-special buildings, a special contract can be subscribed to cover damages such as broken glass or fallen signs attached to the store caused by wind and water disasters.

A new special contract for attorney fees related to occupational negligence causing death or injury has also been introduced. If a person is detained or prosecuted due to bodily injury caused by occupational negligence, the actual costs incurred for hiring an attorney will be compensated.

A Samsung Fire & Marine Insurance official said, "We wanted to alleviate customers' concerns about various risks that may occur while running their business," adding, "We will strive to create products that can protect our customers' success and safety together."

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