BC Card Provides Free Natural Disaster Damage Insurance for Small Business Owners

[Asia Economy Reporter Yu Je-hoon] BC Card announced on the 27th that it will provide 'Natural Disaster Damage Insurance' free of charge to small business owners to support damages caused by summer natural disasters such as the rainy season and typhoons.

This product, called 'Small Business Owner Wind and Flood Insurance,' was launched in partnership with Insurobo, an AI-based next-generation intelligent insurtech company. The wind and flood insurance is a government-supported insurance that compensates small business owners for property damage caused by natural disasters such as typhoons, heavy rain, floods, strong winds, heavy snow, and earthquakes.

According to a recent survey by the Ministry of the Interior and Safety, the scale of natural disaster damage over the past 10 years reached 4.4192 trillion KRW, averaging about 440 billion KRW annually. The main causes of damage were concentrated heavy rain and typhoons during the summer, affecting public facilities, private facilities (apartments, houses, etc.), and buildings.

The BC Card-Insurobo Small Business Owner Wind and Flood Insurance is expected to be a great help to franchise owners affected by such natural disasters. First, there is no insurance premium burden for franchise owners when subscribing. After enrollment, up to 40 million KRW is supported for stores, factories, and facilities operated by the insured in case of natural disaster damage. Additionally, benefits such as preferential loan interest rates from the Small Enterprise and Market Service and other financial institutions, as well as reduced fees for issuing credit guarantees from regional credit guarantee foundations, are provided.

Currently, among approximately 3.3 million BC Card franchise stores, benefits can be provided to 3 million small business owner franchise stores, accounting for 90%. Insurance subscription is free for franchise owners who receive new franchise loans through Paybook, BC Card's simple payment application, and there are plans to further expand the target customer base in the future.

Oh Sung-soo, Head of BC Card's MyData Division (Executive Director), said, "We have provided this product to ease the financial burden of small business owners suffering from various disasters and calamities, even if only a little," adding, "We will continue to strive to offer various benefits through ongoing mutual growth with small business owners."

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