Hyundai Marine & Fire Insurance Hosts Free Enrollment Event for Nationwide Food Service Small Business Owners' 'Pungsuhae Insurance'

[Asia Economy Reporter Changhwan Lee] Hyundai Marine & Fire Insurance announced on the 13th that it will accept free enrollment applications for the ‘Small Business Owner Flood and Windstorm Insurance’ for small restaurant business owners nationwide until the 25th.

This event is being implemented under an agreement between Hyundai Marine & Fire Insurance and Baedal Minjok, where Baedal Minjok will cover the entire insurance premium (about 30,000 KRW per person) that small business owners would otherwise have to pay, in addition to the government and local governments’ premium support benefits.

From April to August, a pilot event was conducted targeting five local governments including Busan and Gyeonggi Province, with about 10,000 small business owners enrolling in the flood and windstorm insurance. Some of them actually suffered damages during the heavy rains in August, and compensation processing is currently underway.

The insurance period for the ‘Small Business Owner Flood and Windstorm Insurance’ is one year, with compensation amounts varying by local government: up to 70 million KRW for facilities and fixtures, and up to 20 million KRW for inventory assets. The deductible is set at a minimum level of 200,000 KRW.

Applications can be made by searching for ‘Flood and Windstorm Insurance Support Project with Baemin’ on the Hyundai Marine & Fire Insurance blog, Baemin Boss Square, Baemin Academy website, or KakaoTalk. In addition to online applications, applications can also be submitted via phone or fax.

Kim Byungwon, Executive Director of Hyundai Marine & Fire Insurance, said, “Hyundai Marine & Fire Insurance has played a leading role in expanding enrollment in the Small Business Owner Flood and Windstorm Insurance, and through this agreement with Baedal Minjok, we will provide insurance services to more small restaurant business owners.”

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