Free Flood and Windstorm Insurance for Small Business Owners on Basement and First Floors... Including Traditional Markets

Applications open from 3 PM on the 10th until donations run out
Receive compensation for damages from typhoons, floods, heavy snow, earthquakes, and more

Small business owners operating in basements or on the first floor can now enroll in flood and windstorm insurance for free.

The Ministry of SMEs and Startups announced on the 9th that it is accepting applications for the "Free Enrollment in Flood and Windstorm Insurance for Small Business Owners," which fully covers the small business owners' share of the premium.

A glass door of a cafe is broken due to the impact of the typhoon.
[Photo by Yonhap News]

This is a follow-up measure to the business agreement to promote enrollment in flood and windstorm insurance for small business owners, signed with Kakao Pay and the Small Business Federation. Kakao Pay, which signed the agreement with the Ministry and the Federation, has donated a total of 1 billion KRW.

The support targets small business owners whose business addresses are in basements or on the first floor. Traditional markets are also included. The aim is to encourage enrollment primarily among small business owners in basements and first floors, who are relatively vulnerable to flood and windstorm risks. Small business owners with business addresses on the second floor or higher can enroll through the regular method by paying their own share of the premium.

The application period starts from 3 p.m. on the 10th and continues until the donation funds are exhausted. Applications can be made by going to the "All" tab in the KakaoTalk or Kakao Pay application and selecting "Insurance" followed by "Flood and Windstorm Insurance."

Flood and windstorm insurance is a policy insurance managed by the Ministry of the Interior and Safety. It covers houses, greenhouses, and small businesses (stores and factories). It provides compensation for property damage caused by typhoons, floods, heavy rain, strong winds, wind waves, tidal waves, heavy snow, earthquakes, and earthquake-induced tsunamis.

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