KB Insurance will provide coverage for business losses incurred by small business owners in the Gyeongbuk region who are hospitalized due to illness.
On September 22, KB Insurance announced that it will manage the 'Small Business Coexistence Insurance (Business Interruption Compensation Insurance)' aimed at small businesses in Gyeongsangbuk-do.
The eligible participants include approximately 200,000 small businesses that have been registered and operating for over a year in Gyeongbuk.
There is no separate application or enrollment process. Businesses that meet the eligibility criteria will be automatically enrolled in the insurance. The insurance period runs from September 2, 2026, to September 1, 2029.
The insurance covers losses incurred when a small business is forced to close due to hospitalization from illness or injury. Compensation can reach up to 50,000 won per day, with a maximum payout of 500,000 won. Businesses can receive compensation even if they have other insurance policies.
To claim the insurance, businesses must submit relevant documents that verify their hospitalization or business interruption.
To ensure smooth operation of the insurance, KB Insurance will assign dedicated personnel and operate a dedicated call center and KakaoTalk consultation channel. They plan to support claims and consultations while utilizing a specialized review and compensation system to expedite the claims process.
The company also aims to manage the status of insurance enrollment and payouts, as well as any complaints, to enhance the stability of business operations and the quality of service.
A representative from KB Insurance stated, "For small business owners who must suddenly halt operations due to illness or accidents, business interruption is directly linked to their livelihoods. We will do our utmost to ensure that the Small Business Coexistence Insurance serves as a social safety net that supports management stability for small businesses in Gyeongbuk and contributes to sustainable growth in the local economy."
On September 22, KB Insurance announced that it will manage the 'Small Business Coexistence Insurance (Business Interruption Compensation Insurance)' aimed at small businesses in Gyeongsangbuk-do.
The eligible participants include approximately 200,000 small businesses that have been registered and operating for over a year in Gyeongbuk.
There is no separate application or enrollment process. Businesses that meet the eligibility criteria will be automatically enrolled in the insurance. The insurance period runs from September 2, 2026, to September 1, 2029.
The insurance covers losses incurred when a small business is forced to close due to hospitalization from illness or injury. Compensation can reach up to 50,000 won per day, with a maximum payout of 500,000 won. Businesses can receive compensation even if they have other insurance policies.
To claim the insurance, businesses must submit relevant documents that verify their hospitalization or business interruption.
To ensure smooth operation of the insurance, KB Insurance will assign dedicated personnel and operate a dedicated call center and KakaoTalk consultation channel. They plan to support claims and consultations while utilizing a specialized review and compensation system to expedite the claims process.
The company also aims to manage the status of insurance enrollment and payouts, as well as any complaints, to enhance the stability of business operations and the quality of service.
A representative from KB Insurance stated, "For small business owners who must suddenly halt operations due to illness or accidents, business interruption is directly linked to their livelihoods. We will do our utmost to ensure that the Small Business Coexistence Insurance serves as a social safety net that supports management stability for small businesses in Gyeongbuk and contributes to sustainable growth in the local economy."
* This article has been translated by AI.
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