NH Nonghyup Insurance has introduced a dedicated fire insurance policy for small businesses that have faced challenges in obtaining coverage due to high fire risks.
On October 28, NH Nonghyup Insurance announced the launch of the 'NH Manufacturing Small Business Fire Insurance' following a memorandum of understanding (MOU) with the Small Business Market Promotion Agency.
This agreement aims to establish a foundation for small businesses, which have struggled to secure private insurance due to high fire risks, and to strengthen the financial safety net.
The NH Manufacturing Small Business Fire Insurance covers three key areas: fire damage, fire liability, and fire penalties. It introduces a 'fire damage integrated limit (actual loss)' coverage that compensates for actual losses incurred, with a maximum limit of 100 million won.
The enrollment conditions have also been relaxed. Small businesses can now join without separate assessments, regardless of their risk category or building structure, through a 'no-assessment underwriting' approach.
NH Nonghyup Insurance and the Small Business Market Promotion Agency plan to expand the distribution of this product in areas with a high concentration of small businesses and will jointly promote fire prevention education and safety inspection activities.
Song Chun-soo, CEO of NH Nonghyup Insurance, stated, "The launch of this dedicated product and the MOU is a significant step in providing a practical safety net for small businesses that have been in the insurance blind spot. We will continue to strive to protect the workplaces of financially vulnerable groups through inclusive finance."
* This article has been translated by AI.
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