SME Comprehensive Plan:
The Linkage SME Comprehensive Plan is designed to provide financial protection to small and medium sized businesses against an array of insurable risks in order to ensure their business continuity. The Plan is available with 5 different optional sections and flexible enough to cater for the insurance needs of SMEs across diverse sectors of the market.
The SME for this Insurance cover are:
The coverage contained in this Plan is as follow:
Cover Sections:
SECTION 1: MATERIAL DAMAGE
This covers material damage /loss to the insured’s business premises and their contents (e.g. furniture, computer and electronic appliances, plants & equipment, stocks including items held in trust for which the insured is responsible.
The perils insured under this section include such perils like fire, lightning, non-industrial explosions, malicious damage, flood, storm, impact, bush fire, strike and civil commotion as well as burglary & theft. * (Burglary & Theft being applicable to contents only)
SECTION 2: GOODS-IN-TRANSIT
Goods-in-transit (optional)
Often times depending on the nature of the insured’s business stock-in-trade, there could be a need to transport goods (e.g. stock or other items ) from one location to another between the insured’s business premises to and /or from the customers /suppliers premises. Such goods (with the exception of perishable, inflammable and breakable items are coverable under this section whilst in transit (either with the insured’s own vehicle or hired vehicle up to a limit of N5m in any one conveyance.
SECTION 3: EMPLOYER’S COMPENSATION
Occupational injuries and medical expenses resulting from accidents are usually common with employees whether within or outside the work place. This section provides cover for bodily injury directly caused by accidental violent, external and visible means to both the business and any of the insured employees. It also provides for medical expenses incurred as a direct result of an accident.
The limits per incident are
Medical Expenses N50, 000
Permanent disability N500, 000
SECTION 4: OCCUPIERS LIABILITY
This section provides cover against legal liabilities which the insured may incur by virtue of being the occupier of the insured business premises as a result of injuries or damages suffered by visitors and /or customers who, as members of the public legitimately have gone into the insured premises. It also provides for litigation cost reasonably incurred with the consent of the insurers in defending any course of action brought against the insured. The Limit of cover under this section is N2million for any one incident.
SECTION 5: PROFESSIONAL INDEMNITY
(Optional and exclusive to those in Professional Practice)
This section provides cover against negligent act or omission of the insured in their capacity as licensed professionals rendering professional service to a third-party client.
It covers legal damages as well as litigation cost against the Insured up to a limit of N2million.
SECTION 6: MOTOR COMPREHENSIVE INSURANCE (Optional)
This section provides cover on a comprehensive motor insurance basis, for all Motor vehicles in use by the business/firm against the risk of fire, theft, accidental own damage as well as third party liability for death and bodily injuries and property damage up to a limit of N2million.
NB: Cover vehicles of more than 5years old is however subject to the satisfactory mechanical condition report.
