Insurtech Igloo has developed NegosyoCare, an insurance product, recognizing the challenges of sustaining the operations of small businesses in the Philippines.

Starting and maintaining small businesses sometimes entail daunting tasks including securing mayor’s permits, creating a business plan, and registering for taxes. Add to that is the challenge of keeping both the digital and physical branches secure.

To assist small, and especially micro, entrepreneurs in ensuring that their businesses can withstand challenges, Igloo designed NegosyoCare, an insurance product specifically designed to protect MSMEs.

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“MSMEs are the backbone of the economy, but they often run on tight budgets and have limited access to financing,” said Mario Berta, country manager, Igloo Philippines. “This puts them at risk when unexpected events come knocking and disrupt their operations. That is why having small business insurance, like NegosyoCare, is so important. It offers affordable and accessible coverage, giving these businesses the protection they need without breaking the bank.”

Coverage

Available via GCash’s GInsure marketplace, NegosyoCare premiums begin at P160 for one-month coverage and up to P525 for one-year coverage. It provides coverage for accidental deaths, total permanent disability due to accident, and disablement or dismemberment due to accident for up to P50,000. Benefits also include medical reimbursement for accidents for up to P5,000, fire cash assistance for P10,000, and coverage for burglary and housebreaking for P10,000.

Beyond securing the location and required permits when starting a business, an important step when it comes to running a business is to protect your business from any unwanted incidents including injuries, burglaries, and accidents.