Resolution Insurance supports SME Expo

Leading general insurer, Resolution Insurance is playing a key role towards the development and growth of the Small and Medium Enterprises (SME) in the country.

In this regard, the insurer has sponsored the SME Expo 2016 that will be held at the Kenyatta International Convention Centre (KICC) in Nairobi between April 7-9, 2016 to enable the public to get critical business information from trusted sources.

Speaking at the Intercontinental Hotel when the insurer donated a cheque of Kshs 324, 800, Resolution Insurance Senior Marketing Executive Wanjiku Gitau said the insurer’s SME Policy is a comprehensive package policy specifically designed to suit small to medium sized business as well as office operations.

“Under all risks we provide cover against accidental physical loss or damage to specified items as a result of any cause which is not specifically excluded from the policy. This includes theft, fire, riot and strike, accidental damage and any other cause not excluded under the policy,” Gitau said.

She said the policy covers loss of money by theft while in transit from premises to the bank and vice versa or in the premises during business hours and outside business hours; in the hands of senior employees or authorized personnel of the company or any damage to safes or strong rooms.

“The SME cover also offers indemnity for legal liability under Work Injury Benefit Act (WIBA) 2007, in respect of accidental death, bodily injury or illness to employees as declared arising out of and in the course of employment,” she added.

The SME sector is crucial to Africa’s growth, contributing more than 45 percent to employment and 33 percent to Gross Domestic Product (GDP). In high income countries, SMEs contribute nearly 64 percent to the GDP and 62 percent to employment.

African countries must therefore double the size of SME sectors to emerge socially and economically. However, SMEs across Africa continue to face significant challenges. Studies indicate for example that more than 70 percent of SMEs lack access to medium and long term finance, creating an SME funding gap of more than US $140 billion in Africa alone.

Dubbed the SME Thought Leaders Forum, the expo has been created to uncover the best solutions and growth steps towards excellence in your SME business and have lined up the most successful entrepreneurs, informed opinion leaders and the go-to people in the field of business to share their thoughts with the SME business owners and other stakeholders on the best way to boost growth of SME businesses.

“The forum will provide an opportunity to get critical business information from trusted sources who move and inspire people with innovative ideas; turn ideas into reality, and know and show how to replicate their success,” she said.