Both SME and MSME are key pillars of Kenya’s economy. The sectors provide employment to 86 percent of Kenyans and contributes to more than 45 percent of Kenya’s gross domestic product (GDP).
In most cases, people never think of protecting their small businesses despite them being the sole source of livelihood. Whenever an accident occurs, such as fire, a small business can be wiped out within seconds.
Unfortunately, Kenya is prone to political violence, especially after every general election. Every time violence breaks out, the SME and MSMEs are often the first casualties and they incur painful losses.
What many people don’t know is that you can ensure your business however small it might be. You can always keep your business protected from risk by ensuring that you find the right insurance package that suits your business needs.
Co-operative Bank of Kenya has an MSME insurance package that will protect your business from any financial loss. With the package, the business will be covered in a lump sum based on the risks that the business may face.
The SME Cover
This is a structured cover depending on your needs with competitive prices. Most risks that your business might face are covered in this package. What is more, you can have several policies insured under one package with competitive premiums for all classes.
The Personal Accident Cover
Under this, your business will be covered against personal accident risks with political violence and terrorism included and it can be bought alongside an account.
The Micro Cover
Under this product, all your assets will be insured. Your business will also be covered against burglary and a personal accident cover is given to you as the business owner.