Small and Medium Enterprises (SMEs) can now look forward to a new business insurance offering, courtesy of Stanbic Bank Botswana. The Bank today launched BIZPROTECT, a first for Botswana, which bundles various major insurance risks into one product.
“We recognise and value the potential of SMEs as a strategic engine of growth contributing towards economic diversification, job creation and poverty alleviation in the Botswana economy. The development of BIZPROTECT comes as a testament of Stanbic Bank’s commitment to offering both relevance and value to our economy, further supporting Government’s Economic Diversification Drive,” said Stanbic Bank Head of SME, Onkabetse Morapedi.
BIZPROTECT is exclusive to Stanbic Bank and has been developed in collaboration with Zurich Insurance Company Botswana, a leading short term insurance underwriter. BIZPROTECT brings together the main insurance risks at different and affordable benefit levels. Features and benefits of the product include cover for business contents in the event of burglary and armed hold ups; theft, fire, accidental damage; as well as many other risks.
Stanbic Bank Botswana Bancassurance Manager, Kemmonye Phaladi says policyholders can benefit from business liability on the increased cost of working; medical expenses; bereavement expenses; and trauma expenses. “Customers can choose from two options depending on their affordability: BIZPROTECT offers a limit of P25,000.00 on contents and allied perils, and BIZPROTECT Plus offers a limit of P50,000,00 on contents and allied perils. There are P250, 000.00 and P500,000.00 liability limits on BIZPROTECT and BIZPROTECT Plus options respectively, making this a truly unique offering to add value to our SME business customers.”
Standard Bank Group, of which Stanbic Bank Botswana is a member, provides financial services to more than 140,000 SMEs across Africa. This insurance solution is informed by our expertise and deep understanding of SME markets, coupled with insights out of our continuous customer engagements.