Tower powers for MSMEs
MICRO, Small and Medium Enterprises (MSMEs) are a key component of the Fijian economy and access to insurance can play a significant role in the mitigating risks they face in Fiji.
Insurance protects against financial losses and liability claims, ensuring legal compliance and fostering trust with customers and employees. It offers financial security and peace of mind in an unpredictable environment.
Tower Insurance Fiji is among the cosponsors of the upcoming MSME Conference scheduled for March. Previously, Business Assistance Fiji (BAF) and Tower Insurance Fiji have collaborated to conduct a Business Insurance Awareness Seminar for MSMEs in Suva.
“It’s beneficial for us to collaborate with BAF, an organisation actively supporting MSMEs in Fiji, and we are proud to sponsor this conference,” said Tower Insurance Fiji’s country manager, Joseph Magnus.
Mr Magnus said this sponsorship demonstrates Tower Insurance’s commitment to assisting MSMEs in Fiji. Tower Insurance has been actively raising awareness and conducting campaigns for MSMEs throughout Fiji, including rural and maritime islands, regarding the insurance packages they offer.
“This conference will benefit us because BAF is bringing 200 MSMEs under one roof and it is an opportunity for us to provide insurance solutions to all the MSMEs that will be part of the conference,” Mr Magnus said.
“We aim to support MSMEs, and we will indeed continue partnering with BAF in the upcoming years to offer solutions tailored for Fiji’s MSMEs, ensuring our ongoing support whenever needed.”
Mr Magnus is urging MSMEs to approach the conference with an open mind as it provides a platform for various organisations to offer assistance and raise awareness about opportunities available to them.
“As an insurance business, we see it as an opportunity to raise general insurance awareness among MSMEs. This conference ensures that we are with them throughout their journey, from starting as MSMEs to growing into larger businesses in the future,” he said.
During the two-day conference, Tower Insurance will set up booths which MSMEs can visit for more information on the products they offer. They will also be presenting at the conference.
Tower Insurance offers two insurance options for MSMEs in Fiji — SmartPac Business Insurance and Parametric Insurance.
SmartPac insurance provides coverage for various aspects including business protection, income, money, burglary, liability, fraud, property breakdown, and motor vehicles.
Coverage limits under SmartPac insurance include material damage up to $3million, loss of profit/consequential loss up to $2m, money up to $10,000, burglary up to $50,000, liability up to $2m, employee fraud up to $2,500, machinery breakdown up to $50,000, and motor vehicles up to $200,000.
Parametric Insurance, also available for personal insurance, enables MSMEs to recover quickly in the event of cyclone-related business disruptions.
Tower Insurance offers urgent cash assistance to alleviate immediate financial impacts following a cyclone, based on preset criteria and the location’s severity of impact.
Mr Magnus said Tower has a long history of helping the people of Fiji protect their assets with insurance.
“This year marks 150 years in business for Tower in Fiji. From personal assets to MSMEs, we are proud to play our part in bolstering Fiji’s resilience. We will share more about our plans to celebrate our 150year milestone with our communities soon,” he said.