The SME Insurance Policy is a combined and flexible insurance plan that protects the business owner and organisation from fortuitous loss, suffered as a result of perils that are insured against; whilst carrying out its operations in strict adherence to the laws of the country.

HOW IT WORKS
The SME Insurance Policy offers the business owner the choice of selecting some or all of the insurance plans that meets the need of their business. Some of the classes of insurance covers through the Custodian SME Insurance policy include the following:

FIRE AND SPECIAL PERILS INSURANCE
The policy will provide compensation if the property/asset suffers loss or damage caused by fire or any of the perils listed below.
The Perils covered are:
Fire Lightning, Explosion, Aircraft damage Riot strike and malicious damage Storm, tempest, flood, inundation, hurricane, cyclone, typhoon, and tornado Subsidence/landslide including rockslide Bursting and or overflowing of water tanks and apparatus Bush fire

BURGLARY INSURANCE
This policy covers loss or damage to the insured’s property resulting from actual forcible and violent entry into or exit of the insured’s business premises.

GROUP LIFE AND PERSONAL ACCIDENT INSURANCE
At inception, an immediate estate is created for the dependent (s) which is available upon premature death. The policy provides:
A 24-hour mortality cover devoid of geographical limitations Cover against death from any source Instant financial assistance for dependents of the deceased Death cover of twice the sum assured in the case of accidental death (if the option is chosen) Permanent disability benefit equal to the sum assured in case the employee is totally and permanently disabled with a medical expense limit of N50, 000 Temporary total disability benefit equal 2% annual salary for a maximum of 104 weeks with a medical expense limit of N50, 000 A wholesome package that meets the requirements of the statutory group life policy under 4(5) of the Pension Reform Act, 2014

MOTOR INSURANCE (PRIVATE CAR/COMMERCIAL VEHICLE)
The policy provides cover against unforeseen loss/damage, theft, fire, damage of the insured’s vehicles. It also provides cover for accidental injury to or death of third party as well as damage to third party property, up to a limit of N1, 000,000. The policy will cover vehicles used for private/pleasure and business (excluding fare-paying passenger buses)

OCCUPIERS’ LIABILITY INSURANCE

The policy covers legal liability of the insured arising from ownership, maintenance or use of the designated premises; including the ways immediately adjoining the premises or buildings for death, bodily injury or property damage sustained on or around the premises by any user or member of the public. This insurance cover is compulsory by law for all buildings to which members of the public have ingress and egress for the purpose of obtaining educational or medical service, or for the purpose of recreation or transaction of business.