Old Mutual and Absa Bank Introduces Comprehensive Insurance for SMEs

Old Mutual Kenya has partnered with Absa Bank Kenya to launch Linda Biz, a comprehensive insurance product designed specifically for small and medium-sized enterprises (SMEs). This product aims to mitigate various risks that SMEs face, enhancing their sustainability and growth potential.

Core Features of Linda Biz

Linda Biz offers a range of insurance covers, including:

• Fire and Political Violence: Protection against damages caused by fire, political unrest, riots, and strikes.
• Flood Insurance: Coverage for losses due to floods.
• Business Interruption: Compensation for loss of income resulting from disruptions to business operations.
• Burglary and Theft: Protection against burglary and theft by employees.
• Employee Coverage: Work Injury Benefits Act (WIBA) coverage for employees, safeguarding against injuries, disablement, or death at the workplace.
• Comprehensive Medical Insurance: Includes inpatient, outpatient, dental, optical, and maternity cover options. Benefits extend to hospital cash benefits and lifetime cover.

Life Insurance Component

Linda Biz also incorporates life insurance, providing a lump sum payment to beneficiaries in the event of death, disability, or critical illness diagnosis of the insured.

SMEs: The Backbone of the Economy

Arthur Oginga, CEO of Old Mutual Group, emphasized the critical role SMEs play in Kenya’s economy. He highlighted the need for robust support from financial service providers to help these businesses manage risks effectively.

Why Linda Biz is Essential for SMEs

SMEs often operate in a volatile environment with numerous risks. Traditional insurance products might not adequately cover the unique challenges they face. Linda Biz is tailored to address these specific needs, offering comprehensive coverage that ensures business continuity and stability. By protecting against common perils like fire, political violence, and theft, and providing medical and life insurance, Linda Biz helps SMEs safeguard their assets, employees, and overall business health.

Innovative Approach to SME Insurance

Linda Biz stands out due to its holistic approach to insurance. It doesn’t just cover the physical assets of a business but also takes into account the health and well-being of employees, which is crucial for maintaining a productive workforce. This integrated coverage is essential for SMEs, which might not have the resources to handle multiple insurance policies.

Supporting SME Growth and Development

By providing a safety net through comprehensive insurance coverage, Linda Biz enables SMEs to focus on growth and development. With reduced risk exposure, business owners can make strategic investments and expansions without the constant fear of potential setbacks.

Summary

The launch of Linda Biz by Old Mutual and Absa Bank is a significant step towards supporting the SME sector in Kenya. It offers a well-rounded insurance solution that addresses the various risks faced by SMEs, promoting business resilience and sustainability. As SMEs continue to drive economic growth, products like Linda Biz will be instrumental in ensuring their long-term success.