New TMB Bank insurance policy offers all-in-one options for SMEs

With starting premiums of Bt7,500 a year, these new insurance products are expected to be popular with SMEs and generate Bt70 million in premium income for TMB in the first year.
Trairong Butragaht, the bank’s chief SME and supply-chain officer, said news reports on accidents had increased SMEs’ awareness of the need to insure their businesses against unexpected incidents.
As these SMEs are looking for tools to reduce risks, many have realised that available insurance options often have limited coverage. Options by some insurers do not provide comprehensive protection. When they want greater protection, they have to undergo a complicated process of studying and taking out many insurance policies.
Recognising this need, TMB has developed new insurance products that offer greater comprehensive coverage and reduced restrictions. It has thus become the first commercial bank in Thailand to offer all-in-one insurance options for SMEs.
As these new products respond well to the needs of SMEs in the current economic circumstances, TMB is confident that it will earn about Bt70 million in premiums from these all-in-one policies in the first year.
These new policies are considered “miscellaneous insurance”. However, they cover both major risks and other perils. Major risks include fires, lightning, explosions, aircraft accidents, smog and floods. Other perils include money losses, theft, compensation for loss of income and/or rental expenses, public liability, and plate-glass damage.
The “TMB All-In-One Insurance Options for SMEs” are insured by Navakij Insurance.
The “All-In-One Insurance Options” offer insured amounts between Bt1 million and Bt10 million per policy depending on the value of the insured assets. Compensation covers the full amount of damage for as long as it does not exceed the insured amount.
There are three options available. The “Small Option” offers insured amounts for insured assets ranging between Bt1 million and Bt2 million plus additional compensation of Bt200,000 for coverage of natural disasters and other perils. Annual premiums including tax range from Bt7,500 to Bt10,500.
The “Medium Option” offers insured amounts for insured assets ranging between Bt3 million and Bt5 million plus additional compensation of Bt300,000 for coverage of natural disasters and other perils. Annual premiums including tax are between Bt15,750 and Bt21,750.
Finally, the “Big Option” insured amount ranges between Bt6 million and Bt10 million plus additional compensation of Bt500,000 for coverage of natural disasters and other perils. Annual premiums including tax are between Bt29,250 and Bt41,250.