Mapfre Insular launches SME-oriented products

MANILA, Philippines - Mapfre Insular, a non-life insurance firm, has launched La Tienda for small and medium-sized enterprises (SMEs). La Tienda provides coverage that helps entrepreneurs protect their businesses.

According to Mapfre Insular assistant vice president Rodolfo Pestaño, La Tienda offers sum insured ranging from P500,000 to P15 million.

“Most of these businesses are restaurants, commercial establishments, and retail stores but excludes boutiques or outlet stores that can be found in malls,” Pestaño added.

The Department of Trade and Industry estimates that micro, small, and medium enterprises (MSMEs) represent 99.7 percent of the 783,065 business enterprises operating in the Philippines.

La Tienda has two different packages — La Tienda Simple and La Tienda Completo.

The La Tienda Simple offers mainly fire and/or lightning coverage with other supplementary coverage for plate glass cover, debris removal, professional fees, and fire fighting expenses.

La Tienda Completo is a comprehensive package that provides basic coverage for fire and lightning plus extended coverage for explosion, smoke, and aircraft/vehicle impact, typhoon, earthquake fire or shock, and for events classified under RSMD (Riot, Strike, and Malicious Damage).

In addition, it offers the same supplementary coverage as the La Tienda Simple but with a higher limit.

“With as little as P2.50 per day, establishments can already have their businesses insured for commercial risks with add-ons that will help alleviate financial burden in the event that these risks occur,” Pestaño added.