AXA SmartPlan customers to get extra month of free insurance coverage

AXA Insurance on Wednesday said existing and new SmartPlan customers will receive an additional month of free insurance coverage for their annual policy upon renewal or new enrolment from June 1 to Aug 31.

This comes as the insurer looks to support corporate customers, particularly small and medium enterprises (SMEs), who may be impacted by the Covid-19 pandemic.

It is also offering SmartPlan customers the option to pay for premiums via monthly interest-free instalments, instead of paying a lump-sum premium for the entire policy period at the start.

Paying in instalments may help ease customers' cash flow and at the same time maintain their business insurance protection, AXA said.

SMEs with cash flow concerns may also increase the deductible or co-pay amount they bear, thereby reducing their premium while ensuring they get the coverage needed.

AXA's SmartPlan policy provides coverage on property protection, protection against public liability, as well as protection for employees. 

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When it comes to property protection, SMEs will get complimentary coverage of up to S$5,000 per equipment if damaged or destroyed, which can be topped up if more comprehensive protection is required. Equipment includes laptops and tablets but excludes mobile phones.

Protection against public liability will provide SMEs free food poisoning coverage of up to S$500,000, which can be topped up if more comprehensive protection is needed.

This comes as more food and beverage businesses diversify their operations into takeaways and deliveries amid the Covid-19 pandemic, where exposure to potential food poisoning scenarios may be of greater concern. 

As for employee protection, the policy covers claims, legal costs, and expenses as a result of employees' work accidents or illnesses. This includes the Covid-19 virus arising from and in the course of work. It also provides coverage for scenarios not compensable under the Work Injury Compensation Act, such as an employee who meets with a traffic accident while travelling by car or public transport to or from the workplace. 

Kevin Leong, AXA Insurance managing director of commercial lines, said SMEs are a key growth driver of Singapore's economy, but many are underinsured or even uninsured against business risks.

"We understand that this is a particularly challenging and uncertain time for many SMEs and are committed to not just ensuring their protection through our solutions, but also offering greater value and support," he added.