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In today’s unpredictable business environment, risk management is no longer optional; it is essential.
From supply chain disruptions and cyber threats to fire and health emergencies, Kenyan businesses are increasingly exposed to risks that can erode profitability or bring operations to a standstill.
While many companies recognize the importance of insurance, finding a trusted, reliable, and accessible provider remains a challenge.
This is where the Co-operative Bank of Kenya is emerging as a strong partner for businesses.
Through its subsidiary, Co-op Bancassurance Intermediary Limited (CBIL), the bank offers tailor-made insurance solutions that meet the evolving needs of enterprises, ranging from small start-ups to established corporates.
A good example of such solutions is the Co-op Bank MSME Insurance designed to protect small enterprises from any financial loss. The business is covered on a lump sum premium based on risks that it may face. The packages available are:
1. Personal accident cover
The client can be covered against personal accident risks with political violence and terrorism included.
- Micro cover
This cover can be bought alongside an account and provides coverage to all customer assets. The product also covers burglary risks, and gives the business owner personal accident and last expense covers.
Types of SME loans you can get from Co-op Bank
Faith Mumo, a beneficiary of the Co-op Bank MSME insurance emphasizes the need for insurance among Kenyan businesses.
“I saw the need for insurance after my friend lost his business in a similar way. He was compensated and was back in business like nothing had happened. He encouraged me to get one and in indeed learned that in business you should always prepare for the unknown,” she said.
“Co-op Bank is my business partner. I have banked with them for so many years and have also benefited from their loans. So I decided to continue with the partnership even in the insurance sector,” she added.
Unlike standalone insurers, Co-op Bank provides a one-stop financial solution that integrates banking and insurance. This approach is particularly advantageous for businesses that want to streamline operations.
Instead of managing separate relationships for loans, payments, and insurance, businesses can access these services under one roof, saving both time and costs.
Many businesses hesitate to take up insurance due to fears of delayed or disputed claims. Co-op Bank, leveraging its reputation as a trusted financial institution, emphasizes transparency and efficiency in claims processing.
This assurance of accountability gives businesses confidence that their policies will deliver when needed most.
