A Micro Business cover is like a seatbelt for your business when business disaster strikes. Most entrepreneurs have no back up plan for their businesses when they get into financial or any other business challenges thus leading to many business’ closure. This is where Co-op Bank’s Micro Biashara Cover comes to play.

Whether you’ve been in business for year or are just getting off the group, we make it easy for you to get the insurance coverage you need – affordably. This policy covers all types of businesses with buildings, business stocks or household chattels or machinery valued up to Kshs.6,000,000/=

Below are the products under Micro-Biashara:

Fire and perils

The policy provides covers against loss or damage to property caused by fire, lightning and explosion and it’s also extended to cover riots, strike, malicious damage, storm, earthquake, and impact by vehicles, aircraft and other aerial devices, subterranean fire.

Spontaneous combustion, explosion of industrial boilers and economizers, flooding, water damage due to bursting or overflowing of water tanks, apparatus, and pipes. This insurance covers assets such as buildings, plant and machinery, business stocks, household chattels, furniture, fixtures and fittings and office equipment.

Burglary

The policy provides covers against loss or damage to property following forcible or violent entry or exit from an insured business or through hold-up. Assets such as plant & machinery, household chattels, office equipment, stock in trade, furniture, fixtures and fittings are covered up to a value of Kshs.6,000,000/=

This will protect the business or household against theft of stocks while in the premises, the damage to the building as the thieves break in and it’s even extended to cover goods in the open.

Machinery Breakdown.

The policy covers sudden and unforeseen physical damage or loss due to any accidental, electrical or mechanical breakdowns to the client’s machinery while at work or not in use and during any cleanup, inspection, overhauling or subsequent re-erection and removal to another site within the premises.

In addition to this, a small disaster e.g. fracture of a flywheel may result in a loss affecting several machines, with high replacement/repair costs

Transit risks

This policy provides cover for loss or damage to various types of goods while in transit following accidental collision, overturning, fire or hijack of the goods by road, rail or any inland waterway within Kenya.

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The product is designed to reimburse the businessman up to 30% of sum insured under Fire and perils and or Burglary.

Life cover

The next of kin will be paid this benefit to take care of funeral expenses resulting from natural or accidental death of the business owner up to a limit of 50,000/=.

What do you need to get cover?

• Completely filled proposal form
• Premium payment
• Copy of ID and PIN

What should you do in the event of claim?

• Notify Co-op Bank immediately
• Completely fill claim form
• A copy of police abstract

Important points to note

• The minimum premium payable is Kshs. 500/=
• The maximum value of stock insured is 6M
• The premium rate is 1.25% of stock value