Local business takes up insurance cover

Strategic Communications (StratCom) has taken up an insurance cover with Capital Insurance.
StratCom managing partner Andrew Runawery says well-established SMEs business should have a handful of core insurance products to protect their business and livelihoods and to get them back up and running quickly if something bad happens.
Capital Insurance Group has four subsidiaries doing insurance business in the Pacific.
The two entities that operate in PNG, Capital Life and Capital General Insurance, offer a vast range of insurance solutions including medical, life, property and business interruption, motor vehicle, domestic property, worker’s compensation, personal accident, general liability, travel, construction risks and maintenance guarantee.
“I would recommend property/business interruption, worker’s compensation, motor vehicle, medical and general liability as the core insurance products most businesses should have,” Runawery said.
“We’re a small business with under five employees, but that is not a deterrent.
“Medical cover allows my team to work with ease and the billing process with Capital is really convenient.”
Chief insurance officer David Lee says insurance really depends on what benefits and cover amounts (limits) are required.
“Under our Capital Healthcare product, we offer cover for medical expenses of up to K100,000 per year, plus dental, optical and maternity cover and evacuation cover if needed in the event of an emergency,” he said.
“There are three plan types – single, couple and family – and the standard price is K900, K1200 and K1500 respectively.”
“These plans also come with a small amount of life and funeral cover for you and/or your spouse and children (spouse/child cover applies to couple and family plans).
“Premiums can be paid quarterly, half yearly or annually, but the first instalment must be paid before a claim can be accepted.
“Immediately – as per above.
“Capital Life has a 14-day claims payment guarantee.
“This means that as long as we have all the information we need to assess and pay the claim, it will be in your account within two weeks, or we will refund the excess.”
“We aim for a seven-day turnaround from the date we receive the claim.
“The excess is the amount that you as the insured person must pay towards the claim.
“In medical insurance, this is typically 20 per cent of the total amount.”