Running a small or mid-sized business often means investing your time and resources into every decision. But when uncertainty strikes, how do you protect your business to ensure it not only survives but thrives?
Despite contributing nearly 40% of Malaysia’s GDP, many Micro, Small and Medium Enterprises (MSMEs) remain vulnerable to crises. Underinsurance leaves costly gaps that often surface only after disaster strikes. When flood, fire, or theft hits, they often discover critical gaps in their policies.
Insurance Isn’t Just for the Big Businesses
For Tan Sek Kee, Chief Executive Officer of Berjaya Sompo Insurance Berhad (Berjaya Sompo), complacency remains one of the most common and costly mistakes among MSMEs. Too often, business owners only recognise the importance of insurance after the damage is done.“The adoption rate still lags. Many business owners don’t factor insurance into continuity planning until it’s too late,” said Tan.
He explained that misconceptions often stand in the way. “Some think only big companies need insurance, while others assume premiums are unaffordable. But Berjaya Sompo has designed SME-specific packages that are flexible and accessible”.Fire insurance alone may not cover theft, liability, or business interruption. Tan noted that the true challenge arises in the aftermath, where inadequate coverage can jeopardise the survival of a business.
Shielding MSME Growth
Berjaya Sompo notes that gaps in insurance coverage can stall MSME recovery. What lessons can SMEs take from the claims process?
Tan urged SMEs to secure comprehensive insurance that covers fire, burglary, money, liability, and fidelity, ensuring sums insured reflect the true value of their assets. Careful documentation, receipts, inventories, and photos can speed up claims, while proactive measures such as fire safety and enhanced security help prevent losses and improve outcomes.
Berjaya Sompo also provides early support through interim payments. “For certain significant losses, we provide an early payout before full settlement. This helps businesses get back on their feet swiftly. Every step like this makes a real difference,” Tan said.
SOMPO FlexiSME: Flexible Coverage for Real Business Needs
Every business faces different risks. A restaurant must protect against kitchen fires, while a logistics company faces the constant risk of vehicle damage or cargo loss during transit.
Recognising that every business faces its own challenges, Berjaya Sompo introduced SOMPO FlexiSME—a modular insurance solution offering flexible plan tiers across essential coverage areas. It offers one of the most comprehensive protection packages designed specifically for SMEs, combining essential coverage with flexibility and ease. Businesses can choose from three convenient plan options covering 9 key protection areas, with the freedom to customise based on their unique operational needs.
Building Confidence and Business Continuity
At Berjaya Sompo, insurance goes beyond protection; it’s about empowerment. “Many people don’t know where to begin, and that’s where we come in to help them connect the dots,” said Tan. Efforts include information and engagement initiatives such as coffee talks and forums, alongside continuous support for intermediaries who serve as the primary bridge to MSMEs. “They understand the business and offer guidance that fits but that trust only comes with proper training and product knowledge, which we’re constantly reinforcing,” he shared.
Guided by the philosophy We Are Here With You, Berjaya Sompo builds long-term confidence. By promoting insurance literacy, offering flexible and affordable packages, and providing proactive claims support, the company positions insurance as a business enabler, not a burden.
Tan envisions a future where Berjaya Sompo is the first name Malaysian MSMEs think of for protection. “There’s a long road ahead, but with the right products, partnerships, and people, we’re ready to walk it with our customers,” he says.
Explore SOMPO FlexiSME insurance at https://mk.my/FlexiSME for more info.
