The plan aims to help business owners and entrepreneurs hedge against prevalent risks in order to safeguard the financial future of their businesses against any potential loss of key executives, partners or shareholders.
Key features of the plan include key person protection, business succession planning, business loan protection and legacy planning.
Launching the product, Zurich cited data from SPRING Singapore, a government agency which helps the development of enterprises in Singapore, which it said highlighted the importance of ensuring this portion of the country’s market thrives.
According to SPRING, SMEs represent 99% of all enterprises in Singapore, employ 70% of the country’s labour force, and contribute to nearly half of the national gross domestic product.
Taking into consideration the potential growth of SMEs in the country, Peter Huber, Zurich Global Life Singapore chief executive said: “As such, it is pertinent that the right protection plan is made available for these businesses to preserve important physical and human-capital assets.
“Zurich’s Business Protection solution serves as an integrated solution that addresses both human assets protection and business risk management.”
According to officials, there is a vast untapped potential in this segment in Singapore, which can offer huge opportunities for financial advisers.
Earlier in July, Zurich unveiled a multi-currency protection plan targeted at the business travellers, expatriate and affluent client segments.
