KUALA LUMPUR: It will now be compulsory for micro-entrepreneurs under the National Entrepreneur Group Economic Fund (Tekun) to purchase business insurance to protect them from risks.
Entrepreneur development and cooperatives minister Noh Omar said the scheme under the Social Security Organisation (Socso) only required entrepreneurs to pay about RM13 per month to obtain coverage.
“We have decided to make business insurance mandatory for the entrepreneurs’ own protection, especially in light of challenging times such as the recent floods.
“This scheme was introduced to Tekun entrepreneurs before but was only an option for them. The ministry now wants to make it compulsory.
“Details will be announced later but through this scheme, they will get insurance coverage similar to a vehicle insurance policy, but in this case, it will be managed by Tekun,” he told reporters after an event in Wangsa Maju today.
Noh also encouraged insurance companies to expand their coverage to the business sector. Currently, no insurance company has included natural disasters in its coverage except for vehicles, which is optional.
“Because of this, it is time for insurance companies to give entrepreneurs the opportunity to buy insurance.
“We know now that anything can happen and if it (insurance coverage) can be expanded, it would be a good idea,” he said. - FMT
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