Running a retail SME business in Malaysia can be extremely challenging at most and extremely rewarding at best. From managing the day-to-day operations to ensuring your assets are protected from the long arm of Malaysian thieves. Choosing the right business insurance plan is essential to protect your business from financial setbacks caused by unforeseen incidents such as property damage, theft, or liability claims. At Berjaya Sompo, we offer a range of customisable SME business insurance plans to suit different budgets. 

In this article, we’ll be covering some of Berjaya Sompo’s business insurance plans—ranging from the most affordable to the most comprehensive—to help you identify the best option for your retail SME business. 

1. Basic Protection Plan (Cheapest Option) 

If you're looking for an affordable solution that covers the essential risks of running a retail business, our Basic Protection Plan is the perfect choice for you. This plan provides core coverage to protect your business from the most common threats at an economical price. 

Key Coverage Features: 

• Property Damage Protection: Covers losses due to fire, theft, and minor accidental damages. 
• Public Liability Insurance: Protects against third-party claims arising from accidents within your store premises. 
• Stock Coverage: Provides limited coverage for inventory loss or damage. 

Why You Should Choose This Plan: 

Protection against basic property risks are perfect for small retail businesses that are not exposed to high-risk situations. Affordable liability coverage is ideal for startups operating on tight budgets. 

2. Standard Protection Plan (Medium Option) 

For retail businesses that require just a little bit more coverage without breaking the bank, our Standard Protection Plan offers an excellent balance of affordability and protection. This plan includes broader coverage options that safeguard various aspects of your business operations. 

Key Coverage Features: 

• Enhanced Property Coverage: Protection against fire, floods, and natural disasters. 
• Public & Product Liability Insurance: Covers third-party claims, including potential legal costs. 
• Business Interruption Coverage: Helps maintain cash flow if your operations are temporarily halted. 

Why You Should Choose This Plan: 

Emerging SMEs with a positive growth outlook will always need protection for both employees and customers alike. Retailers must stay protected against compounding risks such as natural disasters and unexpected business interruptions. 

3. Comprehensive Protection Plan (Most Expensive Option) 

For retail business owners who want the highest level of protection, our Comprehensive Protection Plan offers exactly what the name suggests – a comprehensive coverage to ensure your business is fully protected against all potential risks. 

Key Coverage Features: 

• All-Risk Property Insurance: Covers a wide range of risks, including theft, vandalism, fire, and accidental damage. 
• Directors & Officers Liability: Covers legal costs for company executives in case of lawsuits. 
• Fidelity Guarantee: Protects against losses caused by employee dishonesty. 

Why You Should Choose This Plan: 

Established retail businesses with high-value assets require higher coverage limits to ensure more than just financial security, but also total peace of mind. Businesses looking to implement additional security measures must ensure full-scale protection against a wider variety of business risks. 

Always Make the Smarter Choice with Our SME Business Insurance 

At Berjaya Sompo, we understand the unique needs of SMEs in Malaysia. Our insurance plans provide: Customisable Coverage: Tailor your plan to fit your specific business requirements. Competitive Pricing: Flexible options to suit different budgets. Dedicated Support: Expert advice and claims assistance. 

Choosing the right insurance plan for your retail SME business depends on your specific needs and budget. Whether you’re looking for basic coverage, a balanced option, or comprehensive protection, Berjaya Sompo has a solution for you. 

Get in touch with us today to find the perfect insurance plan for your business and secure your future with confidence!