Tokio Marine SME BIZONE

1. Fire Insurance Coverage (RM100,000 total)

What’s Covered:

• RM60K: Raw materials (like gemstones, silver, gold) and finished products (jewelry)
• RM40K: Furniture, fixtures, air-conditioning, computers, CCTV, and workshop tools

Claimable Scenario:

• A fire breaks out in the office and destroys the jewelry collection and workshop tools. This will be covered under fire insurance.

Non-Claimable Scenario:

• If the damage is caused by poor electrical maintenance leading to an internal system short circuit, this might not be covered under fire insurance. The policy excludes negligence-related incidents.

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2. Burglary Insurance Coverage (RM60,000)

What’s Covered:

• Theft or burglary of furniture, fixtures, workshop tools, raw materials (like gemstones), and finished jewelry

• Note

• Excess: RM 2,500 (You’ll need to cover this amount before claiming the rest)

Claimable Scenario:

• If someone breaks into your studio and steals finished jewelry or equipment, the loss is covered under burglary insurance.

Non-Claimable Scenario:

• If a theft occurs due to negligence, such as leaving the doors unlocked, it is unlikely to be covered.

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3. Public Liability Coverage (RM1,000,000 any one accident)

What’s Covered:

• Any injury to a third party or damage to their property while they are on your business premises.

Claimable Scenario:

• If a customer trips over a poorly placed piece of furniture in your studio and is injured, your policy will cover their medical costs or legal claims.

Non-Claimable Scenario:

• If a client trips over their own belongings and tries to hold you responsible, it’s likely not covered since it wasn’t your fault.

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4. Employer’s Liability Coverage (RM1,000,000)

What’s Covered:

• All employees, including freelancers and part-time staff, are covered for injuries sustained while working.

Claimable Scenario:

• If an employee injures their hand while using a tool in your workshop, this insurance would cover their medical costs.

Non-Claimable Scenario:

• If an employee is injured while engaged in non-work-related activities or outside the workplace, the claim would not be valid.

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5. Group Personal Accident Coverage (RM50,000 per employee)

What’s Covered:

• 3 unnamed employees are covered for accidents leading to death or permanent disablement.

Additional Coverage (from injury/accidents):

• Medical Expenses: RM 1,000 per employee
• Funeral Expenses: RM 2,000 per employee

Claimable Scenario:

• If an employee gets into an accident while performing work-related duties and becomes permanently disabled, this insurance will provide compensation.
• An employee injures their hand while working on machinery in your workshop. The medical expenses for their treatment, such as doctor’s fees, X-rays, and follow-up appointments for that injury, would be covered under the RM 1,000 medical expenses benefit.

Non-Claimable Scenario:

• If an employee has a pre-existing medical condition that leads to permanent disablement, this might not be covered as it is unrelated to an accident at work.
• Illness-related treatments such as outpatient visits for common illnesses like the flu, fever, or chronic conditions.

Key Exclusions (What’s Not Covered)

1. General Wear and Tear: Damage that happens over time due to use and aging.
2. Negligence: If you didn’t take reasonable care (e.g., leaving the doors unlocked, improper storage).
3. Pre-existing Conditions: Any issues that were already present before the insurance was taken out.
4. Damage Outside Malaysia: The policy only covers incidents that happen within Malaysia.
5. Cyber and Data Risks: Damage or loss due to cyber-related incidents is excluded.