In their efforts to extend a helping hand to the local Small, Medium and Micro-sized Enterprises, First National Bank of Botswana (FNBB) recently launched the Mogwebi Business Insurance, underwritten by Old Mutual.
FNBB Head of Business Banking, Petrus Sebina, says they strive to help SMME’s grow and are confident that the product will add value to those who want to mitigate risk for their businesses
By its nature, Mogwebi Business Insurance is suited to all small and medium sized businesses, with special emphasis placed on those in the professional, manufacturing, retail, food and beverage service industry.
Mogwebi Business Insurance will come at a fixed price with fixed cover and covers the risk of fire, theft, electronic equipment, glass, money, goods in transit and business interruption, workman’s compensation and public liability with the extension of product liability.
The product also offers an option to add four of the commercial vehicle types, including specified cars, motorcycles, commercial vehicles and trailers.
Sebina also states that Mogwebi Business Insurance was developed with the knowledge that every business needs financial protection against business associated risks in order to maintain business continuity.
“Some SMME businesses still consider insurance more of a cost than a necessity; this also stems from the myth that insurance is expensive,” he says, before adding that the bank’s main focus through the product is to change the above perception not only by educating entrepreneurs about the importance of insurance but also by presenting them with the right covers that match their needs.