Tawuniya launches insurance program for SMEs

Tawuniya Insurance Company has launched an insurance program for small and medium enterprises (SMEs).
The “360° Integrated Insurance Program for Small and Medium Enterprises” will provide full insurance solutions to business facilities’ staff. This step is part of the company’s cooperative strategy to support the private sector and contribute to the national economy as well as the National Transformation Program 2020.
Tawuniya also launched an extensive one-month social media campaign titled “Focus on your business and do not be worried.” The campaign will include various messages introducing the new program, which enhances the concept of planning in the management of projects so as to avoid sudden losses.
Majed Ahmed Al-Bahiti, Tawuniya’s marketing general manager, said: “Our 360° program will allow owners of SMEs to meet their needs of medical, vehicle and property insurance through one company. So, it will be easier for them to manage their insurance accounts without additional financial or administrative burdens.”
“Enhancing the risk management culture among SME officials is an important issue to develop strategies, design business approaches and achieve objectives of the private sector, which contributes 33 percent of Saudi Arabia’s GDP,” he added.
Al-Bahiti said the new program will introduce 30 years of experience to the SME sector and provide technical risk advice to its officials as Tawuniya understands the nature of the SME sector’s work.
The 360° program will offer three basic covers. Medical insurance provides various categories of health care with the highest medical coverage of SR1 million ($266,631) per person a year, through 2,000 hospitals and medical centers inside and outside the Kingdom.
Al-Bahiti said: “The 360° program also offers business insurance that provides suitable insurance packages for various business activities including traders, manufacturers, contractors and hospitality. The new program will also provide vehicle insurance to SME owners with liability coverage of up to SR10 million. The service includes natural hazards such as floods caused by rains as well as premium coverage of goods while transporting by vehicles and additional expansions to increase the level of insurance protection.”
Al-Bahiti expressed his pride in Tawuniya’s active role in supporting the economic development of the Kingdom, as well as its role in developing the SME sector.