Business insurance

Mandatory for Tekun Contractors Nationwide to Have Trade Insurance, Says Minister | Money

Minister of Entrepreneurship and Cooperative Development, Tan Sri Noh Omar, in Dewan Rakyat, November 30, 2021. – Bernama pic

KUALA LUMPUR, February 6 – Micro-entrepreneurs under the National Economic Fund of Entrepreneurs Group (Tekun) will be required to have a business insurance scheme to protect them from any risk.

Entrepreneurship and Cooperative Development (Medac) Minister Tan Sri Noh Omar said the scheme set up with the Social Security Organization (Socso) only required entrepreneurs to pay around RM13 per month for obtain insurance protection.

“Buying insurance is mandatory after realizing its importance for contractors, especially when faced with difficult times such as floods.

“This program was actually introduced to Tekun contractors before, but it became an option and now we (the ministry) want to make it mandatory.

“I will announce the details later because through this program they will have insurance coverage like the vehicle insurance policy but in this case it will be handled by Tekun,” he told reporters. journalists after officiating at the opening of the administration of the insurance company Prestige Legacy. building in Wangsa Maju, here. today.

Noh said insurance companies are also encouraged to extend their insurance coverage schemes to the corporate sector, as currently no insurance company has included natural disasters in their insurance coverage, exception of vehicles, which are optional.

“For this reason, it is time for them to consider or offer entrepreneurs the possibility of taking out insurance plans.

“We now know that anything can happen and if that (insurance coverage) can be extended, I think that’s great,” he added. — Bernama