Minet Kenya has rolled out a Kes5,000 cover called BiznaSure for Small and Medium Enterprises(SMEs) to protect their entities against unforeseen risks.

Fidelity Insurance underwrites the cover and allows businesses to customise insurance policies based on specific risks and business requirements.

Minet Kenya’s Chief Executive Officer Sammy Muthui said that the insurer will continue to develop and offer innovative solutions that cater to every Kenyan business's needs.

“We are giving SMEs the power of choice and access to the same level of protection as larger businesses, at affordable rates,” said Muthui.

 Fidelity Insurance’s CEO, Richard Marisin, noted that Biznasure offers unique, differentiated, and customized comprehensive coverage options to cover property damage, liability, theft, business interruption, and other risks that may affect the owner, employees and third parties.

“ In a nutshell, Biznasure protects you against a broad spectrum of risks,” he said.

The Ministry of Industrialization, Trade, and Enterprise Development says Kenya has approximately 7.4 million MSMEs, accounting for roughly a third (24 per cent) of the country’s GDP.

Despite its impressions, the contribution is far lower than the one for South Africa, at 55 per cent, indicating there is still an opportunity to grow the sector.

“The launch of the product is indeed a welcome addition to the range of insurance products that are being introduced to the market to meet the varied needs of Kenyan consumers and enterprises,” Insurance Regulatory Authority Chairman Mwambu Mabongah said.