A-Essential Business protects your business and the building where the operation takes place and acts as a financial safety net to help you cope with the impact should something unexpected happen to your business. A comprehensive protection is offered to you with flexibility to customise a plan that suits your business needs at an affordable premium.
This plan protects your business from any loss or damage to the building or content (due to fire and other perils), including breakage of glass or damage to signage and signboard fitted to the insured building within the premises. Besides, you will also receive an additional inconvenience allowance of up to RM 5,000 for any temporary closure or cessation of business operation due to fire or flood (if flood peril is insured). This allowance is complimentary under the Fire coverage.
Your business will be covered against financial loss due to theft, burglary or armed robbery, including loss of money in the premises or while in transit. Your business will also be protected from loss of money due to illegal interception during an authorised online transaction, and any loss of money or goods due to fraudulent act committed by your employees. In addition, you have the option to enhance your protection to cover loss of income and extended operating costs following business interruption as a result of fire and other perils.
This plan protects you against legal liability for third party bodily injury or property damage arising from your business, and your liability at law to pay compensation on bodily injury sustained by your employees in the course of employment.
This plan covers you and your employees against any accidents resulting in death or permanent disablement.
PROTECTION FOR MACHINERY AND OFFICE EQUIPMENT
The machineries used in your business will be well protected against any unforeseen and sudden physical loss or damage caused by defects, faulty design, bad workmanship and etc. This plan also provides protection to your office equipments, computers and peripherals against loss or damage by any accidental causes unless such perils are specifically excluded.
SUM INSURED- BUILDING COST CALCULATOR
If you wish to get the estimated rebuilding cost of your property to estimate the sum insured, you may use the Building Cost Calculator (BCC) on PIAM's website at the following link http://www.piam.org.my/consumer/industry/building-cost-calculator-bcc/ and complete the questionnaires provided. Please inform the Company if you wish to revise the sum insured. Any revision to the sum insured is subject to the Company's approval.
The BCC can be applied to property such as residential properties and simple shop houses/ offices. However, the BCC is not meant for use by individual unit owner of a non-landed property. For properties such as flat, apartment, service apartment, condominium, the BCC is available for use by the JMB of the Property only.
You may contact your AIA Life Planner or simply write in to the Company to revise the sum insured. However, please take note that the BCC only provides estimated figures and it does not guarantee the actual amount that your property would be insured for.
Like what you've read? This is purely a product summary. If you want more information about this product, please refer to our Product Disclosure Sheet or speak to an AIA Life Planner.
This product comes with Fixed Plan and Flexi Plan that provides up to 11 comprehensive coverage.
For Fixed Plan, all sections are mandatory except for (I) Machinery Breakdown, (J) All Risks and (K) Fire Consequential Loss Sections.
For Flexi Plan, all sections are optional except for (A) Fire Section which is a mandatory cover. You are required to select a minimum of 3 sections among Section B to K and to determine the desired sum insured amount.
Duty of Disclosure - You must provide all the facts in your application form and during renewal, fully and faithfully.
Limitation of Cover: Sum Insured - Amount of sum insured is according to the Schedule of Benefits except for Fire (sum insured must represent the Full Value of the property insured), Fire Consequential Loss, and All Risks, and all sections in Flexi Plan. Group Personal Accident - limited to 15 persons only (applicable to Fixed Plan) or limited to the number of persons as specified in the Policy Schedule for a maximum of 30 (applicable to Flexi Plan), aged between 18 to 70 years old.
Underinsurance - You must ensure that the sum insured is adequate, otherwise, average condition will apply for under insurance at the time of loss. You will deem to be self-insuring for the difference.
Excess - is the amount of loss that you have to bear in the event of a claim.
If there is a loss or damage, please
Notify us immediately.
Submit all supporting documents to us.
Co-operate with the loss adjuster appointed by us to assess your claim.
For liability claims
Do not discuss compensation or admit any liability and negotiate settlement with the third party or his/her solicitor.
Submit all correspondences received from third party and/or his representative which are unanswered, to us.
This plan is only available for businesses occupied in premise of Class 1A construction.
Exclusions to Section A & K - Fire & Fire Consequential Loss
Theft during or after the occurrence of Fire;
Own fermentation, natural heating or spontaneous combustion (otherwise if insured);
Ionizing radiations or contamination by radioactivity from any nuclear fuel or nuclear waste;
War invasion, act of foreign enemy, hostilities or war-like operations;
Act of terrorism.
General Exclusions applicable to Section B to J (Burglary, Money, Public Liability, Plate Glass, Signage and Signboard, Employer's Liability, Group Personal Accident, Fidelity Guarantee, Machinery Breakdown, and All Risks)
Loss or damage resulting or arising from any consequential loss;
Ionizing radiations or contamination of radioactivity from any nuclear fuel or nuclear waste;
War invasion, act of foreign enemy, hostilities, or war-like operations;