THIRUVANANTHAPURAM: The state government on Thursday launched a comprehensive insurance scheme for Micro Small and Medium Enterprises (MSMEs), protecting them from various risks.
The Industries Department entered into a Memoranda of Understanding (MoU) with four public sector insurance companies in this regard in the presence of Industries Minister P Rajeeve. The insurance companies are National Insurance Company Ltd, United Insurance Company Ltd, Oriental Insurance Company Ltd and New India Assurance Company Ltd.
Under the scheme, 50% of the annual premium will be reimbursed to the MSMEs. The minister also launched a web portal of the scheme http://msmeinsurance.industry.kerala.gov.in/.
“This is an upfront initiative that will provide financial protection to MSMEs against all kinds of risks that can have a detrimental impact on their businesses. It is vitally important to safeguard enterprises with a proper insurance cover as that will create a conducive environment for them to flourish, compete and expand the market for their products and services,” Rajeeve said. Principal secretary, Industries, Suman Billa, presided over.