Mandatory for Tekun entrepreneurs to have business insurance - Noh

Minister of Entrepreneur and Cooperative Development (MEDAC), Tan Sri Noh Omar said the scheme implemented with the Social Security Organisation (Socso) only required entrepreneurs to pay about RM13 per month to get insurance protection.

"The purchase of insurance is mandatory after realising its importance to entrepreneurs, especially when faced with challenging times such as floods.

"This scheme had actually been introduced to TEKUN entrepreneurs before but was made an option and now we (the ministry) want to make it compulsory.

"I will announce the details later as through this scheme, they will get insurance coverage like the vehicle insurance policy but in this case, it will be managed by TEKUN," he told reporters after officiating at the opening of the Prestige Legacy insurance company administration building in Wangsa Maju, here. today.

Noh said insurance companies were also encouraged to expand their insurance coverage schemes to the business sector as currently, no insurance company had included natural disasters in their insurance coverage except for vehicles, which is optional.

"Because of that, it is time for them to give consideration or the opportunity to entrepreneurs to buy insurance schemes.

"We know now that anything can happen and if it (insurance coverage) can be expanded, I think it's very good," he added.