"Business Interruption Covered"... KB Insurance Launches Small Business Cooperative Insurance in North Gyeongsang
Automatic Enrollment for Eligible Small Businesses
Up to 500,000 Won Compensation for Business Suspension Due to Illness or Injury
A Social Safety Net Covering 200,000 Small Businesses in North Gyeongsang Province
KB Insurance announced on September 22 that it will operate the “Small Business Cooperative Insurance (Business Interruption Compensation Insurance)” for small business owners in the North Gyeongsang Province region.
The Small Business Cooperative Insurance covers approximately 200,000 small businesses that have been operating for more than one year after registering their business in North Gyeongsang Province. Eligible small business owners are automatically enrolled in the insurance without the need for an application or separate sign-up process. The insurance period spans three years, from September 2, 2026 to September 1, 2029.
The Small Business Cooperative Insurance provides compensation for business interruption losses if the insured is hospitalized due to illness or injury and actual business suspension occurs. The coverage limit is up to 50,000 won per day, with a maximum total benefit of 500,000 won. Compensation is provided even if the policyholder has other insurance policies, as overlapping claims are allowed. To claim insurance benefits, policyholders simply need to submit the relevant documents verifying hospitalization and suspension of business.
KB Insurance has established a dedicated team and a specialized claims system to ensure stable operations. Dedicated personnel have been assigned to handle insurance enrollment and claims processing. Additionally, a dedicated call center and a KakaoTalk consultation channel have been set up to provide services for filing claims and inquiries. The company also supports fast insurance payouts through its professional assessment and claims system, and plans to systematically manage insurance enrollments, payment statuses, and customer complaint records to strengthen operational stability and service quality.
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A representative from KB Insurance stated, "For small business owners, sudden suspension of operations due to illness or accident is directly connected to their livelihood." The representative added, "We will do our utmost to ensure that the Small Business Cooperative Insurance serves as a reliable social safety net by supporting management stability for small businesses in the North Gyeongsang region and contributing to the sustainable growth of the local economy."
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