Jeonbuk Small Business Owners to Receive "Comprehensive Insurance" Benefits for One Year

Insurance Coverage for 248,000 Small Business Owners
Protection Against Accidents and Fire Damage

Small business owners in the Jeonbuk region will now receive insurance benefits for work-related accidents and workplace fires without having to go through separate enrollment procedures or bear the cost of insurance premiums. Beginning October 6, Jeonbuk Special Self-Governing Province will operate the "Jeonbuk Small Business Comprehensive Insurance" for one year in order to reduce the burden of unexpected accidents disrupting the livelihoods of small business owners.

Jeonbuk Special Self-Governing Province Government Building View

This insurance is being implemented based on an insurance industry mutual growth fund support project jointly established by the Financial Services Commission and the General Insurance Association of Korea. Jeonbuk Special Self-Governing Province and the Jeonbuk Special Self-Governing Province Economic and Trade Promotion Agency are overseeing the project, focusing on supplementing the social safety net for local small business owners.

The program targets small business owners in Jeonbuk with annual sales of 300 million won or less, with approximately 248,000 people expected to benefit. Its key feature is that there is no need to enroll separately or pay insurance premiums.

The coverage includes three main items: ▲Accident compensation for small business owners injured during work, ▲Coexistence fire insurance covering property damage due to workplace fire or explosion, and ▲Third-party fire liability insurance covering liability for property damage to others caused by a fire originating in the business.

In terms of accident compensation, owners diagnosed with injuries requiring at least four weeks but less than six weeks of treatment will receive 200,000 won; for at least six weeks but less than eight weeks, 300,000 won; and for injuries of eight weeks or more, 400,000 won. However, traffic accidents are excluded from the coverage.

If property damage is caused by a fire or explosion at the place of business, the insurance will cover up to 50 million won per accident. If a fire from the business spreads and causes property damage to another party, up to 10 million won per accident will be covered.

Yoo Heesook, Director of Corporate Attraction Support at Jeonbuk Special Self-Governing Province, said, "We hope this will help small business owners experiencing difficulty from unexpected accidents to get back on their feet," adding, "We will continue to strengthen the social safety net so that small business owners can operate with peace of mind."

This content was produced with the assistance of AI translation services.