NH Nonghyup Property & Casualty Insurance Launches Tailored "NH Manufacturing Small Business Fire Insurance" for Small Manufacturers

Agreement with Small Enterprise and Market Service to support fire safety for small manufacturers
First in the industry to introduce "integrated fire damage limit coverage" and "underwriting without screening"

NH Nonghyup Property & Casualty Insurance said on October 28 that it had signed a business agreement with the Small Enterprise and Market Service on October 27 at a shared infrastructure facility for small manufacturers in Hwaseong, Gyeonggi Province, and would launch a new insurance product tailored to small manufacturers, the NH Manufacturing Small Business Fire Insurance.

NH Nonghyup Insurance CEO Song Chunsoo (left) and Small Enterprise and Market Service Chairman In Taeyeon pose for a commemorative photo after signing a memorandum of understanding (MOU) at a shared facility for small-scale manufacturers in Hwaseong, Gyeonggi Province, on the 27th. NH Nonghyup Insurance.

The agreement was 추진ed to help small manufacturers, who have difficulty obtaining private insurance because of their high risk, build a foundation for recovery. It aims to protect them from risks caused by unexpected fire accidents and strengthen practical financial support.

The NH Manufacturing Small Business Fire Insurance is a product exclusively for small manufacturers that covers three key areas of loss: fire damage, fire liability, and fire-related fines. In particular, it is the first product in the industry to include an “integrated fire damage limit (actual-loss basis)” coverage combining buildings, facilities, and machinery as a single insured property. It provides flexible compensation for losses up to KRW 100 million.

The product lowers the barrier to coverage by applying “underwriting without screening” to all industries and buildings, regardless of whether the business is in a high-risk industry or the building’s structure. This removes the underwriting barriers faced by businesses that previously had difficulty obtaining coverage because of their high risk.

Starting with the agreement, the two organizations plan to gradually work together to expand the distribution of products tailored to on-site needs and to conduct fire-prevention education and safety inspections, focusing on areas with a high concentration of small manufacturers.

Song Chunsu, CEO of NH Nonghyup Property & Casualty Insurance, said, “The launch of this product exclusively for small manufacturers and the business agreement are the culmination of efforts to provide a practical safety net for small manufacturers who have been left without adequate insurance coverage. We will continue to do our utmost to put inclusive finance into practice and protect the workplaces of financially vulnerable groups.”

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