ROMANIA: first insurance product tailored for SMEs and sole proprietorships by BCR in cooperation with OMNIASIG VIG

22 May 2024 — Daniela GHETU

In collaboration with OMNIASIG Vienna Insurance Group, Banca Comercială Română is expanding the George digital ecosystem with the introduction of George Smart Protect, the first insurance product tailored for micro-enterprises and sole proprietorships (PFA).

Available for purchase entirely online through the George Store, George Smart Protect offers clients a seamless and efficient way to access a comprehensive insurance package.

George Smart Protect offers a range of benefits (insurance protection) for micro-enterprise and PFA clients:

  • Public liability insurance for third parties
  • Insurance for movable property against fire and other risks
  • Electronic equipment insurance
  • Additional options for extended protection:
  • Tenant's liability insurance to the landlord
  • Insurance for goods against damage caused by electrical phenomena
  • Cash insurance
  • Quick technical assistance

"We are in constant contact with entrepreneurs in Romania and strive to simplify their business management experience through an integrated, unique digital offer in George. This time, we are marking a new milestone in insurance and access to prudential services with the launch of George Smart Protect—the first insurance for micro-enterprises and sole proprietorships in Romania. This initiative aims to support entrepreneurs in making good financial choices for themselves and their businesses, helping them protect their investments. Because a business, beyond the financial aspect, represents a major investment of time, passion, and care for people," said Ramona BADEA, Deputy Executive Director of Retail Products and Segments at BCR.

"Together with our partner BCR, we constantly work to make insurance as accessible and easy to understand as possible for as many Romanians as possible. We aim to contribute to the increased protection of the business environment, which is why we are now launching this innovative insurance, specifically dedicated to micro-enterprises and sole proprietorships in Romania, George Smart Protect. It is a simple and efficient digital insurance solution that protects these businesses and offers the security of continuity, even when unforeseen situations arise," said Costi STRATNIC, Vice President of the Directorate at OMNIASIG Vienna Insurance Group.

The insurance can be accessed directly from a mobile phone through the George Store by clients who have a George business account, in a few simple steps:

  • Verify eligibility conditions for the insurance and agree to data processing
  • Choose the insurance package that meets the business needs
  • Review pre-contractual information
  • Confirm contact details
  • Select the start date for the insurance package
  • Set payment details
  • Digitally sign the contractual documents

George Smart Protect is available in a base coverage package, which can be supplemented with optional coverages.

Base package:

  • Liability Insurance: Protection against damages (bodily injury, death, and property damage) caused to third parties due to your fault.
  • Fire and Other Risks Insurance: Covers goods (furniture, machinery, equipment, and other inventory items used in the economic activities) against fires and other risks such as storms, burglary, etc.
  • Electronic Equipment Insurance: Protects fixed and portable electronic equipment. Additionally, in the case of partial damage to these equipment caused by insured risks, compensation is provided for loss of use.

Optional coverage package:

  • Liability to the owner of the rented space
  • Protection against damages caused by electrical phenomena
  • Cash insurance
  • On-site technical assistance: Coverage for various breakdowns and technical issues encountered at your business premises or locations.

On-site technical assistance, provided by specialized technical staff, is available for up to three events per insurance year, within the limit of 2,500 RON per event and an additional 1,000 RON for spare parts for central heating systems/heat pumps, air conditioning systems, detection, and alarm systems.

The insurance premium will be paid in RON to the insurer, at the agreed term. The insurance premium can be paid annually or monthly, depending on the option chosen, through automatic account debiting. The initial premium payment will be debited at the time of policy issuance, and the insurance policy's validity period is three years.

George Smart Protect is available in the George Store from the beginning of May, and more information about the product can be found on the BCR website.