Malaysian SME Insurance

Safeguard your Sole Proprietorship or Sdn Bhd, owners, directors and employees from the unexpected with our comprehensive insurance plans tailored to the needs of small businesses in Malaysia.

Benefits of Small Business Insurance

Protection From Loss of Income

Be safe in the knowledge you are protected from income loss due to negligence, theft or natural disasters.

Employee Well-being

Ensure the health and wellbeing of your most valuable asset - people.

New Business Opportunities

Demonstrate your organisation's financial stability to potential clients and partners.

Types of Business Insurance Plans

Employee Benefits Insurance

What does it do and why do I need it?

An employee benefit insurance plan is a group insurance program purchased by a company to provide a more robust healthcare and protection plan for their employees, and is meant to address any gaps in an employee’s Social Security (SOCSO) plan required by the Government.

Undeniably, it is also a tremendous gesture of goodwill towards employees and plays a key role in attracting and retaining talent.

Important for:

ANY business with 5 and more employees.

Professional Indemnity Insurance

What does it do and why do I need it?

Professional Indemnity insurance provides protection from costs of legal proceedings and damages owed to clients that suffer financial loss due to negligence or error on the part of the business owner or its employees.

Even the best-performing employees have occasional slip-ups that could have serious financial repercussions for clients. Having professional indemnity protects businesses, employees, clients, and the trust between all three.

Important for:

ANY business that deals in professional consulting, data governance, subcontracting, and especially for those that deal with high-value projects/clients.

Product Liability Insurance

What does it do and why do I need it?

Product liability mitigates the financial impact of lawsuits and legal proceedings due to accidents from using products sold by your business.

Even after taking every measure to ensure your products meet industry standards, nothing is ever 100% accident-proof. Product liability insurance provides your business with coverage for bodily and property damage in such events.

Important for:

ANY business that sells products that may contain defects or cause harm to users or the public (for e.g. electronic items, electrical products)

Key Person Insurance

What does it do and why do I need it?

Key person insurance is a life insurance policy purchased and financed by the business, and which covers the life of an owner, executive, or any individual critical to the business. In the event of the owner’s death or permanent disability, the business receives financial aid for potential income lost.

Businesses with key revenue earners understand the impact that just a few people can have on the cashflow of the entire company. Should anything happen to these star-performers, it would be wise to have a financial safety net to allow time for worthy successors to be found.

Important for:

ANY business with high-revenue earners, especially those that frequently travel or visit remote locations as part of their work (for e.g. CEO, CFO, COO, Managing Partner)

General Liability Insurance

What does it do and why do I need it?

General liability insurance protects businesses from a wide variety of lawsuits due to third-party (cannot belong to business) bodily or property damages in the course of business operations.

Accidents happen all the time, it’s a matter of when. General liability insurance means your business is protected whenever that is, giving you peace of mind to run the business without being held back by fear.

Important for:

ANY business with client-facing premises (for e.g. restaurants, malls, theme parks, hotels, cafes, retail shops).

Premises/Property Insurance

What does it do and why do I need it?

Property insurance protects the owner of a structure and its contents in cases of damage due to various weather-related disasters or malicious actors – and to third-parties who suffer bodily harm while on the owner’s property.

Having the premises insured can provide a lifeline in the event of any temporary closure leading to loss of income, and any subsequent repair and/or replacement costs. It is one of the most common coverage options purchased by business owners.

Important for:

ANY businesses operating from a physical premise, especially if directly interacting with customers (for e.g. restaurants, malls, theme parks, hotels, cafes, retail shops).

Employee Benefits Insurance vs SOCSO

Here are some key differences you should know

Insurance	Business Insurance	SOCSO
Compulsory	Not compulsory	A compulsory contribution by the employers
Rate	Based on the chosen policy	Based on employee’s salary
Aspects of Coverage	Either medical or finance	Both medically and financially
Coverage	Basic with additional payment for extra	Complete with no extra charges
Area of Focus	Sickness and hospitalisation	Workplace Accidents
Paid by	Fully borne by employer	Borne by both employer and employee
Protection Level	All employees equally protected by group policy	Employees have varying levels of protection based on salary

Frequently Asked Questions

While both are provided by the employer, corporate insurance is an optional policy while employee’s social security insurance (via SOCSO) is compulsory by law.

I already have SOCSO, why should I pay for corporate insurance?

Corporate insurance protects the business entity, directors as well as employees, while SOCSO only protects employees and it is only claimable for certain unfortunate incidents. This layer of security is sometimes also a requirement for certain partnerships and ventures that involve higher risk.

What is the minimum number of employees I should have before getting corporate insurance?

There is no minimum number. Even if you have just one employee, protecting your most valuable asset should always be a priority.

What’s the best corporate insurance plan I can get in the market?

Generally, employee benefits insurance is the most suitable for employees, though you might want to consider more comprehensive protection, including life, keyman, car, travel or medical insurance.

What coverage plans should I get for my business?

As every business operates under slightly different circumstances, it would be best to get in touch with us so our team of advisors can put together a customised plan for you.

How much do I have to pay?

The monthly commitment is based on the subscribed plan and any exceptional circumstances.

Can I file a claim directly with MISHU?

No, but we have a very close working relationship with our insurance partners, so let us know if you need anything the moment something comes up and we’ll connect you. Remember that it’s important to act quickly in such cases to preserve fresh evidence and process claim faster for you.

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FAQs

Frequently Asked Questions

What is a company secretary?

A company secretary is an officer of a company (well, not the one you treat as your PA in the office). Under Malaysian law, every company must appoint a company secretary – it is compulsory, not an option. A company secretary has a huge responsibility to ensure the company’s paperwork is in order, filed on time and advise the board to always stay in compliance with statutory and regulatory requirements.

Why outsource company secretarial services?

Only really big companies will have an in-house company secretary as their employee. Most SMEs in Malaysia outsource and appoint an external company secretary. This way they can save on salary and associated taxes and employee benefits.

Can I appoint another company secretary if I am not too happy with my current one?

Yes, of course. There should not be any minimum lock-in period because the law allows the board to appoint a new company secretary at any time. MISHU was created to provide transparent, efficient and innovative company secretary services. Switch to us if you like what we do here!

Is company secretary a director of the company also?

No, these are two different roles in the company. However, if the same person wants to be both, this is allowed under the Malaysian law, provided the company has more than 1 director.

What documents does a company secretary prepare?

To put it simply, whenever there is a change in director, auditor, shareholder, company secretary, share capital or the name of the company, you need to notify your company secretary to effect the change. The company secretary will prepare the necessary resolutions and forms and update SSM of such change. The company secretary will also keep register books and prepare minutes and official correspondences.

Can I get all my professional services done by a company secretary?

We all know how lucky it is if a company secretary can multi-task and do everything under the sun! Unfortunately, a company secretary can only do so much. Please do not treat your company secretary as your lawyer, accountant, tax advisor or even your PA. These are all different roles and should be performed by your respective professionals.

Duties & Responsibilities

as a Company Secretary

Every company must appoint a company secretary under Malaysian law. But do you know what does a company secretary do? Let us tell you his/her duties and responsibilities:

1. Updating the company’s statutory information

The company secretary must ensure that any change in the statutory information below should be duly completed in the relevant prescribed forms and lodged with the SSM within the required period of time:

Removal of officers from office
Disqualification from holding office
Appointments/resignations/deaths
Annual return
Change of company name
Adoption, alteration and revocation of constitution
Issue, splitting, transfer of shares
Any other changes that require notification with SSM

2. Reminding you on important dates

The company secretary should advise the board of directors of the relevant dates for holding the company’s annual general meeting, filing annual return, submitting financial statement.

3. Handling company’s board, general and extraordinary general meetings

The company secretary’s role is purely administrative which includes the following:

Arranging and liaising with the chairman and/or managing director for agenda papers and items for the agenda
Providing general advice on matters relating to company secretarial matters
Booking and preparing the meeting room
Attending and taking down minutes of the meeting
Maintaining minute books
Following up on decisions made
Playing an advisory role to the chairman and the board of directors
Lodging statutory returns as appropriate
Certifying copies of minutes
Ensuring that correct meeting procedures are followed

4. Compliance with company constitution

The company secretary must ensure that the company complies with its constitution and drafting/incorporating amendments in accordance with correct procedures.

5. Maintaining share registration and safe custody of documents

The company secretary has a duty to maintain the company’s register of members, deal with transfer of shares and other matters relating to shareholding. He usually also keep in safe custody of the company seal and original share certificates.

6. Coordinating with shareholders

The company secretary maintains constant communication and acts as a link between the company and shareholders through circular resolutions, issues documents regarding rights issues and capitalisation issues, monitor changes within the register of members to identify potential takeover bid, make enquiries about the ultimate beneficial ownership of shareholdings, general shareholder relations, etc.

7. Advising corporate governance

The company secretary must keep himself abreast with the latest development of the company and securities laws so that he can always advise the board on proper corporate governance matters, assist directors with respect to their duties and responsibilities, compliance with company and securities laws and Bursa Malaysia Listing Requirements (for public listed companies).

8. Acting as an officer of the company and advisor to the Board

The company secretary is the primary point of contact between shareholders and directors, and between company and SSM. He also plays a key role in the event of a corporate exercise (merger, acquisition, disposal, winding up) where he has a duty to ensure the effectiveness of all documentation, ensuring due diligence disclosures, enabling proper commercial evaluation prior to completion of a transaction and timely execution of documentation, etc.

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