Jeonbuk small business owners to receive accident and fire insurance

The support program, launched by the provincial government and the Jeonbuk Economy and Trade Promotion Agency, marks the first initiative under an insurance sector partnership fund established alongside the Financial Services Commission and the General Insurance Association of Korea.

Coverage Limits and Automatic Enrollment

Eligible business owners are automatically enrolled in the policy, which runs for one year. The program covers three distinct areas: injury consolation money, commercial fire insurance, and actual-loss third-party property damage liability. Business owners who suffer workplace injuries receive compensation based on their initial medical diagnosis period, excluding traffic accidents. Those out of work for four to six weeks receive 200,000 won, periods between six and eight weeks pay out 300,000 won, and injuries exceeding eight weeks qualify for 400,000 won.

Fire and Liability Protections

The commercial fire insurance component covers property damage caused by fires or explosions up to 50 million won per accident. If a fire originating in a covered business spreads and damages neighboring property, the policy provides liability coverage of up to 10 million won per incident. Claimants must contact the Jeonbuk Win-Win Comprehensive Insurance Integrated Center to verify filing procedures and submit necessary documentation for insurer review.

Existing Support and Official Outlook

The province also began subsidizing self-paid portions of wind and flood insurance premiums for small business owners in June. Yu Hee-suk, head of the corporate attraction support division for the provincial government, stated that the initiative aims to help merchants maintain their livelihoods after sudden accidents.