The Korea Federation of Small and Medium Enterprises said on the 2nd that it will sign a business agreement for the "environmental liability insurance premium support program for small and medium-sized enterprises" with the Ministry of Climate, Energy and Environment and DB Insurance at KBIZ in Yeouido.
The program was prepared to ease environmental burdens in the management of small and medium-sized enterprises. Selected SMEs will receive support for up to 50% of their environmental liability insurance premiums.
Under the agreement, the ministry will review the support program and draw up detailed plans, and KBIZ will recruit and select SMEs in need of support. As the lead insurer for the fourth-term environmental liability insurance, DB Insurance will contribute 500 million won needed for the program to the joint project fund of KBIZ.
Yang Chan-hoe, executive managing director of KBIZ, said, "We expect that easing the expense burden of environmental risk management will lead to investment in environmental facilities and the advancement of management systems, creating a virtuous cycle that fosters a sustainable business environment for SMEs."