Authorities have launched an insurance program in an eastern Chinese city to compensate small and micro enterprises that halt production due to infectious diseases such as COVID-19.
The insurance period is six months in the city of Ningbo, Zhejiang province. If a company there stops production due to infectious diseases during this period, it can apply for compensation of 3,500 yuan (499 U.S. dollars) per day, but the maximum total compensation is 100,000 yuan.
A total of 5,000 small and micro enterprises will be the first to benefit from the program. The insurance premium is 2,000 yuan for each company, and the government will subsidize half of it.
Enterprises can also receive compensation for shutdowns caused by epidemics in surrounding areas.
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