Small and medium-sized businesses and entrepreneurs will be able to get their loans and insurance at the same time thanks to the latest commercial banking products launched by the Bank of Bermuda.

The bancassurance products, which include business loan protection, retail business insurance and small trades all-risk insurance, were officially unveiled yesterday, with a promotion at the banks' Church Street branch, having been trialled for the past week.

The bank launched its retail banking products in October 2008 — the first insurance of its kind offered by the bank to its retail customers, as part of a series of offerings for its retail, business and private banking clients in conjunction with BF&M Ltd., ranging from home insurance to motor insurance and even credit protection insurance.

The products have the advantage of being easy to buy as a complete package in a one-stop shop, offering competitive quotes and comprehensive coverage, according to the bank. Staff have also gone through training and an accreditation programme to learn about the insurance side of the product. Ashley Parker, head of banking at the Bank of Bermuda, said the new product would give the bank the opportunity to engage its commercial client base more proactively and expand the set of offerings provided by its relationship managers.

"This is a continuation of the partnership, both on the banking and insurance side, in terms of how we offer an enhanced product to our clients," he said.

"We want to make sure we have our process, customers and providers (BF&M) all aligned to that.

"Our bank staff can now give an online quote for all of those products and bind them on behalf of our insurance partner and it is all done in-house, whether it is getting a loan for acquiring a property or starting a business."

Keith Jones, head of insurance at the Bank of Bermuda, said the bank's marketing and advertising campaign for the products via The Royal Gazette and local radio stations had been well received by the public so far.

He said that there were fixed rates and set terms and conditions for the products, which were specifically designed with an focus on being easy to understand and competitively priced.

Neville Grant, head of business banking at the Bank of Bermuda, said the beauty of the new offering was it provided the full range of banking and insurance products and services to its customers, giving loans, overdrafts and credit facilities as well as coverage and support for those provisions.

He said there were three products, including business loan protection to cover loss of property, for example; retail business insurance, for the likes of retail stores to doctors; and small trades all-risk insurance to professions such as plumbers and electricians for potential damage to someone else's property being worked on, providing comfort and peace of mind for the bank's new and existing clients.