When speaking of corporate insurance, also known as business insurance. It covers several operational risks, such as: Financial losses Theft Accidental damages Business insurance is mandatory in Singapore, which means required by law. There are
When speaking of corporate insurance, also known as business insurance. It covers several operational risks, such as:
- Financial losses
- Accidental damages
Business insurance is mandatory in Singapore, which means required by law. There are various types of business insurance in Singapore with coverage:
If you own a company in Singapore, you must get the best corporate insurance for your business. You may click here to buy health insurance in Singapore.
Business insurance coverages
When purchasing a business insurance plan, you have to know what are the coverages to get:
- For commercial lines
- property coverages
- employee coverage/casualty coverage
- For financial lines
- liability coverage
- payment coverage
- Marine insurance
To understand more about business insurance in Singapore, you must read more about the coverages.
What do business insurance plans cover?
There are different areas that a business insurance plan covers, such as:
- Foreign worker bond
- Public liability insurance
- Work injury compensation
These are the areas of insurance that are under corporate insurance in Singapore. To have a clear understanding of the coverages and benefits of these areas, you can read below.
The foreign worker bond
Singapore implemented security bond requirements for employers. In a foreign worker bond, the employer pays a security bond deposit amounting to $5, 000 for every non-Malaysian work permit holder. The bond is not required for S pass holders. Therefore, only those non-Malaysian work permit holders can benefit from this security bond.
Employers and foreign workers should keep reminded to act according to the work permit conditions before they raise some concerns about their insurance in times they need it. The bond is required for an employed worker entering Singapore and renewal of work permit.
The public liability insurance
Public liability insurance is a type of insurance protecting your business from third-party liability claims. Public liability insurance has a limitation as it depends on the type of business you have. Public liability can be a contractual requirement.
This type of insurance needs to be in place before starting work, such as the construction or renovation of private and commercial properties. Legal liabilities to the public must be addressed with this insurance. Without it, it can cause costly interruptions. Big businesses carry significant risks and it could be costly when possible renovation or repair is done.
Accidents may also happen that can affect the business’s productivity. Public liability insurance helps protect businesses against interruptions.
Work injury compensation
Workers’ welfare must be protected, while they are working under your company. It is the responsibility of the employer to secure the workers and to compensate when injured within the work premises.
As an employer, pick the right corporate insurance that suits your needs.