When you are in the business world, you can always expect the unexpected. Business is often compared to one’s life in such cases cause you never know what is going to happen. For such situations alone, every Singaporean business must have insurance to secure themselves.
Securing the business and company, especially in times of unknown disaster is as critical as saving yourself. Therefore there are essentially three business insurance Singapore that every business holder should have.
Of course, having your property secured is important for every struggling person. They have struggled to get a property of their own and securing them is the right way of saving from unforeseen troubles. The same is true for business properties as well.
Here, property does not pertain to the residentials of the business person, but to the property where their company, machinery, factory, plants or stocks standing. You must ensure to secure them from theft and fire as these are the most common threats to property. Other than this, business interruption insurance plans are also provided for your business property.
Once you secure your property, the next insurance will be for your employees
Every company must provide their employees with employee insurance in case of mishappenings during work hours. They must be provided with work injury compensation insurance and the basic MediSheild Life insurance. The second one is government sanctioned and is paid by the government itself.
But work injury compensation insurance is to be handled by the company finance department itself. These are often compensated when the employee files a charge of illness or injuries suffered while working for your company. Though it may seem unnecessary for your field of business, it is always safe to have this insurance for your employees.
It provides them with a sense of security and will also willingly place trust in your company while working.
Legal Liability Insurance
More often, these liability insurances are claimed due to negligence by your workers. Though your workers cannot be held accountable for the actions, you must have liability insurance to cover for the said damage. This insurance is further classified into three sectors.
Public liability insurance is for when the public faces damages, loss or injury due to your work operations. Officer insurance is used to give the key to the decision-maker. Since negligence and breach of duty is their department. Also, having professional indemnity insurance, that is specific to each occupation is also important as they are an important part of business insurance Singapore.