PROTECTION FOR YOUR COMPANY WITH CORPORATE INSURANCE IN SINGAPORE
Business insurance is pivotal in protecting your business from any unforeseen costs associated with property damage or liability claims. With business insurance, you are safeguarded from paying out-of-the-pocket expenses for incidents incurred.
If your business is not insured, it can face heavy losses in scenarios which warrant a higher expense than others. Instead of taking a risk that may financially jeopardise your business, acquiring business insurance can offer protection and keep your organisation healthy in the long run.
But mapping your corporate insurance needs internally can be challenging as you will face many questions and decisions. What are the compulsory business insurance packages your firm needs? Are there other additional coverage options you should consider for your business? What are the right prices to pay for general business insurance plans? What about the more specific plans? This is where the Expat Insurance team can step in to help companies, both large or small, manage business insurance solutions.
Once we have listened and gained an understanding of your business needs and requirements, we can provide you with the best advice on the right levels of protection and the best business insurance plans and compulsory business insurance packages in the market for you, both in terms of cost and coverage.
DIFFERENT TYPES OF CORPORATE INSURANCE PLANS IN SINGAPORE
PROFESSIONAL INDEMNITY
Professional indemnity insurance is an important type of business insurance, especially for businesses that give advice or provide a professional service to clients. It can cover compensation claims if a business is sued by a client for making a mistake that leads to financial loss.
CYBER RISK
A cyber risk can be classified as an infringement of data / or systems. Companies can often stay vulnerable to cyber attacks given their limited resources. Protecting data is not just recommended for the business. It is equally important for companies to adopt reasonable security arrangements to follow compliance with data protection laws and regulations. All companies are legally responsible to protect personal data in their possession. But in the event of unforeseen circumstances, business insurance offers protection.
DIRECTORS & OFFICERS
Directors and Officers Insurance (D & O Insurance) protects the personal liability of the head of a company against alleged misconduct as a key decision maker running a company.
WORKERS INJURY
There are a few reasons why businesses would need to take up a work injury compensation insurance plan here in Singapore. Under the Workers Injury Compensation Act, it is compulsory for employers to provide insurance protection for their employees.
DIFFERENT TYPES OF CORPORATE INSURANCE PLANS IN SINGAPORE
PROFESSIONAL INDEMNITY
Professional indemnity insurance is an important type of business insurance, especially for businesses that give advice or provide a professional service to clients. It can cover compensation claims if a business is sued by a client for making a mistake that leads to financial loss.
DIRECTORS & OFFICERS
Directors and Officers Insurance (D & O Insurance) protects the personal liability of the head of a company against alleged misconduct as a key decision maker running a company.
WORKERS INJURY
There are a few reasons why businesses would need to take up a work injury compensation insurance plan here in Singapore. Under the Workers Injury Compensation Act, it is compulsory for employers to provide insurance protection for their employees.
CYBER RISK
A cyber risk can be classified as an infringement of data / or systems. Companies can often stay vulnerable to cyber attacks given their limited resources. Protecting data is not just recommended for the business. It is equally important for companies to adopt reasonable security arrangements to follow compliance with data protection laws and regulations. All companies are legally responsible to protect personal data in their possession. But in the event of unforeseen circumstances, business insurance offers protection.
Looking for employee benefit solutions to improve your hiring and retention rates? We can help tailor packages that suit your business needs. Get in touch by filling out the contact form below. Alternatively, you can check our Employee Benefits page for more information.
SAFEGUARD YOUR COMPANY WITH EXPAT INSURANCE
Regardless of whether you are looking for employee benefit health insurance solutions to improve your company’s hiring and retention rates, group personal accident coverage or SME insurance packages, Expat Insurance has you covered. We can help tailor packages that suit your business needs. Get in touch by filling out the contact form below. Alternatively, you can check our Employee Benefits page for more information.
FREQUENTLY ASKED QUESTIONS
What Is The Best Type Of Insurance For A Small Business?
If you are a small business, consider our SME insurance packages that offer solutions that are tailored to your business context and employee benefits health insurance to attract talent.
How Much Does Small Business Insurance Cost?
Depending on the package and solutions that your company opts for, the price range of small business insurance can differ. Speak to our experienced team now to get an accurate estimate of the costs involved to help your team to make a more informed decision.
When Should You Buy Corporate Insurance?
Experts strongly advise you to get business insurance when you are starting your small business. This type of insurance can help protect your business from different risks that it might face as soon as you open for business.
Is It Compulsory For All Businesses To Have Insurance?
While it is not compulsory, here are certain situations where companies are required to do so:
- Businesses are legally required to have insurance protection for their employees under the Work Injury Compensation Act.Â
- If you rent premises, your landlord may require you to maintain commercial property insurance as part of your lease agreement. If you own a commercial building and have a mortgage on the property, then your bank will require you to have fire insurance.Â
Public liability insurance is often mandated by landlords or project tenderers.
DO YOU NEED HELP DESIGNING AND SECURING THE RIGHT BUSINESS INSURANCE FOR YOUR COMPANY?
We are more than happy to help! Drop us a call at +65 6439 8026 or leave your details below and we will get back to you as soon as possible.