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SME Business Insurance Packages

As a small business owner insurance probably isn’t the first thing on your mind. Perhaps you think it's not necessary, or you don’t know where to start. Or you simply can’t afford it at this point of your business.

So, if you have just started a small business and you’re not sure of your SME insurance requirements, you’ve come to the right place. We have put together a checklist of information below that will help guide you through what you need for your small business insurance plans, both to safeguard your business as it grows and help you attract and retain existing talent by designing employee benefits health solutions to suit your needs. If this sounds like what you are after, give us a call today and we can get you started.

Small businesses, otherwise known as SMEs, are integral to economies. Protecting SMEs is crucial to avoid any hampering of operations, growth and success - both individually and for the economy as a whole.

It’s estimated that almost one in 10 smaller SMEs do not hold any business insurance at all. These start-ups are a vital part of the economy here in Singapore, so having business protection insurance helps to safeguard both you and the economy. Meanwhile, more than half of all Singaporean SMEs operate with only the most basic and mandated levels of business insurance. Whilst SMEs expect difficult times as they grow, many do not hold any business protection insurance coverage for the specific risks and issues that could affect their businesses. Give our team a call and we can assess your protection needs.

What Are The Insurance Requirements For Small Businesses?

Running a small business in Singapore can be challenging. One part of making that process easier is to secure the SME insurance requirements for a successful start.

The Expat Insurance team have partnered with some of the world’s leading providers to put together the compulsory and necessary business insurance packages for SMEs in Singapore. We want to help you focus on the important parts - growing the business without worrying about the business protection plans in place for an SME.

We have a comprehensive overview of the small business insurance plans that you should consider acquiring as you go about starting a business in Singapore. If you and your teams need to leave Singapore a lot, some travel business insurance is advisable to protect them whilst they are on the move.

These are the basics you will need to get you started. From here, our team will assess your business and suggest other products to include in your SME insurance package. If you have employees, our Employee Benefits solutions experts will tailor group insurance packages to suit your company's needs. They will help you out with small business insurance plans that protects both your business, and its employees. Let your business insurance advisor know if you would like group insurance for your Singapore team.

If you would like some help getting started, send us your details in our online form and one of our Business Insurance team members will get in touch to  talk to you about the insurance requirements for small businesses here in Singapore.

What Is In An SME Insurance Plan For Businesses In Singapore?

While these aren’t compulsory business insurance packages, they are strongly advised. These SME insurance packages combine a range of essential cover to provide your business with affordable but comprehensive cover. As your business grows, we can review and reassess your policy to make suitable recommendations.

These small business insurance plans provide comprehensive yet affordable coverage for SMEs.

The forms of SME insurance packages will change depending on what your business specializes in, but as a general rule they will include a main coverage in full limit and sub-limit or additional coverage:

  • Directors and Officers Insurance. You need to make sure that any decisions that you make as a business owner or director are protected.
  • Professional Indemnity Insurance. This is one of the most important forms of coverage that a business should have prior to starting out.
  • Cyber Liability and Data Protection Insurance. This is a non-negotiable for any business that operates online, which is every business these days. Learn more about what is required to protect the data of you and your customers here.
  • Other types of coverage like thefts, EPL, personal accidents or threats could be granted depending on business and insurer provider.

These are the basics you will need to get you started. From here, our team will assess your business and suggest other products to include in your SME insurance package in Singapore that will ensure sufficient coverage. Give our team a call and we’ll get you started.

What happens from here?

Send in your enquiries to our Business Insurance team.

  • One of our experts will get back to you to talk to you about your specific business needs and requirements.
  • With access to over 30 international insurance providers and some of the biggest names in the industry, we can then package together a bespoke plan that meets all the insurance requirements for small businesses using the details that you have given us.
  • We will also bring you through understanding the business insurance and be available for any questions you may have.
  • Our award-winning brokerage is committed to providing you with the best policy and advice throughout.

If you are running a small business in Singapore and are contemplating several insurance plans, get in touch with our team today.

ARE YOU RUNNING A SME BUSINESS IN SINGAPORE?

Do you need help putting together some basic insurance for your new SME? Reach out to our team today and let us help you get started!