Group insurance is when a group of people is gathered for a common reason and hence eligible to buy insurance for all of them at a bulk discount and without major health underwriting.
When a group of people gathered to work at a company, they are the best group to buy group insurance at a very cheap and low rate.
Bosses can use this Group health as a great benefit to their staff at a low costs.
What are Group Health medical, life, CI, dental plans?
There are numerous group insurance that staff and employee loves to have for their company work benefits. Some of group insurance benefits are:-
- Group Life
- Group Medical Hospitalisation
- Group Outpatient GP Visits
- Group Critical Illness
- Group Accident
- Group Dental Care
Advantages of Group Insurance
Bosses can include themselves, their spouses, staff and etc in group insurance because the rates are so much cheaper than individual plans.
- Cheaper compared to individual insurance plans
- No or minor health underwriting when joining the scheme
- Coverage even when you have pre-existing conditions
Marine Cargo Insurance covers the damage or loss of goods that are carried in a vessel, aircraft, locomotive, tankers, etc.
The cargo value is being insured, not the vessels.
As most people using shippers, you would be concerned about your goods being transported from point A to point B. This is where marine cargo insurance comes in.
Marine Hull insurance is covering the damage or loss of all types of vessel, such as aircraft, locomotive, tankers, yachts, bulk carriers, etc and the machinery and equipment related to the running of the vessel or aircraft.
Another name for Marine Hull insurance is Hull and Machinery (H&M Insurance). Different trades or regions have their own preferred names.
Marine Hull covers the vessel transporting the goods while Marine Cargos covers the goods transported.
Foreign Workers Medical insurance plans are designed to cover foreign workers when they are injured or sick during their term in Singapore. The government wants us to provide a minimum basic level of medical protection for these workers in case of emergency medical care.
What are foreign workers medical plans?
To protect the business from any big medical bills, one should ensure that comprehensive medical insurance is taken up for all foreign workers as well as local staff. The foreign workers’ medical plans would be affordable as it entails basic medical coverage and only while in Singapore.
Foreign Workers Medical plans can work together with WIC Insurance (or Workmen Injury Compensation Insurance) that is needed to give Personal Accident coverage and medical coverage to all workers that are earning below $1500 monthly in Singapore.
Equipment All Risk helps to protect what is important in your business and provide you with coverage to replace, to repair equipment that is damaged from unpredictable events such as fire, flood-causing malfunction, etc.
In a bad situation, it is important you resume business as fast as possible and get the cash flow back up.
No matter how small or large your storefront or workshop is, if you are unable to work at 100% of your income potential due to faulty equipment, then it is important you get the necessary coverage to protect your revenue and profitability. This is the most important for almost all types of business as long as you have equipment in your store.
Contractors All Risk coverage, otherwise known as CAR in Singapore covers for damage to property, third parties injuries and damage claims. These are usually the expensive damages that one needs to protect ourselves from. We understand how construction has thin margin in profits and a minor work mistake or accident can trigger expensive damages to the property or neighbouring’s parties can cause financial ruins.
Your clients may ask you to provide Contractors All Risk if you are:-
- renovation ID or contractor
- engineering or construction firm
- home-owners or building owners planning on reno or A&A works
Fire and Extraneous Perils insurance is coverage of your business assets, property and stocks from damage caused by fire, lightning, explosion, flooding, riots, strikes, malicious damages or from Acts of God.
Fire and Extraneous Perils is also known as Fire and EP insurance. This covers for fire and water damage, and cover for other perils that can disrupt business’s operations and assets such as flood, lightning, riots, etc.
Just like compulsory fire insurance for your HDB, condo, a fire EP insurance is absolutely important for your business.
You will be surprised but for some coverage, you can opt for an increase in coverage of the business owner’s home to cover for equipment that is used in work. Let us get you value-for-money tops up instead of paying expensive fees.
We all know that there is no such thing as 100% perfection, be it in service or physical products. Most manufacturers’ defects are minors and not costly, but they are bound to exist. Take care and protect yourself from any defects that can be costly, full of litigation and able to ruin the reputation you spent years to build up. Just check out this news article about outdated product recalls of Po Chi Wan.
With a digital, connected business world where hackers and disgruntled competitors or employees seek cyber spying and hacking to steal competitive advantages or ruin business by releasing personal data, this insurance is fast becoming a necessary coverage.
Cyber insurance is still relatively new and misunderstood but we say as long as you have a digital footprint, do email us and check out what you should take note of. Do not pay too much for unnecessary cyber digital coverage too. Cover what you need and protect your profits.