A performance bond act as a security guarantee that a project will be completed.
A performance bond is used to provide security between a client and a contractor. A contractor would be asked to provide a performance bond. The bond protects the client from the risk of the contractor failing to meet his contractual obligations.
Many construction or large projects will request for performance bonds in contract tender.
Plate glass coverage is insurance on any damage or breakage of large panels of glass such as display window in retail shops, restaurants, showrooms, offices or buildings.
Plate glass insurance includes all-risks coverage on the glass damage or breakage from accidents or misfortunes, other than exclusions.
As long as you have glass in your frontline, it is useful to have this policy
If you have professionals in your companies, such as engineers, auditors, technological staff, lawyer, etc, this is handy in Singapore. There are more and more cases where the professionalism of personals are in doubt and sued by the public. This will help your business to mitigate against certain legal outcomes.
Any interruption of business can be devasting to and non-recovering. Do plan ahead to prevent any painful disruption with this coverage. It can be a simple fire at a neighboring unit that is of no fault to you that disrupt and destroy a corporate business.
This protects your office, warehouse, workshop, factory or facilities against damages or losses. You should cover not just your fixtures and furniture but of your valuable goods, equipment, machinery, and materials.
For any companies handling trade credit and account receivables with other businesses, protect yourself that your clients go on default be it political risk, protracted defaults, insolvency, etc. This trade credit insurance is a niche and not well understood by many general insurance agents. Do note that you need people who are well trained, licensed and most importantly, experience in trade credit business workings.
This is comprehensive all-risk coverage on your factory/workshop premises that covers you from business disruption and fire, flood, perils such as equipment and stock losses.
Do you need this? If budget is a concern, you may opt for smaller policies that cover small segments insurance. Together though, this policy offers the best value for money for small business owners owning factory, workshop or warehouses.
The work injury compensation insurance is compulsory for all workers under your company below SGD $1600 monthly salary or all manual work workers. This replaces the earlier workmen compensation insurance some years ago. Do note that this is mandatory by law and many companies missed out on this and have issues with the Ministry of Manpower (MOM) when checks are conducted.
What businesses and when do you need WIC Insurance in Singapore?
- Any workers that earn $1600 SGD and below per month for their salary ($19200 annual salary)
- Any manual workers (skilled or unskilled label) in any salary
As long as your companies have workers of such type, you are required to purchase WIC insurance for them. For companies that have no such staff, you may still purchase WIC or Personal Accident plans because the rates are very low due to the mass adoption of such plans.
Public Liability is important to protect you from lawsuits, legal liabilities that can arise from your products, services, representatives, and staff while carrying out your business. It can be compulsory for some business and though not compulsory, a good to have for business longevity.
Your fleet or commercial vehicle is important for your day to day operation of your business. Make sure you have the bare minimum required by law, and enjoy a better coverage to ensure business operations and profitability continues even with hiccups. You can choose any workshop plans or authorised workshop repairs for Class 2, 3, 4 or a special class of vehicle protection.