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Insurance

Corporate Insurance in Singapore

Not sure what is the bare minimum requirement you need to oblige the legal ruling of Singapore government? There are some basic insurance that all corporates would need to have, and it is considered a legal offence if you do not possess that insurance.

Performance Bonds

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 Insurance

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

Professional Indemnity Insurance

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.

Business Interruption (Consequential Loss)

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.

Property Insurance

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.

Trade Credit Insurance

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.

Industrial All – Risk

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.

Work Injury Compensation Act (WIC Insurance in Singapore)

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?

  1. Any workers that earn $1600 SGD and below per month for their salary ($19200 annual salary)
  2. 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 Insurance

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.

Commercial Vehicle Auto Insurance

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.

Group Health Life Accident CI Dental

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:-

  1. Group Life
  2. Group Medical Hospitalisation
  3. Group Outpatient GP Visits
  4. Group Critical Illness
  5. Group Accident
  6. 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.

  1. Cheaper compared to individual insurance plans
  2. No or minor health underwriting when joining the scheme
  3. Coverage even when you have pre-existing conditions

Marine Cargo Insurance

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

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

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 Risks

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 Risks

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
  • builders
  • engineering or construction firm
  • home-owners or building owners planning on reno or A&A works

Fire and Extraneous Perils

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.

Homeowner Insurance

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.

Product Liability Insurance

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.

Data Breach and Cyber Insurance

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.

Directors and Officers Insurance

Management liabilities claims are costly and may directly affect the owners, the managers of the company. This protects the directors and keymen of the business to prevent them from making decisions with fear and hesitation in their minds.

Consumer General Insurance in Singapore

Our daily lives would be very chaotic without general insurance. That is why the government makes it compulsory that all vehicle owners, be it a Toyota or a Ferrari, must get car insurance. You need home insurance, domestic maid insurance, travel insurance, etc, etc.

Outpatient Medical and Inpatient Medical

Beyond the usual Shield plans offered by all life insurers, medical insurance can be offered by some general insurers that offer benefits way beyond the usual scope.
It can be real global coverage, with premium medical care. It can cover all outpatient Singapore medical care (visiting local GP clinics).

Domestic Maid

Domestic maids are not Singaporeans and face high hospitalization bills if they are sick from accident or sickness. We can reduce the odds of them suffering from bad injuries or sickness but if they need medical attention, the bill can be crazily high with no medical safety nets for them.

Basic domestic maid coverage is useful to prevent such headaches for you as the employer. It also helps protect your security deposits if your maid decides to run away for selfish reasons.

Home Protection

Your HDB has very basic home fire insurance, not just to protect you, but to protect HDB from fire damages, and therefore they ask you to buy more home insurance to protect your home contents and furniture.

If you own a landed or condo, this is even more important for you. Your neighbors are rich, well-connected residents too. In any event of a fire or disaster that starts from your home, you are legally culpable for their losses! A great home protection policy will help you to settle any big losses arising from fire, flood, and other disasters.

Personal Accident

Personal accidents are the most frequently bought policies due to many life insurance agents selling them. However, do you know that the same personal accident with the same coverage is a lot cheaper from General Insurers than Life Insurers (such as AIA, Prudential, Great Eastern, etc)

General Insurers can offer PA policies at so much lower rates because the commission rate to agents is very little, and there are no big incentive trips, bonus, etc for the GI agents compared to life agents.

Travel Insurance (Annual Plan or Single Trip)

Singaporeans love to travel! (who can blame us, Singapore is so small!) Do forget to pack travel insurance as early as possible.

Buying travel insurance early

If you buy now vs buying just before you fly, the price is the same AND you get to enjoy extra benefits for free! For example, if you have some unfortunate events, such as an accident, your insurance policy may allow you to file a claim for unforeseen circumstances in forgoing air tickets. If you bought a travel package, early purchase of insurance also cover in case of travel agencies defaulting (For some travel policies).

Also, Singaporeans travel to Malaysia so much, we are so used not to buy insurance package. But Malaysia is where many Singaporeans face problems in their travel, such as accidents, robberies, stolen cars, and mobile phones, etc.

Get annual plans, it is so much easier and hassle-free and save you so much more money!

Private Vehicle Auto Insurance

if you drive, you need to buy compulsory car insurance. LTA mandates that you need to buy at the minimum 3rd party liability for your car, but with car repairs so expensive, you are probably better off with Comprehensive Car Insurance, which covers your own car too in the event of accidents. If you want the best, go for all workshops coverage. If you prefer value for money, go for “Authorised Workshops Only” coverage

If you really want the bare minimum to comply with LTA’s motor insurance rules, then just grab the cheapest 3rd Party Liability Motor Insurance.

Niche Insurance in Singapore

Looking for something unique that not many insurers offer or are interested. Customising a specific insurance niche for yourself?

Pleasure Craft

Having a consideration to buy a hovercraft or a yacht? Something special for the weekend? Perhaps you are taking a private jet for dim sum in Hong Kong? All pleasure crafts can be considered.

Drones

As drones get more popular and complicated, you may want to consider drone protection not just for your drones, but for any liability or damages that can be caused to someone else. This is for your legal protection and peace of mind.

Collectibles

We do help protects special collectibles too. You may own a classic star wars toy or that vintage comics book, or a rare antique car. Collectible insurance is rare but manage by professional insurance team.

Jewellery

Expensive and precious jewellery kept at home or office? You will love what we can do for you, to protect you and have peace of mind for your jewels and gemstones.

Art and Sculptures

Fine arts or precious sculptures? We got it covered with special valuer and insurance coverage for special cases.