”There are many different business packages in the market, and companies are spoilt with a variety of choices to suit their insurance needs. A typical business package policy aims to address key coverage based on the nature of the client’s business actitivies and is catagoried into industry segments (eg office/ retail/ light industries/ F&B, etc). Within these packages will incorporate key insurance coverage suitable for that industry, which includes basic coverage such as Work Injury Compensation, Property all Risk, business interruption, money, fidelity guarantee.
Companies have also the option of adding coverage outside of the basic features which could add on the cost of the business insurance policy. Entry cost for a SME package can be as low as $150 and can cost up to a few thousand dollars for a mid to large sized company with sophicated needs.”
“Business packages typically have core key coverage for a basic policy premium, with the option of add-ons features for additional premiums. Some of the key covers are
Work Injury Compensation – Covers the expenses that comes with an employee’s work related illness or Injury
Public Liability – Covers the cost of legal action and compensation claims made against your business if a 3rd party is injured or their property suffers damages whilst at your business premises or when you are working in their home, office or business property
Professional Indemnity – Covers legal costs and expenses incurred in your defence, as well as any damages or costs taht may be awarded, if you are alleged to have provided inadequate advice, services or designs that caused your client to suffer a financial loss
Fidelity Guarantee – Covers the loss of money or other property belonging to you or for which you are legally responsible for as a direct result of their actions”
The amount of coverage requirement could be easily determined by calculating what is the maximum possible claims scenario that your business could incur, and then buying the appropriate type of insurance cover to protect against possible loss due to that incident. This method of estimating the amount of insurance coverage needed ensures that in any unforeseen circumstances, your risk is fully protected and your business can continue to operate with minimum financial loss & business interruption. Many small businesses fail to understand the importance of protecting their assets (employees, property) and suffers the consequence of loss when one or more of their assets is damaged, injured, or even suffers total loss in an event of an accident. Find an insurer that can cover all of your business risk and you’ll be protected at all times
“No. For business insurance, insurers will require the UEN number and the insured business activity to be declared before they can underwrite the policy. In most cases, the policy issuance will capture the insured particulars and the business risk, hence all company details declaration is required upfront such that the policy document can capture the client’s particulars at policy issuance stage.
In any event of a claim, the policy would clearly state the insured business as the business risk the policy is covering. “
You can get a business insurance at the onset but claims will not be payable if regulatory business requirements are not met. Insurance claims payout are usually conditional to adherence of local/ mandatory regulations before the policy can respond to a claims payment. A business that has not been approved by law is deemed to be illegal in its trade, and policy clauses will typically stipulate that the insured activities be legal such that the insured can exercise it’s rights to chase for its receivables, pursue claim or even be a plaintiff when fighting for disputed debts in the course of its business.