Your retail business is exposed to many risks everyday that jeopardise profits and smooth operations.
Damage to inventory: A water pipe could burst in your ceiling, severely damaging your goods. Or a fire could break out at night, incinerating your store and everything in it.
Stolen goods / Robbery / Burglary: Shoplifters could easily steal your goods. Your store might even be robbed, or broken into and burglarised.
Burglary: Your employees could steal money from your cash register, or steal your inventory. As much as all business owners would like to trust their workers, 35% of businesses in SIngapore have experienced employee fraud.
Injuries to customers: Some customers might slip and fall in your store, suffering injuries. You can be held liable for personal damages.
Injuries to workers: Your workers might injure themselves while working. Singapore law allows employees to make Work Injury Claims against employers.
Defective product causes injury or property damage: If the products you sell cause injuries or property damage to others, you could be sued.
Food poisoning from spoiled produce: Your food products may cause food poisoning, creating legal liability for you.
Having comprehensive insurance is a fantastic investment into making sure your business profits are never unduly affected by such common business threats.