Your service business is exposed to many risks everyday that jeopardise profits and smooth operations. Service businesses are also particularly vulnerable to major legal liabilities to their clients.
Damage to business property: A water pipe could burst in your ceiling, or a fire could break out at night, severely damaging your business premises.
Directors & Officers lawsuits: Your personal assets (like your house & car) could be legally exposed if you have lawsuits filed personally against you as a company Director or Officer.
Negligence-related lawsuits: You could be sued for negligence if you make any errors or omissions while performing a service for clients and they suffer damages.
Employee fraud / theft: Your employees could steal money from you, and commit other kinds of financial fraud. As much as all business owners would like to trust their workers, 35% of businesses in SIngapore have experienced employee fraud.
Injuries to customers: Third-parties like clients or business partners might slip and fall in your store or office, suffering injuries. You can be held liable for personal injury damages.
Injuries to workers: Your workers might injure themselves while working. Singapore law allows employees to make Work Injury Claims against employers.
Non-payment of trade receivables: Some of your customers might default on payments to you for goods sold or services rendered.
Having comprehensive insurance is a fantastic investment into making sure your business profits are never affected by such common business threats.