Business Packages are a comprehensive, all-in-one insurance specially designed for SMEs
Business Package Insurance provides many of the common coverage that SMEs need: fire, water damage, public liability, money, theft, business interruption, and more. It protects offices, retail stores, service stores, F&B outlets, clinics, warehouses, and factories. We highly recommend this broad-cover, affordable policy designed for all SME owners with less than $25 million in annual revenue, and fewer than 25 employees.
What Does Business Package Insurance Cover?
This type of insurance covers almost all business types, including (but not limited to):
Professional Services: Accountants, Consultants, Lawyers, PR/Marketing, Architects, Surveyors, Logistics, Engineers, etc.
- Personal Services: Spas, Salons, Gyms, Massage therapists, Barbers, etc.
- Construction: Construction contractors, Electricians, Construction supplies, other construction-related services, etc.
- IT Services: Web developers, Networking, Cybersecurity, etc.
- Financial Services: Real estate agencies/brokers, Financial advisors, Hedge funds, etc.
- Education: Tuition centres, Childcare centres, etc.
- Wholesalers: Consumer goods, Industrial goods, Chemical goods, Agricultural goods, etc.
- Healthcare: Western clinics, TCM clinics, Chiropractors, etc.
- Retail: Clothing, Consumer goods, Health supplements, etc.
- Food & Beverage: Restaurants, Cafes, Pubs/Bars, Catering firms, Food court stalls, Hawker stalls, Food kiosks, etc.
- Manufacturing: Industrial, Electronics, Chemicals, Agricultural, etc.
- Warehousing: Commercial storage firms
- Non-Profits: Charities, NGOs, etc.
Essentially, this insurance covers businesses that either operate out of an office, a retail store, a personal services shop, a food/beverage outlet, a clinic, or a factory/warehouse.
Business Package Insurance bundles together most of the common coverage that SMEs need:
Commercial Property Insurance
Inventory and Building Contents Insurance
Business Interruption Insurance
Public Liability Insurance
Group Personal Accident Insurance
Goods In-Transit Insurance
Fidelity Guarantee Insurance
- Money Insurance
Work Injury Compensation Insurance (only some insurers offer this, depends on the policy)
Product Liability Insurance (depends on the insurer)
Told you it was comprehensive!
What Does Business Package Insurance Not Cover?
Although Business Packages are comprehensive, there are certain risks which are not covered:
Employee injuries (depends on policy): Some business packages may not come with Work Injury Compensation. Fret not – get yourself Work Injury Compensation Insurance here.
Lawsuits from professional negligence: If you make errors or omissions while providing a professional service, your clients could sue. To cover this, you’ll need Professional Indemnity Insurance.
Lawsuits filed personally against company directors: To protect your personal assets from legal exposure, you’ll need Directors & Officers Liability Insurance.
- Cyber attack costs: 56% of SMEs in Singapore faced cyber attacks in the past 12 months. To cover this, you’ll need Cyber Insurance.
- Non-payment of account receivables: If you want to protect yourself from customers who don’t pay you, you’ll need Trade Credit Insurance.
Do I Need Business Package Insurance?
Business Package Insurance is one of the most common types of insurance SME owners will buy.
This insurance is very useful for:
SME owners looking for a convenient, cost-effective method to achieve broad protection against common business risks
Companies with less than $25 million in annual revenue, and fewer than 25 employees
How Much Business Package Insurance Do I Need?
Our digital platform will automatically recommend you the appropriate coverage amount based on several key factors:
Number of employees
How Much Does Business Package Insurance Cost?
Business Package Insurance is very affordable. Premiums begin from as low as $140/year. That’s less than an annual subscription to Netflix!
Example starting prices: Office: $140/year Retail: $160/year F&B: $195/year Personal Services: $140/year Clinics: $365/year Factory/Warehouse: $530/year