Insurance for interior designers and renovation contractors

Cover

Coverage amount (example)

Typical premium

Explanation

Importance for retailers

Commercial property insurance

$100,000

From $100/year

Covers:

–          Store premises

–          Inventory

–          Equipment

–          All other store contents

–          Plate glass (e.g. shop windows)

Critical

Public liability insurance

$100,000

From $100/year

Covers liability if customers get injured in your store.

Covers liability if you damage other people’s property (e.g. during renovations/repair work).

Critical

Work injury compensation insurance

$10 million annual limit (market standard, required by Singapore law)

Sales assistant/cashier: $10/month, per worker

Office-based roles: $5/month, per worker

Covers work-related injuries/sickness, including Covid-19 infections.

Critical

Fidelity guarantee insurance

$5,000

From $100/year

Covers employee’s stealing money from you.

Good to have