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Get Singapore's best Logistics Insurance. Broad cover for goods damage, fire, liability, vehicle damage, & more.
Whether you’re an international freight forwarder, or a home moving company, logistics companies need insurance to protect themselves. Provide is the easiest way to protect your logistics business. Get comprehensive & affordable coverage quickly.
What does Logistics Insurance cover?
Importance for logistics businesses
Protects your business premises (e.g. factory/warehouse) against property damage. Covers fire, explosions, certain types of water damage, & more.
Protects your goods against damage and loss, while being shipped.
Protects your commercial vehicles from damage. Covers liability to others in accidents.
Critical if you own commercial vehicles
Protects you against liability to third-parties for property damage or injuries.
E.g. you injure others or damage property while loading goods.
Protects your company’s workers if they suffer work-related injuries/sickness.
Legally required for all manual workers (e.g. fitness trainers), or workers who earn <$2,600/month
Covers medical expenses incurred by foreign workers.
Legally required for S-Pass and Work Permit holders
Provides cash benefit if you cannot operate your gym due to covered reasons, e.g. fire at your gym premises.
Very good to have
What are some claims examples for logistics businesses?
Claim Example 1: Client sues moving company for damaging goods
You win a job for a large corporate client who’s moving offices. You are responsible for moving almost 900 boxes worth of office equipment. Some of this equipment is particularly expensive – e.g. computers, TVs, and other electronic equipment. Along the way, some of your staff get careless and accidentally drop these expensive items. They end up damaged. The client discovers these damaged goods after the move is completed. They file a legal claim against you, demanding compensation. Their lawyers allege that your safety measures were inadequate, and your negligence allowed the company’s goods to become damaged.
In such cases, Bailee’s Liability Insurance would be essential in covering you. Bailee’s Liability protects logistics companies that are responsible for goods belonging to someone else. This insurance policy would pay for lawyer’s fees, and the cost of damages.
See: Singapore logistics firms face rising numbers of missing parcels and delays
Claim Example 2: Warehouse and goods destroyed in fire
You store $500,000 worth of goods in a warehouse. A unit in the warehouse catches fire due to a fault in an electrical socket. The entire warehouse burns down, destroying all your goods stored inside it. Since you have Commercial Property Insurance, the insurer pays for the cost to replace your inventory.
See this real-life case: Massive fire ravages Tuas warehouse, causes walls to collapse
Claim Example 3: Employee arm crushed by falling goods
One of your employees was stacking goods in a warehouse. All of a sudden, some pallets of goods toppled over. The goods landed on the employee’s arm, causing severe crushing injuries. The employee is rushed to the hospital, where surgeons race to save his arm. His complex operation and hospitalisation bill ends up being $40,000. He is also placed on 4 weeks of medical leave. His salary for the period he’s on medical leave is $3,000. Under WICA laws, you must compensate the employee for his $40,000 medical bills. You must also pay them for their $3,000 lost wages while on MC leave. Since you have WICA Insurance, the insurer pays this $43,000 expense on your behalf.
Work-related injuries/illnesses don’t need to be this severe to force you to compensate employees. Logistics employees, particularly manual labourers, spend long hours lifting goods. This can develop into repetitive stress injuries – e.g. back problems, shoulder problems, and other musculoskeletal issues. These can be classified as work injuries. For instance, if an employee goes to the doctor for chronic back pains as a result of heavy lifting at work, you would have to compensate them for their medical bills, and lost wages while on MC also.
See this real-life case: Worker killed by falling goods in Singapore warehouse
How much does Logistics Insurance cost?
Coverage amount (example)
From $29/month for a Logistics business insurance package
Provides cash benefit if you cannot operate your logistics business due to covered reasons, e.g. fire at your warehouse/office.
$10 million common law annual limit
$45,000 medical expenses cover per worker
1 commercial vehicle
$15,000 cover per worker
From $6/month, per worker
Why use Provide for Logistics Insurance?
- Save up to 25% on your premiums
- Comprehensive coverage from brand-name insurers
- Access to insurance experts with 20+ years combined experience serving SMEs and large multinational firms
- Speak with us by phone 7 days/week