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What insurance do manufacturers need?
Manufacturing companies require a few key types of insurance to cover their risks:
Importance for manufacturers
Protects your manufacturing premises against property damage, e.g. fire, explosions, certain types of water damage, etc.
Protects you against liability to third-parties for property damage or injuries.
E.g. customers slipping & falling in your premises due to you negligently leaving the floor wet.
Protects your workers if they suffer work-related injuries/sickness.
Legally required for all manual workers (e.g. production workers), or workers who earn <$2,600/month
Provides cash benefit if you cannot operate your business due to covered reasons, e.g. fire at your premises.
Very good to have
Covers medical expenses incurred by foreign workers.
Legally required for S-Pass and Work Permit holders
Commercial Property Insurance: This type of insurance is also commonly known as “Property All Risks” or “Industrial All Risks” Insurance. Basically, it covers your premises against property damage. This covers you against fire, explosions, certain types of water damage, burglary, vandalism, and more.
This policy will cover your property, such as: factory/warehouse premises, manufacturing machines, renovations, fixtures & fittings, furniture, inventory (e.g. finished goods) and other miscellaneous property.
Public Liability Insurance: This provides cover if clients in your premises accidentally suffer injuries due to your negligence. For instance, if clients slip and fall because of a wet puddle you left on the floor, they could sue you for personal injury. Public Liability Insurance can cover you for the personal injury damages and lawyer’s fees.
Work Injury Compensation Insurance (WICA Insurance): WICA Insurance is absolutely vital for manufacturers. MOM legally requires business owners to cover all manual workers, and workers who earn below $2,600/month. Many workers in a manufacturing business are likely to perform manual work. Manual workers would include: production line workers, drivers, cleaners, machine operators, repairmen, goods packers, factory floor workers, and general workers who perform various physical labour (e.g. help with putting weights back on their racks).
Coverage for your employees includes work-related injuries and sickness, including Covid-19 infections. Manufacturers (particularly if you operate dormitories, or have workers housed in them) may be one of the more likely sites for Covid infections, so it’s important that you purchase this coverage. For instance, one of your waiters gets Covid-19 after interacting with customers, and spreads it to all your other staff. This insurance will pay for lost wages while quarantined, medical expenses, and legal expenses if your workers sue you for creating an unsafe work environment.
Business Interruption Insurance: Pays you a benefit if you cannot operate your business due to covered major risks, like a fire. Helps you to defray costs like rent, salaries, utilities, and other expenses while your business is not generating revenue. Very useful to have.
Foreign Worker Medical Insurance: Legally required for all S-Pass and Work Permit holders. You must have a Foreign Worker Medical policy for each foreigner.
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