If you run a wellness/fitness business, you’ll need a few types of coverage to really protect yourself from the cost of things going wrong:
Coverage | Explanation | Importance for wellness/fitness businesses |
Commercial Property Insurance | Pays for physical damage to your business premises. Damage includes fire, some types of water damage, explosions, break-ins, vandalism, etc. | Critical |
Public Liability Insurance | Pays for liability to third-parties (e.g. members of the public) if they get injured, or their property gets damaged. E.g. spectators hit by a football during a match you organised. | Critical |
Work Injury Compensation Insurance (WICA Insurance) | Pays for work-related injuries/sickness. | Legally required for all manual workers (e.g. fitness instructors, sports coaches), or workers who earn <$2,600/month |
Business Interruption Insurance | Pays a cash benefit if your business shuts down due to covered reasons, like suffering a fire, collapsed roof, etc. | Very good to have |
Foreign Worker Medical Insurance | Pays for medical costs for foreign employees. | Legally required for all S-Pass and Work Permit holders |
Commercial Property Insurance: If you have a physical premise for your wellness/fitness business, then it’s important to protect that property. It’s not cheap to rent (or buy) a commercial property, so you should cover it against major risks like fire, explosions, break-ins, and vandalism. Commercial Property policies are also known as “Industrial All Risk” or “Property All Risk” Insurance. This pays for costs to replace or repair things like your business premises, renovations you’ve done, fixtures and fittings you’ve installed, equipment you store on site, and business inventory that you might have.
Commercial Property Insurance covers risks like fire, explosions, break-ins, vandalism, and certain types of water damage,
Public Liability Insurance: If your business results in injuries or property damage to third-parties, you could get sued. Public Liability Insurance would help to cover these liabilities. This policy pays for costs like lawyer’s fees, and the cost of settlements/damages.
Work Injury Compensation Insurance (WICA Insurance): Singapore law requires this insurance for all manual workers, and workers who are paid below $2,600/month. The law mandates that employers compensate their workers for work-related injuries & illnesses. Examples of manual workers include: fitness instructors, yoga teachers, pilates teachers, dance teachers, sports coaches, cleaners, and more.
WICA Insurance will pay for work-related injuries/sicknesses that your employees suffer. This is important, because medical bills in Singapore can reach quite high amounts.
Business Interruption Insurance: This is very useful for companies, because it helps to defray operating expenses if you can’t generate revenue. This policy pays a cash benefit if your business shuts down for covered reasons – for example, if an explosion impacted your business.
Foreign Worker Medical Insurance: Singapore law requires this insurance for all S-Pass and Work Permit holders that you hire.
