Shifting Your Basic Risks Elsewhere To Sleep Well At Night
In my recent reviews of my clients’ business operations, I noticed there are some inherent risks remaining in the company not passed on, let me explain…
Business owners hate surprises which would disrupt their operations when they occur.
Many times these disruptions happen to their Assets and People.
Hence, it really pays to let business owners have good night sleep everyday by diverting these inherent risks to Insurers.
Let me list out these 4 basic ones which your business must have protection against…
1. Protect your Assets via All Risk Insurance
* Protect your property against fire, theft, vandalism, etc.
* “All risk” protection covers the most common risks that could directly damage your property.
* Basic coverage includes risks such as fire, theft, vandalism, damage due to wind, certain types of water damage, falling objects, and a vehicle hitting your house.
2.Protect your Cash via Money Insurance
* Money Insurance covers “Money” carried by the Insured or the authorized employees / messengers while in transit.
* Money that has not been disbursed & has been retained in a safe is also covered.
* Money means & includes cash, bank drafts, currency notes, treasury totes, cheques, postal orders & current postage stamps.
* The policy covers:
– loss of money in transit, by the Insured or the Insured’s authorized employee(s), occasioned by robbery, theft or any other fortuitous cause.
– loss of money in safe, ie, by burglary, housebreaking, robbery or hold-up, provided always that the limit of the Company’s liability for any one loss shall in no case exceed the amount specified against any respective section in the said Schedule to the Policy.
3. Public Liability
* Public Liability insurance protects policyholders against legal liabilities arising in connection with their business operations.
4. Workmen Injury
* In Singapore, MOM requires you to get work injury compensation insurance for all employees doing manual work regardless of salary level, as well as all employees earning < $1,600 a month.
* You must have insurance for both local & foreign employees. Failure to provide adequate insurance is an offence carrying a fine of up to $10,000 or jail of up to 12 months, or both.
* For other employees, you have the flexibility to decide whether to buy insurance for them. However, if those employees make a valid claim, you will have to compensate them regardless of whether they are insured.
Checklist when Choosing insurance coverage
* When you are buying or reviewing your company’s work injury compensation insurance coverage, do the following:
1. Check that you have a insurance policy covering your employees –
*Make sure the insurance policy covers the eligible claims under the Work Injury Compensation Act. These include medical leave wages, medical expenses, & compensation for permanent incapacity or death.
2. The insurance payout should not be less than the compensation limits under WICA.
If you need help, feel free to contact us at :
(O) +65 63851011
(M) +65 90880669
www.corporatebackoffice.com.sg
