Singapore Company Incorporation with Paul Hype Page
Company Registration at Paul Hype Page Singapore

Having insurance protects you and your company from unfavorable situations and saves you a lot of money when covering the costs incurred. There is protection that extends to your property, vehicles, employees, and healthcare. The same idea as to why many individuals purchase personal insurance, applies to businesses as well.

Business insurance protects you, the business owner, from legal liabilities and losses. These implications tend to happen during times of recession, when the economy is not doing well.

What are some of the main business insurance?

The main types of insurance available to most business are property, employee, and legal liability insurance. To ensure maximum coverage and minimize any losses or damages in cost, it would be advisable to obtain insurance for all three areas. Being a new business owner, the process in applying for these insurance may seem like a tedious process.

To simplify the procedures, Paul Hype Page has the experience and expertise in assisting you for this procedure. It is also important that we are a local firm with more than a decade of experience. Based in Singapore, we have the insight and experience you require to tackle this hassle.

Here’s an in-depth look into some of the main insurance that most business owners require:

Property

Property in business defines as anything that has a legal title over, with the owners having certain rights over these properties. Some examples of property includes:

  1. Building
  2. Machinery
  3. Plant
  4. Cars
  5. Office Space

Property insurance prevents you from incurring any costs in the event of a loss or damage to your business property. Business owners can look into purchasing some of the main property insurance to provide coverage in times of need:

  1. Theft Insurance:
    This is one of the most common mishaps that occurs to business owners who owns a physical store. Theft may happen very frequently and having the proper coverage allows business owners to prevent an impactful loss in their property worth.

  2. Fire Insurance:
    Similarly to Theft Insurance, fire insurance prevents business owners from losing all of their goods in the event of a fire outbreak. However, the coverage from fire insurance extends to other hazards such as lightning or even floods.

  3. Business Interruption Insurance:
    During the occurrence of flash floods or fire, business owners with business interruption insurance can apply for claims to help in coping with immediate financial matters. Business Interruption Insurance assists in covering losses pertaining to revenue, damage of goods and materials, employee wages and rental costs.

  4. Money Insurance:
    Money Insurance helps in covering the loss of cash value items between your businesses and banks. It also extends out to money lost at your premises. The definition of money includes physical cash, vouchers, and cheques. This insurance is the most impactful for businesses that has a store front that deals with money often. However, it does not cover the loss of money with discrepancies and fraud from employees.

Thinking of incorporating in Singapore? Let’s get started.

E A S I E R • F A S T E R • B E T T E R

Employee

In Singapore’s Employment Act, employee’s insurance is compulsory in line with regulations. It is a basic necessity and obligation to provide such coverage for your employees.

The main employee insurance coverage are:

1) Workmen Injury Compensation Insurance

Employee’s workmen injury compensation insurance allows them to be more motivated when working, as it provides them with a peace of mind. If your employees are working in a hard labor environment, this insurance would provide the most coverage for your employees. In the event of any accidents, being warded and having to undergo surgery would amount into high costs.

To prevent any costs incurred by the employers, employees, or businesses, healthcare insurance will take care of the hospitalisation bills. In the event of rough accidents that extends out to permanent incapacity or even death, a lump sum of compensation would be paid out to the employee’s family.

2) Healthcare Insurance

When your employee is subjected to common illnesses such as flu, fever, and common cold, healthcare insurance can protect them too. The insurance also provides payouts for employees in such events.

This healthcare insurance also extends out of the basic coverage range. You may opt for additional healthcare coverage such as outpatient, dental, or maternity. These extended range of coverage will allow your employees to get a better company healthcare coverage. With a better healthcare coverage system when working for your company, most employees will be more motivated to work.

 

During the course of business, different legal may arise when dealing with various partners and employees. To prevent incurring any financial and property losses when dealing with such events, it would be wise to be protected by legal liability insurance.

Here are some of the main legal liability insurances:

1) Public Liability Insurance

The public liability insurance protects you and your businesses when dealing with negligence. This insurance allows you to submit claims for damages, covering for legal battles, covering for lawsuit costs. In extreme cases where lawsuit battles dragon for a long period of time, the insurance will also assist in compensation payments.

However, there are also areas of limitations for the public liability insurance. It does not protect you from accidents that happens to you or your employees, as claims for these damages are filed under employee insurance.

2) Fidelity Guarantee Insurance

The Fidelity Guarantee Insurance will protect your company against any loss in money or property, when a lawsuit is filed against an employee. This insurance is important to prevent any unnecessary costs with lawsuits when an employee commits acts of fraud.

For example, an employee may use the company’s finances for its own benefits. During audit checks, this may become apparent and lawsuits may occur. To prevent business owners and the business to suffer any huge losses, the fidelity guarantee will act as a protection against these actions.

When choosing the right business insurance to maximize the coverage for your company, it would be advisable to speak with a professional service consultant. The relevant market in-sights and experience that Paul Hype Page possess will provide the proper assistance for your company when purchasing such coverage.

What are the benefits of business insurance?

Some of the reasons you need business insurance include:

1. It is a law requirement

One of the reasons why you need to consider taking an insurance policy for your business in Singapore is the fact that Singaporean law requires employers to take insurance policies. As an employer in Singapore, you are expected to ensure the safety of your employees at their workplace and their health.

2. You are granted the peace of mind

Having business insurance will give you peace of mind. As a business person, you need to have an assurance that your business properties are safe and you stand the compensation chance in case of the occurrence of any peril. Besides, you will have the calm to concentrate on your managerial duties.

3. Uncertainty of the future

It is a plain truth that no one is assured of tomorrow. Therefore, you should not take chances with your business premises and properties. The best way to plan for unforeseen losses is to take insurance cover to protect your business from any losses or risks that might occur.

The many benefits that accompany insurance policies make the idea viable and you should always consider taking insurance policies for your Singaporean business. Besides, business insurance makes you professional and you will boost your credit qualifications.

When choosing the right business insurance to maximize the coverage for your company, it would be advisable to speak with a professional service consultant. The relevant market in-sights

and experience that Paul Hype Page possesses will provide the proper assistance for your company when purchasing such coverage.

Why Do You Need Business Insurance FAQs

Why do I need business insurance?2020-12-14T16:10:09+08:00

Some of the benefits of taking a business insurance include:

  • Enabling you to protect your employees
  • Taking care of your properties and business premises
  • Inability to predict future occurrences.
  • Risk-sharing
  • Helps in promoting the business continuity
What are some business insurance policies that my business should have?2020-12-14T16:09:03+08:00

Your business should have proper healthcare insurance coverage for your employee. It is common for hard labor employees to sustain an injury. By providing them with ample healthcare will leave them more motivated to work, as they do not have to fork out money on their own for medical care.

Is business insurance required by the law?2020-12-14T16:09:15+08:00

All businesses in Singapore are required to have the necessary business insurance in accordance with the law. For example, the Singapore Employment Act aims to protect employees in Singapore. In this instance, businesses that employ individuals must provide the necessary employee healthcare and workplace insurance. This is one of the areas that makes business insurance a compulsory requirement.

Are there any prerequisites when applying for business insurance?2020-12-14T16:09:30+08:00

Business insurance in Singapore are e easy to apply. To do so, find and speak with a reputable certified business insurance agent. While this may be a difficult procedure when applying for your business insurance, Paul Hype Page has the necessary knowledge that you may need when handling the procedure.

2021-02-04T09:58:50+08:00August 13, 2020|0 Comments
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