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.