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Corporate insurance policies for businesses in Singapore

In the world today, Singapore is among the most dynamic cities to work and live in. Doing business in the most competitive countries like Singapore increases the chances to make higher profits in business. This is the reason why many multinational companies are moving their headquarters to Singapore.

But while doing business, different types of risks and perils may arise, so business owners should be ready to deal with them. As a responsible business owner, you should be able to protect your property in times of crisis and make sure that operation does not stop at any cost.

The corporate insurance policy protects your business from potential business-related risks, and this article will enlighten you about its importance.

Detailed discussion about corporate insurance

In the corporate world, there is no doubt that risks are part of the business. Expenses linked to unpredictable events can take a toll on your business’s financial health. To manage the risks of financial crunch or falling into debt, the solution is to get the company covered by corporate insurance.

All businesses are exposed to the three following basic types of risks, namely:

  • Employees' unavailability
  • Business property
  • Business liability

Therefore, to mitigate these business risks, the corporate insurance companies in Singapore has come up with bespoke insurance policies to compensate for all potential intimidating business risks. Here are the types of business insurance policies designed to cover potential risks, have a quick look.

Policy plans covering employees working for the organization:

  • Work Injury Compensation Insurance
  • Employees benefits
  • Group health insurance
  • Corporate travel insurance
  • Group life insurance, personal accident

Property insurance policies covering business property:

This policy provides your business protection against uncertainty, but it also provides rightfully deserved compensation such as fire accident, glass breakage, buildings, plant, machinery, equipment, stocks, furniture, fixtures and fittings, property and asset.

The type of insurance policy that falls under business property category includes fire insurance, burglary insurance, and consequential loss insurance to protect your business against financial loss. Depending on the business property risk, investment in specific insurance plans for other industries such as logistics, marine, and cargo is worthwhile.

Insurance solution plans to cover the business owner's liability:

Director and Officer Insurance (D&O) will protect the responsibility of the business stakeholders; such as the Board’s Director and other top-level management people that expanded with time. At times, the reputed personalities of the business may be expected to pay legal costs; which can be covered by the D&O or corporate liability insurance.

Public liability insurance compensates any kind of potential loss linked to personal injury or accidental damage to the third parties (customer, suppliers, and the public at large) that you are liable for as a business owner.

Professional indemnity insurance covers professional lawyers, accountants, and auditors by providing their firm with the financial protection against expensive lawsuits from third parties.

Cyber-risk is another important insurance that falls under the category of business liability – it can’t shield your company against cybercrime but can keep your company on stable financial footing in case of cyber-related security breach.

Remember, uncertainty and emergency can knock on your door anytime, better protect your business by buying corporate insurance policy and overcome financial loss whenever financial crunches arise.

Every business owner agrees that corporate insurance is an essential element for the proper functioning of the business. You, being a wise business owner, may choose any of these corporate insurance policies under the guidance of an expert from BLACAZ. – Your Global Insurance Partner. We help you to understand your business needs, the vulnerable and valuable assets that you want to cover, and then suggest you to invest in the right business insurance policy.

Get in touch with our experts to know more about the kind of policy that suits you best! Apply for complementary insurance audit by filling up our questionnaires.

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