All business owners in Singapore should have business insurance. The type of coverage you need depends on the nature of your business, but there are certain types of business insurance that are essential for every business. In this article, we will discuss general insurance and the different types of coverage that every Singapore business needs.

Business insurance is a form of insurance that business owners purchase to protect their business from financial loss. There are many different types of business insurance, but the most common are general liability insurance, medical insurance, property insurance, and business interruption insurance.

General liability insurance protects your business from third-party claims of bodily injury or property damage. This type of insurance is essential for businesses of all types, as it can protect you from lawsuits that may arise from accidents that happen on your property or as a result of your business operations.

Some types of general liability insurance include:
– Product liability insurance: This type of insurance helps protect your business from claims that a product you made or sold caused bodily injury or property damage to someone else’s belongings.
– Professional liability insurance: This is used in businesses to protect against claims of negligence. Professionals such as accountants and doctors use this insurance to protect themselves against client claims of negligence or malpractice.
– Employer’s liability insurance: This covers the legal liability of employers to pay compensation to their employees who suffered work-related injuries, occupational illnesses or diseases including covid-19, in accordance with the Work Injury Compensation Act (WICA)
– Public liability insurance: Covers a business’s legal liability for bodily injuries or accidental damage inflicted on third parties’ property when carrying out your business operations. This includes legal costs which are incurred with the insurer’s consent.

Medical insurance is a type of business insurance that covers the medical expenses of your employees. This type of insurance is important for businesses that have employees, as it can help to protect your business from the financial burden of employee medical bills.

It is common practice to offer group health insurance as part of a caring and competitive Total Rewards package, as most organisations recognise the link between employee well-being and job performance.

Under the Employment of Foreign Manpower Act, employers must buy and maintain foreign worker medical insurance for their S-Pass holders and Work permit holders as long as they are under your employment.

Property insurance protects your business property from damage or loss. This type of insurance is important for businesses that own their own premises, as it can help to cover the cost of repairs or replacement if your business property is damaged or destroyed.

Some areas of coverage include fire, floods and thefts. The more comprehensive plans can also cover the expensive machinery, inventories and contents located within the property insured.

Business interruption insurance covers your business expenses when your business is forced to close due to an insured event, such as a fire or flood. This type of insurance is vital for businesses that rely on their income to pay their operating expenses, as it can help to keep your business afloat during a temporary shutdown.

What Insurance Does Your Business Require?
The type of business insurance your business needs will depend on the type of business you operate and the risks associated with your business. It is important to speak to an insurance broker or agent to determine the best coverage for your business.

Some businesses may be required by law to have certain types of insurance, such as workers’ compensation insurance (WICA). Other types of business insurance, such as product liability insurance, may be optional but are still recommended.

No matter what type of business you operate, it is important to have some form of business insurance in place to protect your business from the financial risks associated with running a business.

If you’re not sure which types of business insurance your business needs, speak to us at Ivan Insurance Brokers today. We will be able to assess your business risks and recommend the best coverage for your business.

Don’t wait until it’s too late – get insured today!