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3 types of insurance every company in Singapore needs

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When starting a business in Singapore, it is important to take note of the top 3 types of insurance that your business needs. By having such protection, it will allow you to run your business seamlessly. 

We have partnered up with Symbo to help you get the most suitable insurance for your business. Symbo’s digital insurance platform helps small & large businesses to manage their insurance requirements in a frictionless manner by using the latest innovation in technology to make the process quick & easy.

Continue reading to find out more about the top 3 insurance for your business in Singapore:

1) Work Insurance Compensation (WIC) insurance

This insurance covers the liability of an employer to pay compensation to their employees who suffered work-related injury, occupational illness or diseases in accordance to the Work Injury Compensation Act. Work Injury Compensation insurance is compulsory for all employees doing manual work, as well as all employees earning $1,600 or less a month.

What can be claimed under WICA?

  • Medical expenses
  • Lump sum compensation for death of permanent incapacity
  • Medical leave wages

2) Legal liability insurance

There is always the unfortunate risk that your business can be held liable for compensation due to acts of negligence by your employees in the course of their work.

  • Public Liability Bodily injury or damage to property and premises resulting from your business operations
  • Product Liability Bodily injury or damage to property and premises resulting from the manufacturing, distribution or sales of your product
  • Directors and officers provides indemnity to key decision makers in your company
  • Professional Indemnity provides coverage against legal liability arising from acts of negligence based on profession

3) Commercial Business Package Insurance

Business package insurance is a comprehensive multi-line insurance solution that can be tailored to meet the needs of your business. It provides a critical defense against elements that can disrupt or damage your Business. Symbo is able to provide you flexibility in selecting different sum insured amount and limits of cover to cater to your different business needs.

  • Property All Risks for fire and other named perils
  • Business Interruption to help cover losses in case of suspended operations
  • Public Liability/General Liability to protect against third party bodily injury or property damage
  • Theft for losses arising from burglaries and robberies
  • Electronic Equipment For damage to laptops, mobile phones and other specified items

Next steps

At both Symbo and Sleek, we focus on helping business owners to get the right protection that will benefit and suit their business in the best way possible. Contact us if you need more assistance.

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