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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 in place, it will allow you peace of mind to run your business seamlessly. 

At Sleek, we have partnered up with Symbo – a digital insurance platform – to help all off our clients get the most suitable and affordable insurance for their needs business. 

 

Symbo specialises in helping small and large businesses to manage insurance requirements in a frictionless manner by using technology to make the process quick and easy.

Below we list the top 3 insurance all Singapore companies should consider:

1) Work Insurance Compensation

This insurance covers the liability of an employer to pay compensation to their employees who may have suffered work-related injuries, occupational illnesses or diseases in accordance to the Work Injury Compensation Act (WICA). 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

All business face unexpected risks that may lead them to be liable for compensation due to acts of negligence by employees in the course of their work. Legal liability Insurance coverage can range from:

  • 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 often provides a more affordable and critical defense against elements that can disrupt or damage your business. Common coverage within Commercial Business Package insurances include:

  • 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

To get a quote or sign up for the best insurance for your business click below.

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