3 types of insurance every company in Singapore needs
2 minute read
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?
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.
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.