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 in place, it will allow you peace of mind to run your business seamlessly.
At Sleek, we have partnered up likeminded insurance partners to help all off our clients get the most suitable and affordable insurance for their needs business.
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?
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:
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: