Business insurance is a kind of insurance which is to protect business from the losses due to the fact that some unexpected events happen during the process of business operation. As we all know, it is really impossible that there is no risk for manufacturing, bodily injury, property damage and etc. when running a factory or a company. Therefore, it is expecially important and imperative for business owners to take business insurance in Singapore into account.
In order to give you some ideas when buying business insurance in Singapore, the following are some main types of insurance.
* Worker's compensation
Even though different states have different local limitations, there are still many states have required business owners to have worker's compensation coverage. This kind of the coverage provides insurance to employees who are injured on the job. If you fail to buy worker's compensation, employees have their right to sue employer for the incident. Thus, worker's compensation has play a very vital role on yourself and your company to defend legal complications.
* Property insurance
Needless to say, doing business can not without a fully equiped office space. Such as computer, printers, photocopiers and fax machines and other office equipment are imperative things for operating business. In other worlds, you have to pay for these things if you buy office space to carry on your business. In order to protect your building and personal property from fire, theft, vandalism and etc., it is a good option for you to hold Property insurance. However, if you rent a serviced office to conduct your business, it may be unnecessary for you to buy property insurance. Because the building and all of the equipments belongs to landlords.
* General liability insurance
It is very common for every business owner to hold general liability insurance. This kind of coverage will protect the property damage and bodily injury which your products or services, your employees or you cause to the third party. It is similar to the Liability Coverage when buying car insurance in Singapore. As Liability Coverage protect the property damage and bodily injury cause to the third party during the an accident.
However, different states may have different local limitations, and different companies may face different personal financial exposure in the event of loss. So, what type of insurances you need to cover should rely on the risk of personal financial exposure in the event of loss and local limitations and the policy wording.