Justine Loke, Commercial Insurance Advisor at Expat Insurance offers ten tips to better understand why you should consider business insurance in Singapore.
Do Your Homework
Research the insurance packages commonly purchased by professionals in your industry, know which policies you want to buy.
Consider All Possibilities For Your Business's Future
Although an accident, illness or disaster seems unlikely to happen, it’s important to take into account all the things that can go wrong. We don’t expect to get into a car accident when we go driving but we wear our seatbelts for protection and peace of mind, the same goes for business insurance.
Cheaper Isn’t Always Better
For certain expenses, it's smart to go with the least-expensive option, this may not always be the case with business insurance. Some policies may contain more limitations and higher out-of-pocket deductibles.
Shop Around
Trade organizations and professional organizations in your area may provide discounted coverage to members. Do check with your industry-related associations. The carriers often offer premium savings in return for a larger risk pool.
Find An Agent Or Broker You Can Trust
A commercial insurance broker can help you find a policy that fits the overall needs of your business. A broker offers policies from a variety of insurers, not just one. They provide the value added service of ensuring you have the right cover and assistance needed in claims.
Get Your Information Ready.
When you’re finally ready to apply for insurance, get all your business information ready if you want the process to be fast and efficient. General information required includes: Business nature, Company Revenue, number of employees, insurance history.
When In Doubt, Ask Questions
Insurance brokers are here for a reason – to help you get approved cover. If you have any questions, feel free to ask, you can learn a lot about the terms and conditions of your policy just by talking to your broker.
Cover Your Products
You can also purchase products liability coverage for tangible products which you have designed and manufactured for sale. This covers you in case one of your products causes illness or injury to others.
Cover Your Employees
As your business grows and the company workforce grows, you can manage your liability as an employer by ensuring you have worker’s compensation in place early.
Evaluate Your Needs Regularly
Once you are satisfied with your insurance coverage, the process isn’t over. You should regularly evaluate your policy with your broker as your business grows.
Get a Business Insurance Quote today
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