Do you know that if you were facing the business problems, the huge compensation or financial loss can be offered by the business insurance in Singapore which you have bought in advanced. Purchasing business insurance can help you avoid the unpredictable effects on the business and reduce the losses as possible as it can.
First of all, let’s check what types of packages are available for business insurance in Singapore.
1.Office. A comprehensive package that caters to the insurance needs of offices.
2.Retail and Services. A comprehensive package is designed for the Retail and Service industry.
3.Food and Beverages. A comprehensive solution that is tailed to manage the insurance needs of the Food and Beverage industry.
4.Medical Clinics. A comprehensive solution that caters to the insurance needs of medical clinics, TCMs, aesthetician etc.
Decide what type of business insurance package fits your need. You should at least have a general liability, and a professional liability policy according to your services and needs. Professional liability would have the errors and omissions insurance as sometimes might fits of your small business insurance coverage.
How much does this business insurance cost? Well, it would be hard to get a concrete figure.It will range from $3500 average in cost. Business insurance companies will evaluate the price based on your business size, the sales volume you’re doing, in terms of employees and how they characterize you by risks.
There are many reasons may lead to risks of your business. Natural risks such as floods, heavy rains, storm, hurricanes and others. Or man-made risks like vandalism, theft. It may bring some unexpected result like casualty, stolen of business data and so on. If you are the owner of a product manufacturing company, seeking a business insurance in Singapore coverage is significant.
Take time to carefully look at the categories and details of the insurance, or talk with your agent. A lot of times they might classify you into software developers which could be a very different risk category than network installers or resellers.
Talk to your insurance agent. Seeking an insurance agent that takes good care of your property and contents insurance needs is an important step. Sit down and talk with them. There would be a relatively similar business model in your same area, ask this question of your accountant also.