Quick start guide.
1. Must have
2. Good to have
3. How much will it be
4. How fast to quote and bind
1. Must have
Required by MOM
a. Work Injury insurance
Must get work injury compensation insurance for:
: All employees doing manual work, regardless of salary level.
: All employees doing non-manual work, earning a salary of $2,100 or less a month, excluding any overtime payment, bonus payment, annual wage supplement, productivity incentive payment and any allowance.
Salary threshold for non-manual employees at $2,600 from 1 April 2021.
b. Foreign Worker medical insurance
Must get and maintain medical insurance coverage of at least $15,000 per year for each Work Permit holder and S Pass holder.
Tenancy agreement
Landlord may request for the following as part of the tenancy agreement
a. Public liability in joint-named, with waiver of subrogation clause and cross liability clause
b. Cover for landlord's fixtures and fitting
2. Good to have
To not lose profit when shop is closed
Protect your shop from insurable perils. The right policy can help rebuild the shop and compensate for the loss of profit during closure
Create a (liability) cushion
Mitigate risk as part of business plan. Without liability insurance, compensation will come from your accumulated profits.
: To cover third party bodily injury, property damage and food poisoning
3. How much will it be ?
About $1.46 a day (or $532 a year) to cover for $50,000 of property cover, $500 daily cash, 3 employees on work injury and $500,000 of food poisoning cover. Add $80 for each foreign worker that you be hiring.
4. How fast to quote and bind
With the right information, you can get the quote and incept the cover today. Policy number be available to you in one working day for submission to MOM
5. How to claim
In situation of claim, we will be with you. Call us and we will provide our immediate attention.
Ala-carte or Packaged plan
Every business is unique and may not not fit into an packaged insurance plan. Share with us your business operation model and we will recommend the most cost efficient way to handle the risks.
More information available at website:
AXA: https://www.axa.com.sg/buy/business-insurance/
QBE: https://www.qbe.com/sg/business-insurance/sme-insurance