A liability claim can not only cause a severe strain on a companys finances but also lead to bankruptcy. As a result, it is essential that organisations, both big and small, have a safety net to cover the costs incurred in such claims. Corporate insurance provides that safety net which can alleviate the financial difficulties caused by a liability claim.
Let us look at the variety of risks where corporate insurance can cover any claim for compensation.
Public Liability Insurance
Any business that interacts with the public like a restaurant or a shopping mall has a public liability risk. An accident involving a customer can result in an expensive claim for medical expenses. Public liability insurance covers all expenses incurred by your employees and representatives while interacting with the public.
Worker Injury Compensation Act (WICA)
The Worker Injury Compensation Act (WICA) in Singapore guarantees compensation for employees from injuries and illnesses that occur while working and as a consequence of work thanks to contractors all risk insurance singapore . According to Section 23 of the Work Injury Compensation Act (WICA), it is compulsory for an employer to have a Work Injury Compensation policy that protects employers from liabilities that occur due to worker injury and illness.
Product Liability Insurance
Liability claims that occur because of defective products are covered by Product Liability Insurance.
Professional Liability Insurance
While providing services to clients, your employees can cause damage to property and equipment belonging to your client. Professional Liability Insurance covers any expenses that occur while providing professional services to clients.
Other forms of corporate insurance include Property Insurance and Commercial Auto Insurance. While the former covers any damage to property and equipment owned by the company the latter covers any damages to vehicles used in any commercial activity.
The rest of this article will describe the top corporate insurance companies in Singapore.
Established in Shanghai in 1919, AIA has a robust presence in 18 markets across the Asia-Pacific region. AIA is also the largest listed company on the Honk Kong Stock Exchange. By focussing exclusively on the Asia-Pacific region, this company has devised a business strategy according to the unique requirements of markets in this region.
Zurich Insurance Singapore
Established in 1872 with its headquarters in Zurich, Switzerland, Zurich Insurance Group established operations in Singapore in 2006. Owing to its rich expertise in providing insurance solutions for many decades, this company offers the entire gamut of insurance options to its corporate clients. Along with product liability insurance, public liability insurance and general liability insurance, Zurich Insurance offers a variety of solutions tailor made for certain industries. A few of them are listed below.
For the Unique requirements of the energy industry, Zurich Insurance provides Onshore Property Coverage as well as Oil and Gas Exploration and Production Coverage in the Energy Industry.
In the Marine Industry, Zurich Insurance provides Marine Cargo Insurance and Marine Delay in Start-up Insurance. While the former offers compensation for damaged and lost cargo, the latter covers losses incurred when shipments are delayed.
Owing to the significant level of risk of an accident involving the public, Zurich Insurance offers a public liability insurance solution specifically designed for the construction industry.
Great Eastern Life
Started in 1908, Great Eastern Life Assurance has the largest customer base in Singapore and Malaysia. With over a century of experience protecting not only the lives and health but also the property and the valuables of its customers, Great Eastern has established a reputation for excellence. A few of the wide range of services developed by Great Eastern for corporates are listed below.
Wellness Programmes to help your employees improve their fitness and health.
Portable medical benefits that can be transferred when your employee leaves your company or retires.
Property protection and Workplace Injury Liability Protection.