The world was thrown into disarray with the emergence of the COVID-19 virus. To curb further spread of the virus, governments were forced to apply strict quarantine measures which required individuals to adopt remote working arrangements. For businesses that were unable to adapt, many were forced to close. For those who were lucky or more well prepared, their businesses live to see another day, albeit not unscathed.

On being more well prepared and lucky, businesses can only bet so much on the latter – in fact, it would be a fool’s gamble to depend on just luck. So what are some ways that businesses can prepare themselves for unforeseen and unpredictable circumstances like these in the future? This is extremely crucial especially in today’s highly volatile economy.

What is corporate insurance?

Before you start diving into implementing initiatives and policies to better prepare your business for the unpredictable, the first most important thing your business will have to get is corporate insurance. As there are many facets to a business from its operations, employees, clients, suppliers,and partners; it exposes the business to a myriad of risks.

Getting the right corporate insurance requires experience and business insights to find the best fit policy. Besides an ease of mind, the advantages of corporate insurance ensures that your business is protected from unforeseen risks that can lead to potential financial losses, theft, employee’s healthcare, and accidents.

Advantages of having corporate insurance in Singapore

1. Protecting your employees and their health

Having a comprehensive group medical insurance ensures that employees are covered and it gives them an ease of mind when at work. It is also compulsory for businesses in Singapore to provide group insurance health cover for both local and foregin workers. This means that it is a requirement by the Singapore law that companies get work pass and employment pass holder insurance.

An extensive group medical insurance can help provide financial assistance for employees’ medical expenses and compensation for permanent incapacity or death that sustained during the course of work.

2. Protect your business from financial loss

Depending on the needs and how comprehensive you’d want your policy to be, corporate insurance can help protect your business from incurring additional financial costs due to:

• Property Damage
• Legal Liabilities
• Theft/Burglary
• Fraud
• Damage/Loss of assets
• Loss in Revenue/Profits

Having an ease of mind that all these are covered by your corporate insurance gives your company the ability to focus on core business processes to grow.

3. Protection from legal liabilities

Legal liabilities due to allegations are damaging to any business reputation and finances. Having proper corporate insurance can also cover the legal liabilities that your business may have to face. The liability insurance will cover the company’s legal fees as well as any compensation that is required to be paid to parties involved.

With all that being said, getting business insurance in Singapore is not a difficult task. With so many available insurance firms, the only concern for a business is the comprehensiveness of the policy as well as finding one that fits your company needs without spending unnecessarily. Depending on the nature of your business and the industry, certain policies are also a requirement or highly recommended to ensure your business is properly covered.

Looking for the best fit corporate insurance policy without spending too much time and resources to source for one? Avoid unnecessary spending on policies that your company does not need – outsource this entire process to Talent Spot!

Talent Spot is a HR & recruitment outsourcing company in Singapore. We have over 700 employees in the Asia Pacific region with offices in Singapore, Malaysia, Vietnam, Philippines, Indonesia, China, Hong Kong, and Taiwan. Our trained consultants are experts in their own fields based on our client’s industries.

We provide customised HR solutions for your business and industry needs. Our extensive and customisable HR services extends to payroll, recruitment, HR policies, training, motivation, and overseas expansion.

Our recruitment consultants in Singapore will assist your business with all business HR related processes – this includes finding the perfect corporate insurance for your business and employees! Don’t wait, speak to us today and let Talent Spot help your company reach its business goals efficiently and effectively.