As a business owner in Singapore, it's important to protect your company from unforeseen risks and liabilities. While most businesses are familiar with basic insurance policies like property insurance and liability insurance, there are other lesser-known insurance policies that could provide added protection and save your company in the long run. Here are five such policies to consider:
Cyber Insurance
With the increasing risk of cyber attacks and data breaches, having cyber insurance can protect your company from financial losses and legal liabilities associated with such incidents. Cyber insurance covers costs like data recovery, legal fees, and even ransom payments.
Key Person Insurance
If your business relies heavily on a key employee or a group of employees, key person insurance can protect your business from financial losses in case of their sudden death or disability. The policy provides funds to cover the loss of income and other expenses associated with finding and training a replacement.
Directors and Officers Liability Insurance
This policy protects directors and officers of a company from legal liabilities arising from their actions or decisions. It covers costs like legal defense fees, settlements, and judgments.
Business Interruption Insurance
In case your business operations are disrupted due to a natural disaster or other unforeseen event, business interruption insurance can provide financial assistance to help you recover the lost income and cover the ongoing expenses.
Professional Indemnity Insurance
If your business provides professional services or advice, professional indemnity insurance can protect you from legal liabilities arising from errors, omissions, or negligence in your work. The policy covers costs like legal fees, settlements, and judgments.
While these policies may not be applicable to all businesses, it's important to assess your business risks and insurance needs to ensure that you have adequate coverage. Feel free to reach out to me at 9790 1583 to determine the right insurance policies for your business.
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