Singapore is home to thousands of different corporate entities. These entities come from different industries that provide various goods and services. These companies have served as the solid foundation and support of the stable Singaporean economy. Over the years, Singapore has remained one of the strongest and most active economic markets in the world. It has also been proven as one of the most resilient when it comes to economic crises that have taken place over the past decade. Many people would like to set up a company in this country.
However, even if Singapore is resilient to many ill effects of different economic crises, measures to mitigate and prevent potential damages to businesses should be taken. Businesses involved a lot of money from different parties that is why there is a lot at stake when you set up company in Singapore. Aside from the investments from different corporations and entities, there are a lot of other individuals and resources at risk when a business does not turn out successful. Even the livelihood of the employees is at risk when business assets are not protected. That is why business insurance is one of the most sought-after services in Singapore.
What is business insurance and why you need one when you set up a company?
Business insurance is a comprehensive policy that can protect an organization or entity against risks of damages. For example, an unfortunate incident happens to your company like fire or natural causes, your company is compensated equivalent to the damages. There are different packages applicable to big corporations in Singapore. These packages can differ from what they cover. If they cover more incidents or possible situations, insurance fees are usually more expensive. Insurance fees are called premiums.
A business insurance package is usually settled after the company incorporation Singapore process. This is to make sure that all assets and covered parts of the business are accounted for. After the company incorporation Singapore procedure, the real value of the company can be estimated. A business insurance policy lessens the risk of damages when you set up company in Singapore.
Types of insurance when you set up company
3 things to know
#1 Once you set up a company it protects your assets
As mentioned above, a business insurance policy protects your assets from being invaluable. After the company incorporation Singapore steps, you can hire someone to estimate the value of your company. Sometimes, the evaluator can be someone from the insurance company itself. Evaluating your company is an important step to know how much the insurance company should oh you if anything negative happens.
When you set up company in Singapore, there are a lot of risks that entail this big step. One of those is losing everything that you have including physical and monetary assets. For example, if a fire occurs in your building and the majority of your infrastructure is burnt down, an insurance company makes sure that you will be compensated with money equating to the same amount of burnt physical assets.
This is important because, for big corporations, a big chunk of their money is invested in infrastructure. Getting back on their feet and being able to restart again is one of the things that business insurance can give. That is why aside from the steps in the company incorporation Singapore procedure, getting insurance right away is one of the things to remember.
#2 Protects your employees
employees of the company are also considered as assets just like physical and monetary assets. They are human resources that make your company function and operate smoothly. That is why when you set up company in Singapore, their well-being should also be one of your priorities. One of the things that every business owner can do for their employees is to safeguard their livelihood. To do this you can also include your employees in the business insurance when you set up company in Singapore. There are comprehensive insurance policies that cover or would pay the employees if anything unfortunate happens to the company.
#3 Defense against legal liabilities
In case of unforeseen things like bankruptcy, insurance can help you settle the liabilities and other legal aspects. When you set up company in Singapore, you should be ready for anything that can happen along the way. Insurance can help you prepare and be ready when unwanted and negative things occur in your company.
Hire a helping hand
There are many business insurance firms that offer similar services in Singapore. Finding the right one and right package for your business may be tricky. That is why hiring a third-party firm that can help you from the company incorporation Singapore procedure up to operations is advisable. To get started, contact WLP now!