Everything you need to know about business insurance and its policies!

Business insurance offers various useful programs custom made for businesses to cover the multiple risks and losses that a company may occur during its regular dealings. Every type of business is prone to different risks and damages that vary according to its nature and its working environment. You can choose the insurance policy according to the size of your business, the number of employees, and some other factors. These insurance policies are offered by different insurance carriers at different rates and covering various aspects of the business. Product liability insurance Singapore provides coverage for the damage produced by your product to any third party. The carrier will pay for the damage instead of you.How much business insurance costs?

The cost of getting business insurance can vary as it depends on various factors. The price depends on the type of business and the amount of coverage it requires. The more coverage you need a higher rate you will have to pay. It also depends on the scale of business, for example, if the business is large and has hundreds of employees, then it will need to invest more in the insurance.

Which business insurances are compulsory by the law?

Some business insurances are mandatory to be purchased by a business and are required legally:

Unemployment insurance

Every business that has employees and pays insurance taxes to covers the risks of unemployment to the employees need to register itself with the agency of the state workforce. This insurance is mandatory for every business that fulfills the above requirements.

Workmen compensation insurance

It is compulsory to have workmen compensation insurance if you have workers employees, and they are prone to some risks of injuries and health issues. You can have this insurance either by way of self-assuring or an insurance carrier.