Key features of public liability insurance

You cannot predict how things are going to turn out during the course of your business, especially the things that are not within your control. An accident can happen at your workplace, which may injure a client or a visitor, or you may damage a third party property while carrying out your business. You need to be prepared for all sorts of incidents that you may not expect to happen, and that’s why it is important for you to have public liability insurance to get yourself covered against these unforeseen events. Let’s look at some of the key benefits of public liability insurance.

  • In the event of an injury sustained by a visitor at your workplace or while you are providing service to a customer at his or her residence, the person can claim for the medical expenses. In such scenarios, public liability insurance Singapore comes to your rescue and covers the cost of the treatment rendered to the individual. It also covers the treatment cost to any individual who is injured due to your business within or outside your office premise, and compensation in the event of a death.
  • Another feature of public liability insurance is that you don’t have to pay for the legal costs as it’s covered within the insurance policy. So if an individual files a lawsuit against you for the injury or damages sustained by him or her, then you don’t have to bear the legal expenses while defending the case in court.
  • The next important feature of public liability insurance is the cover it offers in the event of third party property damage while carrying out your business. If you injure a person or damage a property not owned by you then you may face compensation claims. However, if you are insured then you don’t have to worry about the compensation claim as the insurer would pay out to cover the expenses.
  • An additional feature of public liability insurance is product liability that can be combined with public liability insurance. If someone sues you for a product that you manufacture, sell, or promote then the insurance will provide you the cover and the expenses will be taken care of.

There are many other features of public liability insurance and as a business owner or an individual providing services to clients, it’s advisable to get the insurance cover to protect yourself from the expenses that can be avoided.

Injured On The Job? Find Out If You’re Eligible For Workmen’s Compensation

Workmen compensation or the most commonly addressed worker’s compensation usually covers most of the injuries or accidents that takes place on the job. However, not every injury happens at the workplace. This law is designed to allocate certain benefits to all those injured workers to assure a monetary relief amidst the suffering and pain. This compensation is given either if it is the mistake of the employer in ensuring the safety measures or the worker is in the midst of performing his duties. But, there are still few limits in this law. Here are few cases where the compensation will be denied.

Various cases

  • Injuries caused by self during a fight or argument with co-workers are not covered
  • If a worker is of bad conduct and gets injured while committing a crime, then the injury suffered is not covered
  • If the employee was out of the office premises and is not performing his / her official duties (which means not on job) and gets injured, then it can’t be claimed for workmen compensation
  • If a worker violates the company rules and norms of the employee conduct, any injuries suffered can’t be claimed.

There are few other cases where the compensation can be accepted with few exceptions. They are –

Lunch breaks – If an injury is occurred during the lunch break or leisure time, then it is not covered under the benefits one get under the compensation. If supposedly that happens when the worker is picking lunch for the officials/for self but at the cafeteria, then it might be considered and covered under the compensation.

Organization events – Any injuries that occur during the special events conducted by the company can be covered with the compensation benefits. For example, the events can be parties, outings, team lunch / dinner, various sports and cultural events.

Travel – Any injury that occurs while the worker is travelling to the workplace or from it are not covered. However, there are a few exceptions. If the travel is work-oriented, like the place is different from the regular site, where the worker travels for business purposes to a new place (like a business trip or new site visit) can be covered. Also, injuries happened on the regular commute to office, when the mode of transport is through an office vehicle, is covered.

Hearing loss – If the worker is working in environmental conditions that offer unbearable noise, like on construction sites or any other units where the products are manufactured, then the workers may suffer damage to their ears and hence face hearing problems. This case will be considered for compensation and the worker can be covered under the agreed upon benefits.

Who Needs Professional Indemnity Insurance?

Professional Indemnity Insurance (PII) is crucial for the smooth functioning of large businesses. This kind of insurance policy safeguards the company against any compensation risk claimed by customers, which may include legal costs. Furthermore, claims that clients file because of unintentional negligence, omission or error while implementing the professional responsibility are also covered under this kind of insurance. If you have been wondering if PII is required for your business, reading through the following sections might help you get an answer.

Here are some common professions that need PII:

  • Accounting and financial services: For these businesses, PII covers claims, which may be filed because of the losses incurred due to the advice that the firm gives. It also covers the legal compensation charges. All kinds of accounting services from bankers to accountants need this coverage.
  • Consulting businesses: Such businesses give professional advice to the customers on various aspects. So, it’s crucial for all kinds of consulting companies to buy PII. If customers suffer from financial losses due to the advice given by the firm, then the policy will cover up the claim and the legal charges incurred in the course of the procedure.
  • Architecture: In case the professional advice offered by architecture firms does not work out and due to that, the clients happen to file a case against the company, PII covers the legal costs compensation in addition to the damages that have happened due to property or material.

Some of the other industries that need such a coverage are IT companies (from the technical support teams to the programmers), creative businesses (from marketing and advertising to photography firms), engineers, estate agents, and travel agents to name a few. However, this is not an exhaustive list, by any means. If you are still not sure whether your business needs PII coverage, it may help you to ask these questions to yourself.

  • Do you deal with data?
  • Do you give guidance or advice to your clients?
  • Do you provide creative services?
  • Do you offer technical services or solutions?
  • Is customer confidentiality crucial in your work?
  • Do you handle important client documents?

If your answer is ‘yes’ to any of these queries, it would be a smart idea to take a PII policy. If you are still doubtful, you can always seek professional advice from insurance advisors. With the right professional indemnity insurance in place, your business is safe from unwanted compensation claims.

Insuring the goods carrier

The Earth is seventy percent water and thirty percent land. As massive areas of the Earth is covered in water, any kinds of goods that travel from one country to the other has to happen over the sea. The sea is, hence, a major mode of transportation. Therefore, the oceans that surround the countries witness a lot of navigational activities. Some seas which surround commercial hubs are intensely busy throughout the year with a lot of freight movement happening.

With freight movements increasing, business going global with each passing year and seas getting increasingly busier, it is but natural that the number of accidents on seas would increase. In commercial areas, a lot of overseas trade take place, as goods are imported and exported globally. This makes the sea the only means of transit. However, accidents are likely to happen due to collision between ships or between a ship and any hard object, stranding of a ship, fire or explosion and even sinking. It is the fishing vessels that encounter maximum number of accidents, followed by the cargo ships. Hence marine cargo insurance is a necessity.

To maintain marine safety, it is very important that there is some sort of financial support for the cargo that may be lost or damaged while on transit on the sea. This financial support system would be marine cargo insurance. This is a clause under the Marine Insurance Act of 1906, which insures loss or damage of ships, cargo, terminals, and also the cargo that maybe transferred as an acquired property. To maintain marine safety, marine insurance has been one of the most well developed insurances and originated with the Greek and Roman maritime loan.

Insuring the goods carrier:

While it is important to insure the cargo that is being carried, it is equally important to insure the carrier or liner that is carrying the cargo. If the carrier gets damaged and the cargo is lost in the sea, it would be next to impossible to retrieve it.

Damage to the carrier is most likely to happen when there is a collision with another ship or there is a collision with an object in the harbor. This is termed as “running down”. Apart from this, the carrier may be wrecked in the sea or can also sink. Another threat to the safety of the carrier is pirate attacks. Thus, it is of grave importance to ensure the safety of the goods carriers and also insure the risk posed to them.

Business & Safety

Human history has witnessed the growth of business since time immemorial. No man has enough resources to be able to survive sufficiently by themselves.

Thus, to be able to have all the needs duly fulfilled, there has to be an exchange of goods. For example, one person with enough rice but scarcity of milk, will exchange his or her rice with a person with enough milk but insufficient supply of rice. This exchange of goods is known in history to be the barter system.

Barter system is nothing but the ancient name for a modern day business setup. With the onset of money, these exchange of goods soon transformed into a proper business setup, where goods were bought and sold. This can be deemed to be the first set up of the retail market.

Retail, or a place where goods are bought and sold, is very important for a business to run. No business can function without financial transactions. There has to be buying and selling to ensure that revenue is generated. If adequate amount of revenue is generated, profit is made and the business runs smoothly. However, there may be an instance when some unforeseen calamity may strike the business, leading to monetary loss.

Safety in Business:

It is always better to be safe than sorry. When one starts a business with all their savings, it is of utmost importance that the business runs smoothly. If the business fails, then it leads to a nervous breakdown and subsequently leads to depression. Thus it is very important that the business is prepared to face any financial calamity, whether it is any risk related to the safety of the employees or any legal liability or any financial risk. For this, corporate insurance is needed to protect from any financial loss.

Corporate insurance in Singapore is very common as Singapore is commercially very vibrant. There are many businesses that operate in Singapore. These businesses may be linked to one another, thus corporate insurance in Singapore is very important.

These insurances cover a lot of schemes that protect various aspects of the business. They ensure that if any employee meets with any accident while on duty, they are given enough compensation. Also, if the business seems to sink under debt and bankruptcy, these insurances help to recover from the loss and keep the business afloat. Thus for the smooth and safe running of any business, corporate insurance is important.