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.