It's also crucial for meeting both statutory or business requirements and providing peace of mind throughout operations.
Statutory Requirement
Did you know? Under the Worker Injury Compensation Act, businesses are required to insure their employees who perform manual work or non-manual work (salary up to $2,600/month). Non-compliance can result in legal consequences or penalties.
Business Requirement
Excited to take up a lease at a prominent commercial space or shopping mall in Singapore? Hold your horses. It's common for the landlords to require a Public Liability Insurance from the tenants before they can commence operations.
Added Peace of Mind: Business Assets, Operations and Legal Liabilities
Concerned about the financial impact from unexpected business interruption? How about the potential losses or damage to your money and your goods-in-transit? A comprehensive business insurance serves as your financial guardrail to these events.
Overwhelmed by the complexity and technicality of business insurance?
We feel you.
Running a startup or SME isn't easy. Beyond ensuring smooth operations, product market-fit and generating enough revenue, startup and SME owners grapple with administrative tasks. One crucial yet complex aspect is securing the right insurance for their business. For aspiring entrepreneurs navigating these challenges for the first time, it can be overwhelming.
To simplify the insurance process for startups and SMEs in Singapore, we have developed a series of comprehensive, cost-effective business insurance packages. Each one is designed to address unique business needs and offer customisation.
Introducing Liberty's CARE Series for business:
The comprehensive, cost effective business insurance packages for startups and SMEs.
Our business insurance packages are tailored for startups and SMEs, providing essential comprehensive coverages to a wide range of industries and sectors. It enables you to meet the statutory or business requirements while safeguarding you and your business from risks specific to your business nature. Above all, you get to customise add-on covers and additional coverages, all within the same plan to meet your unique business needs and requirements. Discover more about Liberty Insurance's Care Series for business today.
The information provided here is a summary. Please refer to the actual policy wordings for the terms and conditions.
BeautyCare
Business Insurance tailored for Beauty/hair care, Hair loss treatment, Health Centres, Spas, Massage, Reflexology, Aromatherapy, Slimming Centres, Pedicures and Manicures
Discover BeautyCare
ClinicCare
Business Insurance tailored for Medical clinics and Dental clinics (including licenses TCM offering Traditional Chinese Medicine and Acupuncture)
Discover ClinicCare
OfficeCare
Business Insurance tailored for Offices in Commercial and Industrial Building, and Registered Home Offices
Discover OfficeCare
ShopCare
Business Insurance tailored for Provision shops, Mini-markets, Florists, Tuition Centres, Bridal agencies, Aquariums/Pet shops (excluding live fish /animals)
Discover ShopCare
SMECare
Business Insurance tailored for Small Medium Enterprises (SME) of various trades and Industries
Discover SMECare
A unique concoction of 11 proprietary ingredients to meet your business or regulatory requirement and provide peace of mind, all in one comprehensive business package.
Cover for risks unique to your business
Whether you are running a beauty salon, a cafe, a medical clinic, a consultancy firm, or a tuition centre, our comprehensive, cost-effective business insurance is designed to safeguard the distinct and specific risk inherent to your type of business.
All Risks
In the face of unexpected and sudden physical loss or damage, the expenses of restoring your renovations, contents, and stock-in-trade can be substantial. All Risks is here to protect you and your business interest.
Consequential Loss
Imagine a situation where your business encounters interruption due to the closure of the premises or property damage preventing access. This coverage ensures you receive the necessary compensation in the event of business interruption.
Rental Expenses
Should your business premises become uninhabitable, your immediate priority would be securing alternative premises to ensure business continuity. This coverages enables you to address this concern worry-free! Limits and Time periods apply.
Public Liability
Commonly required by landlords of shopping malls or commercial buildings, this coverage indemnifies your business from accidental bodily injury or illness as well as accidental loss or damage to third party property. Limits apply.
Personal Accident Coverage for Business Owners
As a director or sole proprietor of the business, you are covered for accidental bodily injury resulting in death or permanent disablement on a worldwide basis, 24/7.
Cover for Loss of Money
Even with proper business records, you can be at risks of money loss while it is in transit, in premises during business hours, and in locked safes after business hour. This coverage offers the peace of mind crucial to safeguarding your financial assets.
Cover for Goods-in-Transit
Always on the move? Get coverage for loss or damage to stock-in-trade caused by fire or accident in the course of transit by vehicles owned or hired by your business. (Not applicable to OfficeCare and ClinicCare)
Customisable Add-on Cover: Worker Injury Compensation Act (WICA)
Under WICA 2019, employers are liable to compensate employees for any injury or occupational disease suffered, arising out of and in the course of employment. This add-on becomes especially useful as you scale-up your operation and employ more employees.
Customisable Add-on Cover: Fidelity Guarantee
Are you worried about monetary losses suffered arising from the dishonest acts of your employees? This add-on cover compensates you for that! Limits apply.
Customisable Add-on Cover: Deterioration of Stock
Your frozen stock-in-trade can be subject to loss or damage at your business premise due to accidental damage to your refrigerating equipment or failure of public electricity supply. Tailor your plan with this add-on cover to safeguard against such events
Business Packages vs Standalone Business Insurance Policy
Which Is Right4 for You as a Startup or SME in Singapore?
Business Packages (Care Series)
Standalone Business Insurance Policy1
| Cost effectiveness |
| Comprehensive Benefits and Coverage |
| Simplicity |
| Ease of Policy Management |
| Simpler Renewal Process |
| Higher Customisation |
| ✓ |
| ✓ |
| ✓ |
| ✓ |
| ✓ |
| ✓ |
Select specific optional add-on2 and coverage limits3, aligning with your business requirements
| ✓ |
1 Standalone Business Insurance policy refers to individual policies that cover specific business risk or aspect of your business. Examples of standalone business insurance policy include public liability insurance, Directors and Officers (D&O) insurance, All Risk Insurance to name a few.
2 Specific optional add-on: Worker Injury Compensation Insurance, Fidelity Guarantee and Deterioration of Stock.
3 Top-up rates and maximum sum insured per benefit section apply.
4 Please contact a qualified Liberty Insurance representative to learn more.
Why should you Care?
Statutory or Business Requirements, covered.
Don't worry about someone breathing down your neck or facing unnecessary delays in your operations due to non-compliance. Proudly declare to the stakeholders you've taken all necessary steps, including mandatory coverage, to serve the world better!
From as low as $2 a day, it's like your business' daily cup of coffee.
Much like your need for a daily coffee boost, your business deserves a similar kickstart. Gift your business the jolt it needs to thrive with a cost-effective, comprehensive business insurance.
Additional safeguards for your business, as you go full speed ahead.
With additional protection crafted to safeguard your business operations, assets and employees, you can now confidently navigate the business environment and scale to new height.
Book a complimentary consult today: Jumpstart and secure your business in Singapore from as low as $2 a day.
Frequently Asked Questions from Startups and SMEs
- How much does Business Insurance cost for startups or SMEs in Singapore?
-
The cost of business insurance depends on factors such as benefits, scope of coverage, sum insured, company size and operation. Costs can range from a few hundred dollars to several thousand dollars. It’s essential to remember that cost is just one of the factors to take into account when purchasing business insurance. For startups and SMEs in Singapore, evaluating the risks associated to your operations and understanding how business insurance provides necessary protection against unforeseen events that could result in financial setback is pivotal.
- What are business insurance packages?
-
Business insurance packages are a type of business insurance solution that bundles multiple forms of coverage, such as public liability and property all-risk, under a single policy. This comprehensive solution provides cost-effective protection against unexpected events, and is designed for a broad range of businesses like F&B, office, retail, beauty, and healthcare sector.
- Is business insurance mandatory/required in Singapore?
-
The need for business insurance in Singapore varies based on the nature of your industry. There are two common instances where business insurance is mandatory. First, under the Worker Injury Compensation Act (WICA), employers are mandated to procure and maintain Work Injury Compensation Insurance (WIC Insurance) for all employees doing manual work and employees earning less than S$2,600 a month. Second, if you are a tenant of a commercial building, whether operating a retail store or renting office space, your landlord may require you to procure a Public Liability insurance (PL Insurance). In both instances mentioned, you are required to secure business insurance such as WIC insurance and PL Insurance.
- Is it necessary to purchase additional coverage beyond the insurance policies mandated by the government or other parties, such as a landlord?
-
Purchasing additional coverage beyond the mandated insurance policies can be beneficial to your business. Consider a host of issues that may arise from your daily operation – from the possibility of temporary business cessation due to unexpected events, which can have ramifications on your operating income, cash flow and expenses, as well as the loss of money due to accidents or dishonest employees. Depending on the financial impact of these unexpected events, they can have existential threat to your business in the worst-case scenario. It can be prudent and necessary to have additional coverage to serve as a financial guardrail against a wide range of risks associated with your business.
This is where the coverages from our business packages – Liberty’s Care Series for Business – come in handy, offering a bundle of coverage that includes both additional protections and/ or mandatory coverage, all in one easy-to-manage insurance policy.
You may be interested in
How To Start A Cafe in Singapore: 9 Key Steps To Consider
Starting a cafe business in Singapore requires thorough planning and understanding of the food and beverage industry. One must follow the regulatory guidelines, getting essential licenses like Food Shop License from the Singapore Food Agency (SFA) and, where applicable, a Liquor License. Prioritising food safety is also important when you own a cafe, involving enrollment in a Basic Food Hygiene Course and a wise investment in advanced kitchen equipment.
An Employer's Guide: Worker Injury Compensation Insurance and Foreign Worker Medical Insurance
In Singapore, A safe and healthy workplace is highly promoted because of the Workplace Safety and Health Act (WSH). It protects the well-being of individuals at work in a given workplace. It also mandates stakeholders to reasonably and practically ensure the safety and health of workers and those impacted by work-related activities.
With a heightened emphasis on employees' well-being, both in and out of the workplace, insurance becomes essential to protect their employees' interest, particularly in the event of unforeseen accidents or illnesses that could result in financial losses.