Corporate Financial Planning

It is imperative to have a sound Financial Plan to ensure the continuity of the business you work so very hard to build. It is important, to insure the key personnel against in capitation, so as to tie the company over due to an unfortunate and unforeseen circumstance.

Property & Casualty

• Fire And Other Perils
  Loss or damage to stocks, furniture, fixture and fittings and other contents
• Theft
  Loss or damage resulting from theft including actual robbery or attempted or hold-up
• Plate Glass Damage
  Accidental breakage of fixed glass in windows, doors and frontage of premises, including show cases
• All risks
  This type of insurance provides the widest scope, covering loss or damage to the property by fire, theft or accident, any of which arising from any fortuitous cause, provided that the cause is not specifically excluded from the policy

Financial

• Loss of Money
  Money lost in transit in Singapore or while being locked in safe/drawer in business premises
• Fidelity Guarantee
  Loss suffered as a result of dishonest acts or fraud by employees
• Business Interruption
  Loss of gross profits as a result of fire or other perils to the insured premises

Liability

Liability insurance covers legal liability for injury, property damage or financial loss caused to employees, customers or third parties.

Common types of liability insurance include:

• Workmen's Compensation:
  under the Workmen's Compensation Act, all employers must take up insurance to cover their liability to pay compensation to employees defined in the Act as "workmen who are injured in the course of employment.
  
  Under the Workmen Compensation Act, "workman" is defined as follows:
  a. manual labour regardless of how much he earns per month; or
  b. non-manual labour where his average monthly earnings do not exceed S$1,600.
  
  If your staff fall within the above 2 category, you must purchase WC insurance for them. This is made mandatory under the WC Act.
• Motor:
  all motor vehicles must be insured under provisions of the Motor Vehicles (Third-Party Risks and Compensation) Act.
• Public Liability:
  covers your legal liability for causing bodily injury to or damage to property belonging to third parties such as suppliers, customers or members of the public, as a result of negligence.
• Product Liability:
  covers your legal liability to pay damages in respect of bodily injury or death to any person or loss of or damage to property caused by any goods sold, supplied, repaired, altered, or treated from or in connection with your business.
• Directors' and Officers' Liability:
  provides indemnity for your directors and officers against liability from any claim made arising from any negligence, breach of duty or trust in their capacities as directors and officers of your company.
• Errors and Omissions:
  provides indemnity for the legal liability to pay damages and claimant's costs and expenses due to the professional or technical incompetence of the insured. Cover can be provided for council members of Management Corporations Strata Title (MCST) (such as condominiums) and management committee members of professional associations, social clubs, etc.
• Professional Indemnity:
  provides protection against the legal liability arising from negligence during the course of your professional work in specific professions, such as medical practitioner

Employees

Common types of group insurance include:

• Hospital and Surgical:
  covers the basic costs of hospital and surgical treatment necessitated by illnesses or injuries requiring hospitalisation.
• Managed Healthcare:
  provides comprehensive healthcare, including General Practitioner and Specialist outpatient, in addition to, Hospital and Surgical inpatient treatment.
• Personal Accident:
  covers death and total or partial permanent disability of the insured as a direct result of bodily injuries from an accident.
• Term Life:
  covers death and total permanent disability.
• Critical Illness:
  covers diagnosis of any of the listed dread diseases, in addition to, death and total permanent disability.
• Travel insurance
  provides comprehensive cover for employees who travel overseas for business.
• Key Person insurance
  A type of life insurance covering the costs arising from the involuntary loss of the services of a key person, such as in the case of severe illness, occupational disability or death.
  
  It is often required by a business where one or a small number of individual employees are critical to the success of the business, such as an employee with special skills or a managing partner. If that key person dies or becomes disabled, the money is available to overcome the loss of the services of the key employee, or to distribute to the investors upon the dissolution of the business.