Operating a company comes with inherent risks: a fire may cause damage to your commercial property, legal suits might be filed against your company or worse, an employee could get injured at work.
Business insurance may cover your company’s losses and damages incurred during these incidents and can be classified into 3 major categories namely: property, employee and legal liability insurance.
Key Points
In this article, we will compare the coverage of different SME Business Insurance Packages offered by insurers today:
1. SME Business Insurance Package
a. Etiqa Business Owners Super Suite (BOSS)
| Types Of Coverage |
Details |
|
Eligibility
|
-
Annual turnover of up to S$25 million
or
-
Employment size not more than 25 employees
- For other requirements, refer to the product brochure under 'Other Information'
|
|
Basic Plan Costs
|
- S$184.04 - $1,297.91 depending on the type of plan taken, industry and business set-up
|
|
Commercial Property Coverage
|
- Covers All Risks:
Sum insured up to S$100,000*
*Option to increase basic sum insured up to a max of S$3 million
|
|
Business Interruption Coverage
|
-
Business Interruption (Loss Of Gross Profit & Increased Cost Of Working Following Machinery/Computer Breakdown):
Up to S$20,000**
- Daily Benefit for Business Interruption: S$200/day*
- Book debts, transit, unspecified
customers/suppliers: S$5,000
*Option to increase basic daily benefit up to a max of S$500/day
**Applicable for BOSS Super Suite Plan only
|
|
Public Liability Coverage
|
- S$500,000*
*Option to increase basic limit of liability up to a max of S$2 million
|
|
Product Liability Coverage
|
-
$50,000**
**Applicable for BOSS Super Suite Plan only
|
|
Fidelity Guarantee Coverage
|
-
Covers min S$5,000 and max S$10,000 any one occurrence and in the aggregate
|
|
Work Injury Compensation (WICA) Coverage
|
-
Up to 3 employees*
*Option to increase basic total number of employees up to a max of 25
|
|
Money and Goods in Transit Coverage
|
-
Money in Transit: Up to S$5,000*
-
Goods in Transit: S$2,500
*Option to increase basic sum insured up to a maximum of S$10,000 & cover for Money in ATMs
|
|
Machinery Breakdown Coverage
|
-
Non-Production Machinery & Computer
Breakdown:
Up to S$10,000**
- Portable Electronic Equipment: Up to S$3,000**
**Applicable for BOSS Super Suite Plan only
|
|
Fittings and Fixtures (Fixed/Plate Glass) Coverage
|
-
Internal Fixed Plate Glass: S$2,500
- External Glass: Covers cost of repair/replacement
|
| Other Benefits |
-
For chain outlets, a perpetual multi-location discount is allowed:
2nd outlet – 5%
3rd outlet and beyond – 10%
|
| Other Information |
|
| Types Of Coverage |
Details |
|
Eligibility
|
|
|
Basic Plan Costs
|
|
|
Commercial Property Coverage
|
- Covers Property All Risks:
Sum insured up to S$5 million
*Total sum insured for property all risks and business interruption must not be more than S$5 million
|
|
Business Interruption Coverage
|
-
Business Interruption (Gross Profit)/Annual Rent: S$3 million
- Daily Benefit for Business Interruption: S$500/day
|
|
Public Liability Coverage
|
- Work Away cover: S$100,000
|
|
Product Liability Coverage
|
|
|
Fidelity Guarantee Coverage
|
-
Covers S$5,000 per occurrence and S$10,000 in aggregate per employee, S$200,000 in aggregate for all employees (up to 25 employees)
|
|
Work Injury Compensation (WICA) Coverage
|
- Traveling to and from work: S$25,000
|
|
Money and Goods in Transit Coverage
|
-
Money in Transit and in Premises: S$50,000
|
|
Machinery Breakdown Coverage
|
- Machinery Breakdown: S$250,000
- Portable Electronic Equipment: S$50,000
|
|
Fittings and Fixtures (Fixed/Plate Glass) Coverage
|
-
Fixed Plate Glass: S$100,000
|
| Other Benefits |
|
Other Information |
|
c. Aviva MyBusiness Insurance
| Types Of Coverage |
Details |
|
Eligibility
|
-
Annual revenue of up to S$5 million
|
|
Basic Plan Costs
|
|
|
Commercial Property Coverage
|
- Covers All Risks:
Sum insured up to S$2 million
|
|
Business Interruption Coverage
|
-
Business Interruption (Gross Profit): Up to S$1 million
|
|
Public Liability Coverage
|
|
|
Product Liability Coverage
|
|
|
Fidelity Guarantee Coverage
|
-
Covers min S$1,000 for any one occurrence and max S$10,000 for entire policy term (up to 25 employees)
|
|
Work Injury Compensation (WICA) Coverage
|
-
Manual Employees:
Min: 2 employees
Max: Up to 25 employees
- Non-Manual Employees:
Min: NIL
Max: Up to 25 employees
|
|
Money and Goods in Transit Coverage
|
-
Money in Transit or in Premises: Sum insured from S$5,000 to S$10,000
|
|
Machinery Breakdown Coverage
|
|
|
Fittings and Fixtures (Fixed/Plate Glass) Coverage
|
-
Plate Glass: Sum insured from S$5,000 to S$50,000
|
| Other Benefits |
|
Other Information |
|
| Types Of Coverage |
Details |
|
Eligibility
|
-
Estimated annual turnover is less than S$12 million
- For other requirements, refer to the product brochure under 'Other Information'
|
|
Basic Plan Costs
|
|
|
Commercial Property Coverage
|
|
|
Business Interruption Coverage
|
-
Full Business Interruption:
Option to select from 6 different covers with customisable extensions and sub-limits
|
|
Public Liability Coverage
|
- Limit of Indemnity from S$500,000 to S$10 million
|
|
Product Liability Coverage
|
- Products liability with the required Jurisdiction as selected by you
|
|
Fidelity Guarantee Coverage
|
-
Fidelity Guarantee following conviction: S$5,000*
*Available with higher limits at additional premium
|
|
Work Injury Compensation (WICA) Coverage
|
-
WICA includes travel to and from work: Up to S$10 million*
*Limit of liability plus S$150,000 per employee medical expense cover
|
|
Money and Goods in Transit Coverage
|
-
Money in Transit or in Premises: S$10,000*
- Goods in Transit: Limit starts at S$10,000*
*Available with higher limits at additional premium
|
|
Machinery Breakdown Coverage
|
-
Machinery Breakdown: Option to select your required sum insured
|
|
Fittings and Fixtures (Fixed/Plate Glass) Coverage
|
-
Fixed Glass: S$10,000*
*Available with higher limits at additional premium
|
| Other Benefits |
|
Other Information |
|
Conclusion
Before selecting an insurance plan, go in-depth to understand the details. The most expensive insurance may not guarantee you the best coverage.
You may want to find out more about the experience offered by these insurance providers from their users before committing to one.
Most importantly, settle on a business insurance plan that gives your company sufficient coverage.
Disclaimer: All the information in this article is believed to be accurate; however, no claims, promises or guarantees about the accuracy, completeness or adequacy of the information are made. This article is based on information found exclusively on their respective websites. We believe our information is representative. However, if there are any errors in our reporting, please contact ask@lendingpot.sg for rectification. We do not claim to be authoritative. For an accurate definition, terms and conditions, and other insurance-related information, please refer directly to the insurer.
Request for a Business Loan Now!
Lendingpot.sg operates a Business Loan Marketplace that allows an SME to connect to multiple lenders with just one application, allowing the SME to know who its prospective lenders are and the rates that they offer, in a very short time.
.png)
