Imagine a situation where you suddenly find that you have lost all your money. Imagine a situation where you realize that your business is running at a loss and you are in dire need of finances to keep it afloat. Imagine a situation where you have met with an accident or is going through a prolonged treatment and you need a constant flow of cash to ensure that the treatment does not face any impediment. How do you ensure that you always have a financial support system, both personally and professionally? It is in such situations that you need an insurance. An insurance is a way of protecting yourself from financial loss.
A legal entity that provides the insurance is usually known as the insurer. It is also known as an insurance agency or insurance company. The person or company that buys the insurance is known as the policyholder as the person or company is duly insured. The insured pays a small amount as interest to the insurer with the assurance that in case of monetary loss, the insurer will compensate the insured. The small amount that is paid like an interest is known as the premium.
A corporate insurance is an insurance that protects business from financial losses due to some unforeseen circumstances that may take place during the course of the business. In corporate insurance coverage, there are different types of insurance that cover different types of monetary damage, like legal liability, damage to property, risks that may be posed to the employees during their tenure in the company
In places where there is a lot of business happening, there are many agencies that provide corporate insurance. Corporate insurance in Singapore is very common. There are many companies, big and small, that operate from Singapore. They are dealing with huge amount of capital investments and revenues every day. Thus corporate insurance in Singapore is very important to ensure that the companies are insured from any kind of monetary loss that may lead to bankruptcy and thereby closing down of the business.
One business is linked to another in one way or another. Thus, the closing down of one business will affect another business in an adverse manner. In this manner the web of corporate setup will have to endure many ripples that will disrupt the smooth running of business. Thus corporate insurance is very important in a corporate setup.