How Businesses in Singapore are Leveraging Public Liability Insurance for Protection

How Businesses in Singapore are Leveraging Public Liability Insurance for Protection

Thinking about starting a business in Singapore? If yes, then you need to prepare for the unexpected. The obvious reason for this is that nothing is 100% certain, a disaster or an accident can happen in your office or on your business premises at any time.

 If you aren’t prepared, you may end up spending your revenue from your business to cover the cost incurred by the unexpected event. Trust me; you don’t want to be unprepared.

But do you know that there is a way you can protect your business from the damages that are inevitably going to rise as you carry out your business activities? It is through public liability insurance. But what exactly is it? How does it work? What does it cover? What determines its costs? Want to find answers to these questions? If yes, find out more here

This article by Kent Thune explains how public liability insurance works and how you can get the most out it.

Public Liability Insurance: Cost, Coverage & Quotes

Public liability insurance (PLI) covers claims arising from injury or property damage suffered by a member of the public on your premises or other locations where you work. Most United States businesses can get the same coverage in their commercial general liability policy. Read more here.

You likely now know  that pubic liability insurance protects against everything from bodily injury and legal expenses to property damage. You also now know that it doesn’t cover errors and omissions, advertising, personal and employee injuries, and a lot more. But do you know how massive businesses like Foodpanda and Deliveroo are using it to protect their business? If no, read the next article carefully.

The following article by Toh Ting Wei sheds light on how big businesses in Singapore are using third-party liability insurance to protect their business.

Foodpanda looking into third-party liability insurance, Deliveroo and Grab riders already covered

SINGAPORE – Pedestrians are now better placed to claim for damages should they get into an accident involving riders from the three major food delivery services in Singapore. Deliveroo and Grab have already taken up third-party liability insurance for their riders, Read more here.

You likely now know how established businesses like Deliveroo, grab, and a few other big names in Singapore’s business space are leveraging third-party liability insurance. You also now know that it is probably going to be mandatory for businesses in the food delivery industry to opt for public liability insurance.

This article by Bizcover shares on how much it is likely going to cost you to have public liability insurance.

How much does Public Liability Insurance cost?

On average, small business owners can expect to pay around $80.75 per month for Public Liability insurance. Public Liability Insurance is one of the most popular types of insurance for businesses. In fact, it is essential for almost every kind of business from those that operate in the trades and service. Read more here.

You likely now know that it is going to cost you around 80 to 100 dollars per month if you own small businesses. Keep in mind, that that amount may increase or decrease depending on factors like- the nature and type of your business, the size of your business, the location of your business, and a few other things

Final note

Public liability insurance is a must-have for small, medium sized and large businesses in Singapore, especially those that come in contact with clients or customers regularly.

Before opting for it, it is wise that you learn about what it covers and doesn’t cover, its requirements and pricing, and lots more.

If you happen to have a question or aren’t really sure about anything, promptly consult an expert. Trust me; they will be more than happy to help you out.

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