Pubic Liability Insurance: Reasons Why You Need it

Pubic Liability Insurance: Reasons Why You Need it

The business environment in Singapore is ever-changing. But some things haven’t changed. One of them is risk. You see, running a business in Singapore is risky because of unexpected and unfortunate events like an accident during your business.

The best and likely the most effective way to protect your business from legal and physical damage is by insuring your business. Presently, there are different types of insurance for businesses. Each of them is unique and has specific things they protect against. But which will be best for your business?

A survey that was conducted a while back shows that many businesses in Singapore are opting insurance such as Public liability insurance. Want to find out why? If yes, I suggest you read this article carefully, as we will be taking a close look at Public liability insurance to learn what it is all about, and how small and medium-sized businesses can get the most out of it.

The following article by Aviva explains why businesses in Singapore in Insurance.

What is business insurance and why you need it

In an ever-evolving business environment, insurance coverage can protect businesses against unexpected events so owners have the confidence to keep moving forward no matter what happens. Here’s how it works. Read more here.

You are likely now abreast with some compelling reasons why businesses in Singapore need to have some sort of insurance. You also now know why the future of businesses without insurance is uncertain. But do you know how much it will cost to have one of the most important insurance for small and medium-sized businesses in Singapore?

This article by Bizcover sheds light on the cost of opting for one of the most popular types of insurance in Singapore.

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 Read more here.

You surely now have an idea of how much it will cost you to opt for Public Liability insurance. You also now know some factors like turn over, the size of your business, number of employees, and location, just to mention a few. But do you know that there are other types of insurance you need to have aside from Public liability insurance?

This article by Employee Benefits unveils some important type of insurance you probably don’t know about.

9 TYPES OF INSURANCE A SMALL BUSINESS SHOULD HAVE

As a small business owner, you’ve probably spent a lot of time and energy launching your company and cultivating its growth. There are so many things to manage, and the last thing on your mind is probably insurance! Read more here.

You are likely now abreast with some 9 types of insurance like property insurance, workers compensation, marine cargo insurance, professional liability insurance, and cyber liability insurance, and many more that small businesses should have. Yes, all of them are great and can go a long way in protecting a business. Before opting for any of them, it is important that you first consider the risks that your business is constantly exposed to, and choose the one that can protect against it.

Final note

Whether you own a small company or a large enterprise, you must insure your business against the risks and uncertainties that are inevitably going to spring up as you run your business.

As you probably know, there are different types of insurance out there. No doubt, all of them are great, but some of them may not add much value to your business.

 For example, opting for marine cargo insurance when you own a restaurant business isn’t going to do you any good. The obvious reason for this is that you don’t import or export goods. Opting for Public Liability insurance, on the other hand, is a better option, as it can help cover the cost of any accident that occurs in your business area.

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