For small businesses and startups working with limited budgets, there might be constraints on having your business fully covered. However, given the uncertainty of running a business, foregoing insurance puts budding commercial ventures at dangerous risk and leaves them vulnerable to ruin.

Building a business venture from the ground is undoubtedly important to the person at the helm of it. And so, just like the many other types of insurance, such as motor insurance and home insurance, that secures the things that matter to you, your business deserves a safety net that can save you thousands, if not more, should there be any unforeseen situation.

For instance, if a customer slips and injures within your business premises, the customer could file a costly lawsuit against your company that could spell disaster to your operating budget. Apart from such cases, there are also natural disasters beyond your control that could impact your business and its day-to-day operation. In short, all sorts of risks could put your business in danger and business insurance is the key to preventing it.

Understanding the different types of business insurance

At China Taiping Singapore, we offer a wide selection of business insurance plans designed to help small and large businesses to be better protected and deal with the unexpected, the most important of which are:

• Business packages
  Our Business Packages cover general liability and catered towards specific industries, such as BizTrenz Food & Beverage, BizTrenz Retail, BizTrenz Light Industrial, BizTrenz Service, and BizTrenz Office.

• Casualty insurance/Commercial insurance
  Protects your business against compensation for damages or loss to third-party properties and liabilities, including legal expenses. These policies cover Public Liability, Error & Omission (MCST), and Work Injury Compensation. Find out more here.

• Medical & health
  These insurance policies enable you to take better care of your employees' well-being and cover Foreign Workers' Medical Insurance, BizTrenz Employee Benefits Packages, and Group Hospital & Surgical insurance. Find out more here.

• Property insurance
  Our property insurance policies protect businesses from various risks and hazards that could negatively impact their physical establishment and the items within. These protections cover Burglary, Industrial All Risks, Fire/Property All Risks, Business Interruption, Equipment All Risks, Money Insurance, and Fidelity Guarantee. Find out more here.

Tips for protecting your business from potential risks and liabilities

Although getting the right business insurance that meets your needs is essential, it is not an end-all-be-all solution to protecting your company. It falls on you as a business owner to proactively do what you can to mitigate as many risks and liabilities as possible from affecting your workforce and operations. Below are the main steps to achieve this:

1. Documenting incidents and maintaining records
Thorough and accurate record-keeping is a core aspect of running a business. Failure to do so will inevitably lead to problems down the line, even in pro-business countries like Singapore. As such, learn which records you need to keep for your business, why they are required, and how long to store them. Make sure to stay on top of this important process and keep a single incident or document from going unrecorded to avoid issues with authorities like the Inland Revenue Authority of Singapore (IRAS).

2. Regularly reviewing and updating your business insurance coverage
Having the right insurance coverage is critical to protecting your business from risks and potential losses. That said, even having the most comprehensive plans may become inadequate and outdated over time. Thus, it is essential to regularly review your insurance plans and update your coverage whenever necessary. Doing so ensures you always meet the protection needs for your business, and you can even take advantage of new coverage options.

3. Implementing safety and risk management measures
There are risks associated with every industry and workplace today. In some environments, the outcome of an accident or incident will largely be insignificant, but for others, it may bring about devastating consequences. This is where safety and risk management come in to ensure that these disastrous events do not happen under normal circumstances and to promote a safe and productive workplace.

Conclusion

Business insurance is as vital as securing financing for a new business or startup. Without it, budding ventures are highly vulnerable to risks that could derail their plans and render them unable to recover from significant losses, leading to the failure of the business. Apart from this much-needed security, having insurance can also help small businesses build credibility with potential business partners and investors, demonstrating their proactiveness in risk management and commitment to protecting their assets and stakeholders.