Cover for Corporate Organisations
Every business faces unique risks that could threaten its operations and ability to compete. That’s why a tailored insurance solution, designed to mitigate an organisation’s specific risks, is essential.
In our environment whereby change is a constant, every corporate businesses face risks from all aspects. General insurance is thus a crucial safeguard against such risks. Risks, such as but not limited to Risk Management, Legal Compliance, Asset Protection, Business Continuity. In Galaxy Insurance Consultants with more than 30 years’ experience, our friendly consultants will work with you to identify such risks and tailor the most suitable solutions so that you can continue your business with confidence.
COVER FOR EVERY TYPE OF BUSINESS
Explore our range of specialisations.
Most companies in Singapore provide medical insurance to their employees as a part of their employee benefit. The typical cover entails Outpatient(GP), Outpatient(SP), Group Hospitalisation and Surgical, Group Major Medical, Group Term Life and Group Personal Accident.
Group Personal Accident
A Personal Accident policy typically provides Medical coverage and a lump sum payment in the event the insured met with an accident and is permanently disabled or death. You can even extend it to provide you with a weekly payout in the event you are disabled due to an accident.
Group Travel Insurance
As its name suggest, travel insurance is purchased for any overseas travel. These plans cover you for medical treatment, lump sum payments in the event of death/permanent disability and travel inconvenience during the trip. Travel insurance can be covered for both business and leisure travels.
Financial Lines / Liability
It helps to protect you against claims from third parties for injuries they have suffered, damage to their property, or other liabilities resulting from negligence caused by you and/or your employees in the course of your business. This is also a common requirement from landlords in the rental agreement.
For instance, if a customer slips and falls in your premises, general liability insurance can help cover their medical bills and any potential legal costs
Public Liability Insurance
Public Liability is a quite common insurance. Landlords often include it as part of the rental agreement. It typically covers the property owner/occupier for injuries which a third party may suffer whilst at a property. A common example is if someone were to visit an office, then slips due to a puddle of water being present and injures him/herself, they could in theory hold the business liable for injury as there was no sign indicating the floor is wet. A public liability would cover the legal cost arising out of such situation.
Directors' and Officers' Liability Insurance
Directors and Officers liability is an area which has experienced a significant growth in interest over the past couple of years. This is meant to cover legal liabilities arising out of the negligence of a Director. Take for example a Director signs off a set of financial accounts which is then distributed to shareholders and as it turns out, the accounts were incorrect, and showed a more favorable standing (due to negligence, not fraud) instead of the actual. The shareholders of the company may then choose to hold the Director legally liable. The D&O policy would typically cover the legal compensation awarded and the defense costs.
Essential for businesses that manufacture, distribute or sell goods. Product Liability insurance provides protection to businesses and manufacturers in case their products cause harm or injury to third parties after using their product. It covers legal costs, settlement, or judgements that may arise from product-related claims.
As an example, if you are a grocer and sell vegetables, and someone suffers food poisoning after consuming the vegetables, they may hold you liable for the illness caused by the vegetables which you sold to them. A product liability would cover the legal cost arising out of such situation.
Cyber risks are certainly more prominent in today's digital world. A cyber liability policy would cover the costs associated with a cyber incident, such a hack on a business' IT infrastructure resulting in the theft of individual information. It also covers cost the cost restoring the IT infrastructure to its original state prior to the hack. In addition, a cyber liability policy can possibly cover the legal liability arising out of a cyber incident.
A Cyber claim usually results in a huge financial loss and thus on top of a police report, you may also be required to produce evidence of profit loss as a result of the attacks.
Professional Indemnity typically covers you for liability arising out of professional negligence, breach of professional duties, slender, wrongful advice, errors and omission, resulting in a financial loss.
Errors and Omissions
An Errors and Omissions cover provides a reimbursement for losses incurred to your company in the event your client takes legal action on you for inadequate work or negligence on your part as a business.
Events Cancellation Insurance
This is a type of insurance that provides financial protection should you need to cancel or postpone an event that you organised, such as concerts; conference, etc due to unexpected and unavoidable circumstances. This includes, adverse weather, non-appearance of main performer, illness or injury of key participants. This insurance typically covers cost and expenses incurred. Legal liability caused to third parties and property damage to the property used for event can be arranged to be included in this policy too
Work Injury Compensation Act (WICA)
It is often referred to as WICA (Work Injury Compensation Act) Insurance. This is a mandatory requirement. An employee can claim for work-related injuries and occupational disease sustained whilst in your employment. This is a no-fault cover stipulated by the Act. All employers are required by law to provide this insurance for their employees doing manual work and employees earning $2,600 or less per month. For other employees, you have the flexibility to decide whether to buy insurance for them. However, you will have to compensate them regardless of whether they are insured if it is a valid claim.
This insurance provides financial compensation, including medical expenses, medical leave wages and lump sum payments for permanent disabilities or death.
It is crucial that this insurance is in place as failing to arrange adequate insurance constitutes an offence under the law
Property & Casualty
Property Insurance and Business Interruption
Property Insurance is an important risk management tool as it can cover the cost for repairs and replacements of the business’s physical assets, like buildings, equipment, and inventory, that are damage or loss due to unforeseen events like fire, theft, accidental damage, or natural disasters.
Business Interruption insurance will kick in following the unexpected events that forces the business operation to temporarily shut down totally or partially. This insurance helps to cover income that you would have earned during the downtown, ongoing expenses and any extra costs that you could incur to get your business back on its feet.
Machinery Breakdown and Consequential Loss Insurance
Machinery breakdown insurance protect the business against financial losses following sudden and accidental breakdown of machinery and equipment. The machinery breakdown insurance focuses on the repair and replacement of equipment whilst the consequential loss, also known as business interruption, will cover ongoing expenses, loss of profits and additional costs incurred during the interruption.
This type of insurance is essential for businesses with heavy reliance on machinery and equipment.
It is recommend for all vehicles on the road in Singapore to have a Motor Insurance. The minimum mandatory requirement is a Third Party insurance cover This cover protects the owner of the vehicle from liability for damages or injuries to third parties. A slightly wider cover will be Third Party Fire & Theft, whereby in addition to Third Party cover, the insurance provides protection against fire and theft of the vehicles. The most extensive cover is the Comprehensive cover which includes Third Party Fire & Theft as well as coverage for damage to the insured vehicle. Motor Fleet insurance can be arranged upon request. An enforced motor insurance policy is a pre-requisite for the renewal of road tax.
Small and Medium Enterprises (SMEs) Insurance
This is an insurance package designed specially to meet the specific needs of small and medium sized enterprises. It includes but is not limited to Property insurance, Public Liability Insurance and Work Injury Compensation Insurance. With the different insurances streamlined into one policy, it simplifies administrative tasks and reduce paperwork. At the same time achieve cost efficiency too!
Marine Cargo Insurance
This is a specialised type of insurance that specifically cover loss or damage of goods during their transportation by air, sea or land. For instance, for shipment via sea, in addition to risks like storms, accidents and theft of the goods, marine cargo insurance also covers unusual events like jettison and washed overboard. Jettison occurs when cargo must be intentionally thrown overboard to save the ship or other cargo during emergencies like severe storms. Washed overboard happens when cargo is lost due to waves washing it off deck.
Trade Credit Insurance
Trade Credit Insurance allows businesses to better manage their credit exposure. For example, if a business sells goods on credit, but they buyer defaults on the payments, trade credit insurance can cover such a loss.