Just like any person wants to defend his interests against any unexpected conditions, an industry is also a unit seeking both economic and social safety for its existence. All over the globe, insurance is regarded to be a perfect investment alternative for both ordinary public and companies who desire to organize themselves for any awkward situations.
Corporate insurance policy, as the name denotes, is an umbrella term, which comprises all kinds of insurance strategies taken by a variety of associations. It is offered by many of the insurance corporations. Some of the general policies of corporate insurance Singapore are stated here:
Corporate Health Insurance
This aims at giving the health coverage to each of the employees of a business. A portion of the premium amount is given by the employer and another part is subtracted from the wage of the worker. Payment of health insurance is a set factor in the salary structure, which is made known to the possible workers during the interview procedure. The insurance is included under a social security plan of the association.
The risk of fire looms all the time in an organization because it has huge and intricate machines along with electrical equipments. Any spark or explosion can lead to fire, which can spread out and cause massive destruction. So, it is an accepted insurance policy taken and reissued from time to time. At the time of loss because of fire, the insurance company in Singapore such as KHC Holding compensates the insured business for the estimated loss thus protecting the latter from an economic problem.
This is generally taken by the corporation where workers have to travel sometimes as a part of the trade. For example, market research companies, media industries, and travel agencies. The coverage of insurance takes care of the damage arising because of baggage loss, passport loss, a staff medical expenditure, and so on. It is a deal of indemnity in which the insured corporation will only be assured for the actual damage.
Marine insurance plan
There are some chances of commodities being lost or spoilt or the whole ship sinks, and so on at the time of transferring the cargo from the producers to the buying groups. This type of insurance policy offers innumerable advantages, which cover all the economic risks related to the transport of goods by means of the water way. But, the claim amount is obtained by only the insured after several assessments and checks are done by the insurance company to make certain that the loss is real and not intentional.