Insurance Agency Singapore | Commercial Insurance and Personal Insurance

  • Products
    • Commercial Insurance
      • Work Injury Compensation
      • Public Liability
      • Foreign Worker Medical
      • Foreign Worker Bond
      • Fire/Burglary Insurance
    • Personal Insurance
      • Motor Insurance
      • Travel Insurance
      • Home Insurance
      • Personal Accident
      • Domestic Maid Insurance
  • Support
  • Contact Us
  • Blog
  • About Us

Tips on Choosing the Best Insurance to Protect Your Small Business

27 September 2018 By admin Leave a Comment

Insurance is important for almost every business, but the sheer number of insurance types available—and the costs associated with them—can be intimidating, especially for new entrepreneurs. All types of insurance are meant to mitigate risks associated with your business, protecting it from legal action and, in some cases, physically destructive events. Accordingly, the best way to choose and modify your insurance policies is to acquire a better understanding of the specific risks your business faces.

So how can you evaluate your business’s risks?

How to evaluate your risk

Now let’s turn our attention to evaluating risk:

  • Consider your organizational structure. Depending on your organizational structure, you and your company may face different types of risks. For example, LLCs and corporations tend to be considered stand-alone entities, while partnerships and sole proprietorships might make you, as an individual, liable for certain types of damage.
  • Talk to insurance agents. Take the time to talk to different business insurance agents about the unique risks your business faces. They might be extra motivated to sell you on insurance, regardless of how much you need it, but they’ll help you analyze risks you may not have otherwise known you had. Talk to multiple agents to get the clearest picture on your overall risk.
  • Talk to lawyers. You may also want to talk to your lawyer about what types of liability insurance your business needs. They have far more experience with real cases than you do, and may be able to make better recommendations than an insurance agent.
  • Look at case studies. Take a look at businesses similar to yours, both in the present and in the past. What types of insurance have they carried? When have those insurance policies come in handy? Talking to other business owners is a good step to take, but make sure your sample size is big enough to draw a solid conclusion.
  • Consider your scale. You might be fine without insurance now, but what happens when you scale your business to the next level? In general, it’s best to choose insurance policies that have the power to grow with your business.
  • Consider your risk tolerance. Sometimes, your insurance decision will come down to a matter of personal perspective. How much risk are you willing to take?

By Larry Alton

See Full Story at www.allbusiness.com

Share this:

  • Facebook
  • Twitter
  • LinkedIn

Filed Under: Tips Tagged With: insurance

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Subscribe to Blog via Email

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Categories

  • Domestic Maids
  • Golf
  • Happenings
  • Health
  • Homepage
  • Industry
  • Interesting Stuff
  • Products
  • Tips
  • Uncategorized

Contact Us

  • 1 Soon Lee Street #02-43, Pioneer Center, Singapore 627605
  • Tel: 68978226
  • Fax 68978086
  • Business Hours:
  • Mon – Fri: 8am – 6pm

Our Location

At the west side of Singapore, our office sits on the second floor of the building.

1 Soon Lee Street
#02-43, Pioneer Center
Singapore 627605

Our Products

  • Fire/Burglary Insurance
  • Foreign Worker Bond
  • Foreign Worker Medical
  • Public Liability
  • Work Injury Compensation
  • Domestic Maid Insurance
  • Home Insurance
  • Motor Insurance
  • Personal Accident
  • Travel Insurance

Find Out More

We would love to hear your insurance needs. Tell us all about it by filling up our contact form.

If not, give us a call at +65 6897 8226
or email us at [email protected]

Copyright © 2021 | Credence Agency