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Lloyd’s Supports Natural Catastrophe Resilience Plan Across Asia

18 August 2015 By Digital Curator Leave a Comment

As he prepared to sign a Statement of Intent (SOI) between the British Government, the Monetary Authority of Singapore and Lloyd’s in Singapore, UK Prime Minister David Cameron stressed that insurance is essential to “safeguard economic success.”

A bulletin from Lloyd’s explained that the “signatories have committed to a series of initiatives to aid the understanding of risk exposures in Asia and support and nurture insurance markets across the region.”

Lloyd’s also pointed out that “Asia is the world’s most natural catastrophe-prone region. However, on average, less than 5 percent of likely economic losses are insured when disaster strikes. This means that one major catastrophe could wipe out decades of economic progress.

“The three parties committed to working together to share knowledge and expertise with partners across the region. They hope this will help to identify threats facing regional economies and support the development of new risk transfer solutions. Other firms in the insurance industry across Asia are now invited to join the commitment and sign the SOI.”

Lloyd’s presence in Singapore dates to 2000 and considerable growth has been achieved since it established that presence. It now employs 400 staff and has achieved “premium growth of 120 percent over the last five years.”

See Full Story on insurancejournal.com

Guide to Business Insurance

13 August 2015 By Digital Curator Leave a Comment

Image via Flickr user Murat Erturk

As a business owner it is sometimes difficult to know what insurance you need and how much of it to buy, so we’ve put together a guide to help you.

To start searching for business insurance cover, hit the ‘get quotes now’ button.

Get a new business insurance quote

The type of insurance policy you buy may differ depending on the size and type of business you are running, your insurance budget and whether any of your customers have requirements about what insurance cover you should have.

Public liability insurance

Public liability Insurance protects you against claims for compensation from people outside your business who have suffered an injury or whose property has been damaged because of your business.

It can also cover more serious claims resulting from construction accidents which cause serious damage to a building or injuries to a member of the public.

If you come into contact with members of the public – including your customers – either at their premises or yours you should think about getting a public liability insurance quote.

Employers’ liability insurance

If you have employees, even part-time or on a short-term basis, you must buy employers’ liability insurance – if you don’t you are breaking the law.

If you are an employer make sure that you stay within the law and buy employers’ liability cover.

Property insurance

Most businesses would find it difficult to work without the tools of their trade or with no access to their place of work – whether you’re a consultancy business and rely on your IT equipment or a plumber who couldn’t work without their tools.

Could you afford to replace all of your business equipment or stock in the event of it being destroyed, lost or stolen?

When buying this cover, it is important to ensure that the sum insured on your contents list is equal to or greater than the value of your equipment; not just the items you think are important (so don’t forget about the boring stuff like office chairs and filing cabinets).

This also applies to your own or hired-in plant if you work in the construction industry – could you afford to replace it if you didn’t have business insurance? If you do buy cover make sure you insure the plant to its full value.

If you own the building you work from you should make sure that it is properly protected.

Another cover to consider is business interruption insurance. This will make up for the money you lose if you can’t work because your property has been destroyed, stolen or damaged.

Professional indemnity

Professionals are effectively selling their knowledge and expertise to their customers – you may be doing this in a number of different ways including providing advisory and consultancy services and producing designs.

If your client loses money because of a mistake you’ve made or because your work is late or not up to scratch, you may be faced with a claim for compensation.

Professional indemnity insurance can protect your business by paying for this compensation and legal costs.

What else do I need to know about business insurance?

You may feel confident that you know what insurance to buy but not how much.

For public liability and professional indemnity you will need to choose a limit of cover which is right for your business.

Employer’s liability insurance is required by law if you have employees and you must purchase a minimum of £5 million in cover – although many policies will automatically cover you for £10 million.

When buying property insurance the most important thing is to make sure you are not under-insured. Be sure to calculate the total value of all the entirety of your property – you can’t pick and choose what you want to be covered.

To compare business insurance cover, please click on the “get quotes now” button.

See Full Story on moneysupermarket.com

Small Business Owner Should Have These 13 Types of Insurance

11 August 2015 By Digital Curator Leave a Comment

Image via Flickr user The Elite Ayrshire Business Circle

1. General Liability Insurance: Every business, even if home-based, needs to have liability insurance.

2. Property Insurance: If you own your building or have business personal property, including office equipment, computers, inventory or tools you should consider purchasing a policy that will protect you if you have a fire, vandalism, theft, smoke damage etc.

3. Business owner’s policy (BOP): A business owner policy packages all required coverage a business owner would need. Often, BOP’s will include business interruption insurance, property insurance, vehicle coverage, liability insurance, and crime insurance.

4. Commercial Auto Insurance: Commercial auto insurance protects a company’s vehicles. You can protect vehicles that carry employees, products or equipment.

5. Worker’s Compensation: Worker’s compensation provides insurance to employees who are injured on the job. This type of insurance provides wage replacement and medical benefits to those who are injured while working. In exchange for these benefits, the employee gives up his rights to sue his employer for the incident.

6. Professional Liability Insurance: this type of insurance is also known as Errors and Omissions Insurance. The policy provides defense and damages for failure to or improperly rendering professional services.

7. Directors and Officers Insurance: this type of insurance protects the directors and officers of a company against their actions that affect the profitability or operations of the company.

8. Data Breach: If the business stores sensitive or non-public information about employees or clients on their computers, servers or in paper files they are responsible for protecting that information.

9. Homeowner’s Insurance: Homeowner’s insurance is one of the most important kinds of insurance you need. This type of insurance can protect against damage to the home and against damage to items inside the home.

10. Renter’s Insurance: Renter’s insurance is a sub-set of homeowner’s insurance which applies only to those whose who rent their home. The coverage is protects against damage to the physical property, contents of the property, and personal injury within the home.

11. Life Insurance: Life insurance protects an individual against death. If you have life insurance, the insurer pays a certain amount of money to a beneficiary upon your death.

12. Personal Automobile Insurance: Another very important type of insurance is auto insurance. Automobile insurance covers all road vehicles (trucks, cars, motorcycles, etc.).

13. Personal Umbrella Insurance: You may want some additional coverage, on top of insurance policies you already have. This is where personal umbrella insurance comes into play.

See Full Story on forbes.com

10th Year Anniversary NDP parade 2005

10 August 2015 By Alex Tan Leave a Comment

Singapore’s SG50 Jubilee holiday has ended. Singaporeans have just celebrated our 50th birthday and I believe all of us have enjoyed watching the NDP 2015 parade and performances, whether live at the Padang or on TV. As for me, I was away on a holiday in Bintan but still managed to watch the parade on TV.

Seeing the parade square , as well as the set up of stages for Padang, memories of my involvement in NDP came flowing back to me. While reminiscing the times when I was involved, I came to realise it has exactly been 10 years! And it actually felt like it happened not too long ago. As the parade started, I can’t help but kept thinking about the events that happened back then.

So what was it like to be involved in such a prestigious event? well i can’t really describe but I have managed to dig out photos in 2005. So here they are:

The Pipes and drums group that will march in together with the RSM

My bunk mates. Whatever it is, we are definitely not promoting this drink.

Not advertising, just killing time while waiting for my turn to rehearse

The drums that I played while marching in. Can’t remember what its called.

Influenced by our rocker buddy, Joel, everyone became a rocker. oh yes, milo was our favourite drink back then.

We simply just like to take photos every now and then.

So some of you must be wondering which part of the parade did we appear? Thanks to technology, I managed to find a YouTube video and thus able share with you our march in with the RSM (see 43:38 of the video):

Yes. That is me, the last guy, on TV. Famous for 5 seconds.

Why is hiring domestic helper so popular in Singapore?

8 August 2015 By Alex Tan Leave a Comment

Image via Flickr user Sally Ann Jacobson

Singapore is a busy bustling city where most people are leading a hectic lifestyle with long working hours. Due to the high standard of living in Singapore, both husband and wife will need to work and strive hard for their career in order to keep up.

This is why there are so many people hiring domestic helper to help out with their household chores or take care of their kids and elderlies. There is not much time for us to keep the house clean or even have the energy to prepare a proper meal for the family after a long and tiring day at work.

However, some of us may have mixed feelings hiring a domestic helper. Some common problems that we might know of are that domestic helper may steal the employer’s valuables, show sign of violent treatment towards the toddlers, or even being disrespectful to the elderlies.

Although these signs could happen, not all the domestic helpers are the same. In fact, most domestic helpers are really caring and helpful towards their employers with some of them will even go extra mile for toddlers and elderlies. Besides that, having a domestic helper could ease your burdens; you will not have to worry about rushing home to prepare dinner or having to clear your dirty laundry, and can use the time to spend more with your kids.

Below are some of the tips and advices that could help you build good relationships with them (This is especially important when you have to live with her for minimum two years under the same rooftop!):

1. Always remember thatyou are the employer, not a friend, but show empathy for the helper’s situation too. They leave their homeland and family, travelled long distance to a country where they have to settle down and fit into a stranger’s house to do all the house chores etc. for at least 2 years.

2. You might not want to overreact, and frightened them. Be kind and patience to guide them on your house rules.

3. Every one of us is just a human being. They can’t be perfect at cooking, childcare and cleaning. Learn to overlook some things, and concentrate on what they are good at. You will realise actually, sometimes employers are too demanding and expect things to be done at limited time.

Tips that you might want to take note:

1. Don’t flaunt material things. Keep bank accounts out of the way if possible. There’s a huge financial disparity, so be sensitive about it.

2. Do not display your valuables, do keep it in a safety box if possible.

3. Be conscious that your domestic helper is after all still a helper, who is still quite foreign with you. (There is a saying that goes, “Thieves within a household are difficult to guard against”)

Tips on questions that you might want to enquire during an interview with your domestic helper:

1. Try to communicate with her and see if she can understand your words. Basic communication is important especially living together under the same rooftop.

2. Ask for references, and make sure you can speak to her previous employer to understand her better despite her work experience.

3. If she’s transferring from one family in Singapore to another, ask why. If she has transferred from a series of employers, without good reason (for example, the family was leaving Singapore) and without finishing her contracts, thoroughly investigate why.

4. Is she married, and does she have children? Her personal situation will have some bearing on her skill set.

5. Find out why she is doing this job. Is she working to support her family back home? Does she have plans to go back at a certain point? Is she building up to starting a business when she does go home? Finding out about her future plans means that if you do employ her you can help support her, and both of you can work out an exit plan.

6. Asking typical questions like “Do you like children?” or about cleaning and ironing are pretty pointless. Instead, ask her what she feels her strengths are; what is she best at? Does she work to a cleaning schedule, and if so can she give you a quick rundown of it?

7. Set ground rules and make it clear what would be a deal breaker – for example, stealing from you, or asking for money advances.

8. How would she discipline a child?

See more information on expatliving.sg

Why is car insurance needed?

7 August 2015 By Digital Curator Leave a Comment

Image via Flickr user Finance Blue

Having car insurance is a legal requirement and with the right level of cover, provides financial protection in the event of your vehicle being damaged. It will also provide cover for injuries to other drivers, passengers or pedestrians, and their property.

Accidents happen, so it’s reassuring to know that you’re covered financially if you’re involved in one.

The good news is that premiums are falling, reflecting the commitment of insurers to pass on the savings from reforms in the civil litigation system in 2013. For example, by legislating to protect insurers from fraudulent whiplash claims and claimant lawyers’ excessive costs, insurers are now able to be more competitive with their prices.

Figures from the Association of British Insurers show that the average premium fell by 3% to £358 in the first quarter of 2014.

Why is car insurance necessary?

Having car insurance is essential because it covers your expenses in the event of vehicle damage or injuries to other drivers, passengers or pedestrians.

All motorists must be insured against their liability to other people, as stipulated in the Road Traffic Act 1988.

Insurance can also provide financial support if your car is stolen, vandalised or destroyed by fire.

The only instance in which you don’t need it is if your vehicle has been declared off the road through a Statutory Off Road Notification (SORN) from the DVLA.

What if I’m not insured?

Driving without car insurance is illegal. If you don’t have it, you could be fined or disqualified from driving.

The maximum fine is £5,000, plus you’ll receive at least six penalty points on your licence.

The Government is currently reviewing penalties for uninsured drivers who kill or are involved in accidents.

The police also have the power to seize and destroy any vehicle being driven without cover.

See Full Story on rac.co.uk

12 Useful tips if you are travelling during this long weekend

7 August 2015 By Alex Tan Leave a Comment

Image via Flickr user James Martin

SG50 is just around the corner! As Singapore marks 50 years of independence this year, it is declared that 7 August 2015 (Friday) will be an additional Public Holiday for all of us.

Making use of the long weekend, there will be some people who will take this opportunity to enjoy a short getaway. Well if you do so, don’t forget to try and catch the NDP 2015 live on the internet, so make sure you have access to the internet.

Here, I would like to share some travelling tips when you’re overseas:

1. Do not leave your wallet at the back pocket of your jeans. It is very important to keep your wallet in your front pocket, especially a pocket that is secured with zip.

2. Scan all your travel documents and email them to yourself.

3. Photocopy your passport identification page, and airline tickets just in case you lost it.

4. Do not leave your stuffs unattended. Most of us have the habit of leaving their bags at their feet while using our phones or leave it on the chairs when we are at cafés or restaurants.

5. Keep your money rolled in a lip balm, just in case you’re being robbed and you still have some money to use.

6. Get a travel insurance! For a reasonable fee they will not only cover medical and dental emergencies, but also reimburse you for lost baggage, trip cancellations, or delays, rental car damage, and more.

7. Always bring some medications just in case you fall sick during your travel.

Don’t use short cuts, narrow alleys or poorly lit streets.

Avoid travelling alone at night.

Do not discuss travel plans or other personal matters with strangers. Just remember that strangers in a foreign country has absolutely nothing to do with you.

Avoid scam artists by being wary of strangers who approach you and offer to be your guide or sell you something at bargain prices. If you watch Scam City on tv, you will know what kind of tricks these people can play.

If your possessions are lost or stolen, report the loss immediately to the local police. Keep a copy of the police report for insurance claims and as an explanation of what happened.

Travel Safe Enhanced–China Taiping Insurance Singapore

6 August 2015 By Alex Tan Leave a Comment

Dear Value Travellers,

China Taiping Insurance Singapore is launching their new Travel Safe Enhanced on 5th August 2015. Travel Safe Enhanced will replace the existing Travel Safe Policy which will offer policyholders with utmost benefits and a peace of mind!

A list of enhanced benefits and new benefits are provided below:

There will also be a 10% discount for Single Trip Policy!

Interested travellers looking to insured your overseas trip please contact me via email with information on your trip for a quotation!

Travel Safe Enhanced–China Taiping Insurance Singapore

6 August 2015 By admin Leave a Comment

Dear Value Travellers,

A list of enhanced benefits and new benefits are provided below:

There will also be a 10% discount for Single Trip Policy!

Interested travellers looking to insured your overseas trip please contact me via email with information on your trip for a quotation!

How optional are healthcare benefits to employees

4 August 2015 By Digital Curator Leave a Comment

Image via Flickr user Cabinet Office

Health care benefits are optional for most smaller employers, but of critical importance to most employees. Employers of all sizes should be aware of the pros and cons of offering health benefits to their employees.

Benefits are a critical piece of an employee compensation package, and health care benefits are the crown jewel. Health care benefits, along with time-off benefits, are the most popular of benefits to employees. Every employer must at least consider whether to offer these types of benefits and in some cases employers must offer health care in order to remain competitive with other businesses for the most talented employees and avoid penalties imposed by health care reform. Another reason why many employers choose to offer health care benefits is so that they themselves can take advantage of less expensive health insurance than they could get on their own as well as tax breaks for the contributions made by the business.

Unless you are an employer in Hawaii, you are not required by state law to offer your employees health insurance benefits. Hawaii is the first state to require employers to provide health insurance to employees. The law, the Prepaid Health Care Act, was passed in 1974 and requires employers to provide health insurance to all full-time employees, either through an indemnity plan or an HMO. (The requirement that Massachusetts employers with more than ten employees make a fair share contribution for full-time employees’ health insurance coverage costs or pay a fair share contribution per employee is no longer in effect as of July 1, 2013, due to to the implementation of federal health care reform.)

The Patient Protection and Affordable Care Act and related legislation requires employers with 50 or more full-time employees (or a combination of full-time and part-time employees that is equivalent to 50 full-time employees) to offer adequate health coverage or be subject to assessment if their employees receive premium tax credits to buy their own insurance. This mandate is in effect beginning in 2015. Conversely, beginning in 2010, small businesses with fewer than 25 employees may be eligible for a tax credit for purchasing health insurance for their employees.

If you do make the decision to offer health insurance benefits, be aware that you call into play a whole series of laws that will tell you what coverage you have to offer and how you have to offer it. Therefore, the first decision to make is whether to offer health insurance at all.

See Full Story on bizfilings.com

Insurance Agency Singapore | Commercial Insurance and Personal Insurance

Lloyd’s Supports Natural Catastrophe Resilience Plan Across Asia

Guide to Business Insurance

Get a new business insurance quote

Public liability insurance

Small Business Owner Should Have These 13 Types of Insurance

10th Year Anniversary NDP parade 2005

Why is hiring domestic helper so popular in Singapore?

Why is car insurance needed?

Why is car insurance necessary?

What if I’m not insured?

12 Useful tips if you are travelling during this long weekend

Travel Safe Enhanced–China Taiping Insurance Singapore

Travel Safe Enhanced–China Taiping Insurance Singapore

How optional are healthcare benefits to employees

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