Insurance Agency Singapore | Commercial Insurance and Personal Insurance

How to save on your public liability insurance

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To make finding and comparing your next public liability and business insurance policy a little easier, we’ve put together some useful tips below or you can hit the “get a quote now” button to begin the quotes process.

Choose the right cover level

It’s important that you choose the right level of public liability insurance. The lowest level of cover is £1 million; however, you can also take out cover protecting you for £5 million or £10 million if necessary. 

Choosing the right level depends on the nature of your business, and you should ask the companies that you work with whether they stipulate a certain level. For example, if you are working on a government contract, you are likely to require a high level of cover in this area (usually between £5 and £10million)

What to look out for?

You need to ensure that the insurance policy covers you for the right business activities. For example, certain policies may not cover you if you work above certain heights (e.g. 10 m) or with heat. To check, make sure you read the policy exclusions and endorsements in full. This information can be found on our results page for each quote that you receive.

Tips on saving money

Most importantly you need to ensure that an insurer provides a policy that adequately supports your business activities. Unlike car or home insurance, there are many variations between insurers, so do check policy wordings, endorsements and exclusions in detail. Also check that your cover levels are adequate for your business needs.

By Kevin Pratt

See Full Story at www.moneysupermarket.com

Top Things you need to Know About Workers’ Compensation Insurance

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Workers’ compensation insurance is a vital (and, unless you’re in Texas, legally mandated) part of your business.

Workers’ compensation, or workers’ comp, is an insurance program that provides benefits to workers who were injured or became ill on the job to make up for medical costs and lost wages while they were out of work.

Workers’ comp insurance generally covers injury or loss of limb, illness caused by the job environment (like emphysema), repetitive motion injuries, permanent impairment, medical treatment, rehabilitation, lost wages, death, and liability insurance. Workers’ comp will provide coverage regardless of who is at fault – the employee, the employer, co-workers or even customers.

While it might seem like just another business expense, workers’ compensation insurance can actually protect you from litigation should an employee become injured or sick as a result of the job.

“Workers’ compensation insurance exists primarily to protect the employer,” said Chane Steiner, CEO of Crediful. “It is much better to pay for insurance to protect your business in case you are hit with a major claim and don’t have the funds to pay it directly.”

By Kiely Kuligowski

Read full story at business.com

 

Helpful tips and tricks to public liability insurance

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Public liability insurance is one of the most important forms of business cover, but how does it apply to your business?

Sit back, grab a cup of tea and get ready to learn some helpful tips and tricks that should leave you with a clearer sense of what public liability is all about.

What is public liability insurance

It’s designed with third parties in mind. That means that cover is available for most people that interact with your business including customers, clients and members of the public.

Read the full Story at the link below

https://www.bmmagazine.co.uk/legal/guide-to-public-liability-insurance/?fbclid=IwAR2GWW-IIl4kw2j7khGCaXB53E-za4qBbzFpfD50z8uY7lbOi5oXQxLI5Zw

Ways to save money on your home and car insurance

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Depending on where you live, what kind of property you own and what type of vehicle you drive, insurance premiums can be a costly expense.

But there are ways to reduce those costs, and sometimes all it takes is a phone call to your insurance agent. Here are 10 tips on how to save money on insurance:

YOUR VEHICLE

Your car’s safety features

If your vehicle has modern safety features, such as a lane departure warning system and blind spot detection, some insurance providers may give you a discount.

The type of car you drive also matters. Each vehicle make and model is rated differently by insurance companies, based on safety features and theft rates.

Your driving habits

A number of insurers offer their clients the option to use telematics technology, which tracks driving habits such as speed, braking patterns and distance travelled.

Those who demonstrate good driving habits can be rewarded with lower insurance premiums. At Allstate Insurance that discount can be up to 30 per cent, said Greg Bergeron, Allstate’s Ottawa-area agency manager.

Some insurance providers also offer low-mileage discounts to clients who don’t drive their cars very far or often.

Drop collision coverage on older vehicles

If your vehicle is more than 10 years old and of low value, consider dropping collision coverage.

“That can save you a few hundred bucks easy,” Bergeron told CTVNews.ca in a phone interview from Ottawa.

“This may seem like a common thing, but a lot of people don’t think about it.”

The general advice from most insurance experts is to drop collision and comprehensive coverage when repairs to older vehicles no longer make financial sense.

Parking spot

Regularly parking your car in a driveway or a garage instead of on the street or in a lot will also save you some money, since there’s less chance that someone will hit it.

Winter tires

“We definitely reward individuals who have winter tires and it’s proven that people with winter tires have less frequency of accidents,” Bergeron said.

Many other insurance providers also offer winter tire discounts. At CAA, for example, that discount is five per cent.

See Full Story at www.theloop.ca

Car Accidents Will Hike Your Insurance Premiums

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Apart from this, a single car accident will result in hiked insurance premiums since the insurance company will view you as a risky driver. To avoid all these, take a look at some of the tips to help you become a better road user.

1. Always Maintain Your Car

Car maintenance is key in avoiding accidents at least from your part. This is why it’s important to schedule regular servicing. Some of the basics you should have checked include your tires, brakes and vital fluids such as brake fluid and power steering fluid for efficient navigation.

2. The Driver’s Condition

Now, the car may be in the best condition possible, but if the driver isn’t, then an accident is inevitable. Human error is the leading cause of accidents around the world. This may range from health conditions, especially those touching on the driver’s vision to intoxication.

3. Get Defensive Driving Training

There’s a common statement, which always goes to remind us of the unpredictability of the roads. You may be all focused on the road with your serviced car but the driver on the other side may be careless or not as careful as you and may cause an accident.

by Steve Biddle

See Full Story at www.praguepost.com

Tips on Choosing the Best Insurance to Protect Your Small Business

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So how can you evaluate your business’s risks?

Types of business insurance to consider

Let’s start by explaining some of the main types of business insurance you might purchase for your enterprise:

  • General liability insurance. General liability insurance is intended to provide blanket protection for a business, from things like property damage or personal damage. It can protect you from most lawsuits that would come to your business.
  • Product liability insurance. If you manufacture or sell a specific product, product liability insurance can protect you from things like defects or design flaws that lead to personal harm.
  • Property insurance. Property insurance can protect you from things like theft, vandalism, and some types of natural disasters as well as major repairs that may need to be done in the future.
  • Workers’ compensation insurance. Workers’ compensation insurance protects your employees should one of them be injured on the job. For the most part, this is a legally required type of insurance and requirements vary by state.
  • Business interruption insurance. Business interruption insurance will give you a payout if your business is unable to continue operations for a period of time.
  • Vehicle insurance. If your company owns vehicles, you’ll need policies to protect those vehicles, just like you would a personal vehicle.
  • Other types of insurance. There are several other types of insurance your business could need, including protection from specific natural disasters, and key person insurance to keep your business running after unexpectedly losing a key employee.

By Larry Alton

See Full Story at www.allbusiness.com

9 tips for filing insurance claims after a catastrophe

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If you or your clients have sustained a major loss (or if you sustain a major loss in the future) from a natural disaster like last year’s Hurricane Harvey or the current Hurricane Florence, here’s what Friedson recommends you do:

1. Be safe

In places like Houston, New Orleans and Florida, it only takes three to five days for serious mold problems to develop. If your property has been flooded or has sustained any other type of major water damage, you will need a respirator and a face mask to safely enter the property.

Flood waters carry serious bacteria and viruses that can endanger your life, and there’s also the risk of being electrocuted by downed power lines that are not visible. As much as you may want to go home, avoid moving back in until after any mold, asbestos or other toxic substances have been removed.

Your safety and health come first.

2. Immediately notify the insurance company that you have a claim

By filing your claim right away, you are more likely to settle your claim quickly and find a local, high-quality  contractor. The sooner your claim is settled, the faster you can get your life back to normal.

To file your claim, contact your local agent, call the special 800 number the company sets up, log into your online account or visit a mobile claims center.

Flood insurance is separate from your homeowner’s policy and is issued through the National Flood Insurance Program (NFIP). If you have purchased flood insurance, your insurance agent will generally assist you in beginning the filing process.

BY BERNICE ROSS

See Full Story at www.inman.com

Tips for reducing your insurance premiums

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“Instead of cancelling your insurance policy altogether rather sit down with your broker or speak to your service provider to figure out a way to reduce your monthly premium while still remaining insured,” says Christelle Colman, Old Mutual Insure’s Executive for High Net-Worth Solutions. “While it may be tempting to cancel your policy in an attempt to save money, you could end up in a far worse financial situation if you are without cover and end up having an accident.”

Tips for reducing your insurance premiums

Colman’s number one tip to reduce your insurance premiums is to ask your provider to increase your excess in exchange for lowering your premiums. The excess is the portion you are expected to pay towards a claim in the event of an accident so by increasing this amount you are effectively reducing the liability on your insurer who can then reduce your monthly premiums.

“Of course, this does mean that you effectively act as your own insurer, or at least to a certain extent, which means you then need to save so that you have the funds available to pay the excess should that become necessary,” says Colman. “You’ll also want to focus on driving responsibly so that you reduce the chances of having an accident.”

Another obvious way to reduce your premiums is to ask your broker to get a number of quotes from different providers or to shop around yourself. That way you can choose the most cost effective option available for your specific needs. If you have several different insurance policies with different providers, it can also pay you to consolidate them into a single portfolio with a single provider who will usually be able to offer a better price for a combined policy covering your car, home and household contents than if you had each of those policies with a different insurer.

See Full Story at www.iol.co.za

Tips to buy your travel insurance

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Travel is associated with all the positive things like fun, adventure, relaxing or work. All this while, people seldom think about the accident, medical emergency, loss of baggage or documents that might occur during their travel.

Incidents like these are unpredictable and hence, having travel insurance acts as a safety net against exigencies that might take place in an unknown city/country. 

However, before buying travel insurance one must be aware of the kind of plans that are available. It can be customised based on the needs of the customer and is not a one size fits all product. Below are a few things one needs to consider before buying a travel insurance plan.

Nature Trip

Select travel insurance that suits your needs and opts for coverage based on the nature of your trip. In case you are traveling for work, you can opt for a basic plan that covers your loss of baggage, passport, medical expenses, and a personal accident cover. In case you are planning to go for adventure sports during your travel, over and above the basic travel insurance plan do check if you need to opt for an additional rider or optional cover. Such policy add ons cover accidents arising out of participation in adventure sports and provide benefit amount in case of death or permanent total disability caused by accidental bodily injury due to adventure sports.

By Sasikumar Adidamu, 

See Full Story at www.deccanherald.com

5 Travel Insurance Tips for Avoiding Winter Flight Nightmares

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Here are the common winter travel nightmares that insurance could help you escape, and the buying rules to make sure you’ll be covered or compensated.

Winter Flight Nightmare #1: Missing the Plane

Your biggest financial risk in terms of winter travel is missing your plane due to weather problems getting to the airport—problems that the airline isn’t experiencing. In this case, you risk forfeiting the entire value of nonrefundable ticket, or at least facing a stiff ticket change fee to retain some of the value toward a future ticket. Although some airlines give late arrivals a little slack, if you miss the check-in time you’re likely to be out a good bit of money. And you face the prospect of paying a stiff, last-minute fare for a replacement ticket.

Winter Flight Nightmare #2: Flight Canceled

When an airline cancels a flight, it normally arranges a seat on its next available flight, allows you to rebook a new flight (or flights, if you’re on a connecting itinerary) of your choice with no change in fare—or it offers a complete refund, even on a “nonrefundable” ticket. These days, airlines are much more proactive about weather delays than they used to be, and they often cancel flights and arrange alternatives several days in advance of a predicted major weather problem. So you should have some leeway.

By Ed Perkins

See Full Story at www.smartertravel.com

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