When workers in Singapore suffer injuries when performing their duties at work, they either seek compensation under common law or the Work Injury Compensation Act (WICA). When employers invest in work injury compensation insurance, they do so to ensure their workers are protected should an accident occur at work.
The worker’s approach, whether it is WICA or filing a suit under common law, depends on several things.
Is the employee eligible for compensation under WICA?
WICA is specific on the type of employees eligible for work injury compensation. This Act protects local and foreign employees. In 2019, the Act was amended to include non-manual workers who are injured at work.
It also raised the salary threshold for non-manual workers. This was done in two phases. The first phase was implemented in April 2020, where the threshold was raised from $1,600 to $2,100. The second phase implemented in April 2021 raised the salary limit to $2,600.
This means that before the amendment, workers who earned $1,600 and below were allowed to seek compensation through WICA. However, now unskilled employees earning $2,600 have the option of seeking redress under WICA.
While these employees have the chance of getting compensation under WICA, they can also file a civil lawsuit under common law should they so wish.
Ministry of Manpower (MOM) handles claims made under WICA.
The process of getting compensation is much easier under WICA than common law. When an employee is injured, all he has to do is make a formal report with the employer. The employer then notifies MOM.
The worker is not required to do much after this since the amount of compensation is predetermined, depending on how much the employee earns. Work injury compensation insurance takes into account the employee’s position, risk exposure and salary.
Assistant commissioners in MOM will look into the claim and decide on the compensation. Employees who choose a civil suit in common law will have their case heard by the judges.
Legal representation is necessary for a civil suit.
Employees with work injury compensation insurance and opt for WICA compensation do not need a lawyer. MOM officials provide the necessary guidance. However, the advice employees receive do not count as legal representation. Since there are set limits for compensation, a lawyer is not necessary since the worker cannot negotiate for higher compensation.
A common law civil suit requires the presence of a lawyer to argue the case for the employee. There is the possibility of a complication, especially since the insurer may dispute the requested compensation or even the extent of the injury. Unfortunately, this means the worker has to cover the legal fees. This makes the process of requesting compensation through common law costly.
Under WICA, proof of fault is not required.
Many employees seek work injury compensation under WICA because they are under no obligation to prove fault or negligence. This often complicates the process of seeking compensation under work injury compensation insurance.
When one opts to go the WICA route, he only needs to prove that it was a work injury or disease resulting from exposure in the work environment.
If an employee chooses common law civil suit, he not only needs to prove the injury occurred at work, but he also has to prove that the employer or third party is at fault. If the insurer proves it was the employee’s negligence that led to the accident, the employee risks losing the suit and the possibility of getting compensation.
Workers need to choose whether they should get compensation through WICA or pursue compensation through common law. WICA is often the safest route because the process is more direct, and compensation often guaranteed. Common law civil suit is more complex and costly, but a worker may get more compensation.
Before deciding on the option to take, workers are better off exploring the possible outcome of each approach. If one is unlikely to prove fault for the accident, it is best to accept a lower compensation under WICA instead of risking losing the case under common law.
Work injuries are inevitable. Singapore’s constitution acknowledges that workers are entitled to compensation should they get injured as they go through their day-to-day duties in their place of work. Work injury compensation insurance is one of the compulsory policies that entrepreneurs are expected to take to protect workers in case of an accident.
Between 2014 and 2018, insurance companies in Singapore paid out an average of 350 million Singapore dollars annually to cover workers compensation. Compensation often depends on the severity of the injury, with incapacitated people getting more than those who can still work when they recover.
Claims that a worker is entitled to in Singapore
The Work Injury Compensation Act (WICA) notes that workers can claim medical expenses, medical leave wages, and lumpsum compensation in case of incapacitation or death. One may then ask, should a worker expect compensation if the employer also provides health insurance cover?
WICA states limits for compensation, especially for short-term injuries. This Act takes into account that some injuries result in loss of income. This is the key difference between health insurance and work injury compensation insurance.
When a worker is unwell, he gets to use health insurance. However, if the worker suffers an injury that necessitates him taking light duties or staying away from work for some time, resulting in loss of income, then work injury compensation is necessary.
Employers are expected to report work-related accidents.
Although employees are expected to play a role in following up on work injury compensation insurance claims, employers also have a responsibility. When a work-related accident occurs, employers are required to make a report to the Ministry of Manpower (MOM).
When an employer reports the accident, the employee will have an easier time making a claim, especially if the employee is protected under WICA.
Start the compensation process early
An employee’s first step after being involved in an accident at work is to report it to the employer. This record is very critical in work injury compensation insurance. When you start the process early, the faster you will receive compensation.
The employer is expected to cater for the medical expenses and the medical leave wages as you await the work injury compensation claims to be fulfilled. WICA expects injured workers to start the process of requesting compensation within the first 12 months after the accident.
If the accident resulted in death, the worker’s family is expected to follow through with the compensation claim within a year.
Follow through with all medical appointments.
Work injury compensation insurance will rely on medical records to process the claim. This means the employee needs to follow through with the doctor’s appointments to document the progress.
The doctor’s report will show the extent of the injury and whether the damage is short term or permanent. An employee who neglects to follow the doctor’s recommendations risks losing part or the entire claim.
MOM takes work injury compensation claims seriously, especially for employees covered under the Work Injury Compensation Act. Temporary injury and permanent incapacitation claims vary. Having complete records will make the process seamless, and the worker will get the compensation to which he is entitled.
Like other countries, Singapore has set guidelines on the employment of foreign workers. The Ministry of Manpower (MOM) monitors the inflow of foreign workers by setting strict terms of service, such as the acquisition of work permits and a security bond.
Employers seeking unskilled or semi-skilled foreign workers have to take steps to ensure the workers come into the country legally. They also have to follow the set rules and regulations attached to their work passes and apply for security bonds.
You could lose the security bond.
In a bid to ensure employers only employ workers who comply with the terms of the work permit, MOM requires employers to deposit $5000 as a security bond for every foreign worker they employ. Considering the possible forfeiture of this sum should the employee mess up, employers have to be careful when vetting employees.
You need to find out everything you can about a potential foreign employee before taking them on. If necessary, use an agency that you will hold responsible should the employee go against the terms of the work permit.
Find out which work pass is ideal.
Singapore has different types of work passes, depending on the skill level of the potential employee. For example, the S Pass is for semi-skilled foreign workers earning at least $2,500, while the employment pass is for foreign professionals, managers and executives earning at least $4,500 a month.
When searching for a worker, you need to appreciate the financial implications of each pass. Singapore has strict guidelines on how much employers should pay employees possessing certain passes. So, as you consider the position you want the foreign worker to occupy, you need to be certain you will meet your obligations as an employer.
Ensure the worker is of the right age
MOM not only has guidelines on the skill level attached to a specific work pass, but it also has limits on acceptable age for foreign workers. Employers are expected to indicate the worker’s age when applying for a work permit and security bond MOM.
Foreign workers should be at least 18 years old for them to get a work pass in Singapore. The maximum age limit for Non-Malaysian workers is 50 years, while Malaysians should not be older than 58 years.
Does the worker have all the necessary documents?
Before recruiting a foreign worker, you need to make sure he can submit all the necessary documents to process the work permit and security bond. For example, the worker’s employment pass is subject to the validity of the passport. A foreign worker is unlikely to get a work permit for two years if his passport is expiring in nine months.
You also need to check all the documents to establish his skill level against the type of pass for which he will be applying.
As an employer, you will be undertaking a huge responsibility hiring foreign employees. Any failure on your part to ensure the employee meets the work permit and security bond requirements will reflect badly on you.
Carrying out due diligence and ensuring the employee has all the necessary documents will guarantee smooth processing of the work permit and security bond.
The cost of business insurance is usually a concern for most entrepreneurs. It is the one reason businesses choose one insurance policy or insurer over another. Insurance protects businesses from a “what if” situation. For example, one does not know if his business premises will go up in flames. However, should the warehouse burn, the business will recover the losses from the insurance company.
Insurance companies in Singapore are quite competitive. Some use the price of business insurance policies to attract businesses. If you are seeking business insurance for the first time, you are justified to wonder what insurance companies consider when coming up with the cost of business insurance policies.
The Type of Business
Businesses are exposed to different levels of risks. The higher the risk, the more you are expected to pay. For example, a company selling high-value jewellery is likely to pay more for insurance than one that sells trinkets. Likewise, businesses that sell goods that are easier to steal because they are lightweight may carry a greater risk than a business with bulky stock.
Location of the Business
Some businesses are located in more secure neighbourhoods. Insurers will look at the level of risk based on the location of the business. Most business insurance companies do not have catalogues for the cost of business insurance because various factors influence the level of risk.
Businesses that are run purely online may not be judged by location but by the level of risk. Some businesses are more exposed to high levels of cybercrime.
Are you Renting the Premises or do you Own the Property?
A restaurant run in a rented facility is likely to pay less business insurance than one that is being run on its premises. The is because the insurer will cover the cost of the property in the restaurant and the building as well. So, the property insurance premium will be higher.
The business that owns the premises may be saving on rent, but it has other obligations, such as insuring the building as it is one of the properties owned by the business. A business owner operating in a rented building is only concerned about the property in the space. The building owner is responsible for the cost of insuring the premises.
Past Claims History
Insurance companies are wary about providing business insurance coverage to businesses with a history of negligence. These are high-risk customers because a history of costly mistakes is a sign of a trend that is likely to continue. Some insurance companies may opt not to insure such a business, while others may choose to charge a higher premium.
A business with a history of high claims, such as for machinery breakdown, is likely to get a higher bill than a business with no history of claims.
Insurance companies customize business insurance policies to cater to the level of exposure. Your insurer is a business that expects to make a profit. So, charging a low fee for a business that carries a higher risk makes no sense.
Equally, charging a high premium for a low-risk business will discourage businesses from taking insurance. So, in a bid to find a balance, most insurers consider the above factors when determining business insurance costs.
Singapore is globally known to be business-friendly. The World Bank has consistently in the past decade ranked Singapore the top country in the world in ease of doing business. Unfortunately, about 10% of SMEs in Singapore operate without business insurance.
The entrepreneurs have various reasons for neglecting to insure their business. For some, it is a question of not having sufficient funds left over to cover business insurance. However, some entrepreneurs do not appreciate the risks that their businesses are exposed to, so they choose not to pay the insurance premium. Unfortunately, the failure to invest in business insurance carries various risks (read more here).
Operating a business without insurance is against the law.
Four types of insurance policies are compulsory for businesses in Singapore. They are work injury compensation, public liability, property, and shipping insurance. Unfortunately, some businesses do not take any of the compulsory policies related to the business, while others take some policies and neglect others.
For example, some business owners opt to take property insurance and neglect to take coverage against work injury compensation. Such businesses risk closure should they be caught breaking the law.
Companies risk losing everything without business insurance.
Business insurance is ideally meant to cushion the business when disaster strikes. For example, insuring a business against a fire means that the business can recover the losses if a fire destroys property. Business owners without property insurance cannot seek compensation.
Instead, they will have to pay out of pocket to replace the damaged property. Unfortunately, some businesses may never recover, especially if the stock is destroyed. The only possible outcome, in this case, is the closure of the business.
Lack of business insurance limits growth
A business that has to keep going back to its accounts to replace a car involved in an accident or compensate workers injured while working is unlikely to reach optimal growth. Business insurance makes it possible for companies to reinvest profits into the business.
A company without insurance is unlikely to have the funds to market the business or even plan for future expansion. The uncertainty about the future forces entrepreneurs without business insurance hesitant about expanding the business.
The business will not be competitive
Various companies in Singapore provide similar services. However, the most competitive companies are more popular and likely to grow faster than the least competitive companies. Companies that have no business insurance cannot take the same risks as those with insurance.
A business that is likely to lose everything in case disaster strikes is unlikely to have the same level of investment as a company that is likely to receive compensation. This explains the stagnation of businesses without insurance.
All businesses are running a risk. Every day that your business opens its doors to customers, you are taking a risk. Whenever you put in more money in the business, whether you are buying stock or property, you risk losing it to theft, fire or any other disaster.
Establishing a business is not easy. It takes time, money, and energy to get it off the ground. The best way to ensure none of your investment goes to waste is by insuring your business.
“What should I get him for his birthday? What about the wedding anniversary?” These are common questions we struggle with when our loved ones achieve life’s milestones. When buying gifts, great thought goes into what you are buying.
Learn more about personalized photo gifts here: https://themomentslab.com/blogs/news/customised-photo-printing.
You want the gift to mean something to the person receiving it. You also want it to be uniquely theirs, and at the same time, communicate your feelings and appreciation towards them. This is why customized gifts are a great idea.
Photo gifts are easy to personalize, and you have the freedom to make the gift as unique as you’d like.
Wooden keepsake box
If the person is a hoarder or has limited space to keep the gifts and stuff he keeps collecting, especially if they are important to him, you can get him a personalized wooden keepsake box.
You can choose to use his photo, the family’s photo, or a photo collage to make the box extra special. You may even insert text to customize it further.
The advantage of a personalized wooden keepsake box is it is an excellent gift for people of all ages. We all start collecting things from the moment we are born.
For example, it could be a great space for new parents to keep a newborn’s memorable possessions, such as first shoes and random baby photos they’d like to hold on to.
Desk photo prints
One can never go wrong with customized desk photo prints. Whether it is a wooden photo block or acrylic photo block, desk photos can be placed anywhere.
They may find a place on one’s desk at work or the home office. They may also be placed on various surfaces in the home, including the bookshelf.
One can never have too many desk photos because we all have moments we’d like to capture and bring to life. Smartphones make it easier for you to take as many photos as you’d like.
Some of the random photos mean a lot and having them on customized photo gifts is an excellent way to put them to good use.
Wooden photo prints
Wooden photo prints add a touch of modern designs with natural materials. Wooden photo blocks help keep memories alive. Giving one a personalized photo gift of an event or a loved one may mean more than you think, especially when the recipient has fond feelings about the day and people who made it worthwhile.
Customized wooden photo prints are also awesome for preserving the faces and memories of loved ones who have since passed on.
They can easily become family heirlooms, passed on from one generation to the next. This way, grandchildren get introduced to grandparents they possibly never met but are important members of the family tree.
Acrylic photo blocks
Acrylic photo blocks are excellent, personalized photo gifts. They add a touch of class and modernity to one’s space. It is a gift that anyone would appreciate. Acrylic photo blocks add depth to photos. Additionally, you have greater flexibility when it comes to photos to use.
You may opt to use the person’s photos, those of people important to him, or even photos of the person’s favourite destination. You can also include text that will speak directly to the person. You will be giving customized gifts that are decorative and a keepsake that will last a lifetime.
These are some personalized photo gifts you can consider getting loved ones. They are perfect for any occasion and make shopping fun. You may even enjoy the process of selecting photos, which can be informal as you’d like. More importantly, these gifts are functional as well as sentimental. A perfect balance for a meaningful gift.
For years, most people displayed their photos on frame prints. This was primarily because frame prints were the only option available. Today, frames are still being used in many homes. However, there are alternatives to frame prints, including wooden photo blocks and acrylic photo blocks.
Learn more about wooden photo blocks here.
Frame prints are inexpensive.
Frame prints continue to be used in many homes, offices, and business premises because they are the cheapest way to display photos. Since the frames are available in various materials, including wood and metal, one can easily get one that is within their budget. They are also available in various sizes.
Wooden photo blocks are slightly more expensive than frame prints. This is probably because the process of making them is more delicate. Additionally, if one doesn’t have the right equipment, it is a difficult DIY project to undertake.
Some people choose to use frames prints for some photos and personalised wooden photo block for others to keep the costs low. Frame prints and wooden photo blocks complement each other, giving a sense of continuity when displayed together, especially if wood frames are used.
All images look good in frame prints.
Although we all want our best photos bringing our walls to life, it is much easier to choose photos to be framed. This is likely because the frame itself is part of the final display. Having a good frame is important because it will complement the photo.
You need to be careful when choosing wood photo prints. Since they are edge-to-edge, the entire focus is on the image. Anyone looking at the wooden photo block for the first time will focus entirely on the photo.
Your emotions, pose, and photo background will naturally be evident in wood photo prints. Wooden photo blocks can last years, so you want to make sure you have the best photo print.
You can comfortably handle frame prints.
In this era where people are exploring DIY projects, frame prints may be the one aspect of photography that anyone without experience can easily manage. If you have photos in your house that need new frames, you can easily replace the current frames without a professional’ help.
A personalised wooden photo block is a little more complicated. It requires greater skill, both in photography and printing. Additionally, you need the right equipment to pull off excellent printing. Granted, some people attempt DIY print photo on wood block, but it is easy to distinguish a professional’s work from an amateur.
Frame prints miss the “wow” effect.
Frame prints are often seen as regular photos, irrespective of the photograph’s appeal. On the other hand, Wooden photo blocks give one a pause, especially if the colour intensity is captivating.
When a professional photographer is taking photos specific for the wooden blocks, they are more cautious of the light, impact on the image, and the contribution of the surrounding to the overall outlook.
Everything about the photo needs to be perfect. This is why professionals touch up the images to ensure no blemish ruins the print photo on woodblock.
Wooden blocks are versatile and glare-free
Wooden photo prints are quite versatile. Whether you choose to hand them or place them on a desk, they never look out of place. They fit in with both modern and rustic interior décor.
Wooden photo blocks are glare-free, so you can place them anywhere in the house without worrying about the light. Unfortunately, since frame prints are covered with glass, they tend to have a glare. You need to be more intentional when deciding where to hang frame prints.
Wooden photo blocks can make excellent family heirlooms if well cared for. It is an excellent way to keep memories of loved ones. Such images should be protected and preserved at all costs. Moments in life pass quickly. Frame prints and wood photo prints are excellent for keeping the memories alive.
Acrylic display stands improve the image of your office and brand. The unique features of acrylic stands make it easier for businesses to decide which acrylic stand holder to acquire for the business. While it may be easy to decide the best size, colour, and design of the acrylic stand for your business, the challenge is determining the thickness.
Most of the freestanding acrylic display stands have thick panels to ensure the stand can hold its weight and the items on display. The greatest challenge is on acrylic stand holders. How often has the pen holder on your desk toppled over because it is too light? What is the appropriate thickness?
An acrylic display stand for business cards or brochures doesn’t need to be very thick because the items it holds are lightweight. A heavy item may cause a small acrylic display stand to tip over if it is not thick enough to carry the weight. How can you identify the ideal small acrylic stand holder for the items you have in mind?
Your budget influences the type of stand you buy
The acrylic stand’s thickness is what determines the price. This explains why an acrylic display stand of the same size and design is available at different prices. Before buying an acrylic stand, it is best to consider what you need it for. This will help you choose an acrylic stand holder that will withstand the weight of the items.
The thicker acrylic stand costs more because it consumes more material. You will need to find a balance between a cost-effective acrylic stand and its suitability. You also don’t want to unnecessarily spend too much on a thick acrylic stand holder when a thinner one could have worked.
Consider the future use of the acrylic stand
The acrylic stand display has multiple functions. Today, a desktop acrylic stand may be suitable for business cards, but tomorrow you may want to use it for something else. If you anticipate using products that weigh slightly more in the future, you should buy a stand with a higher loading capacity.
Acrylic stands with a thickness of between 3mm and 5mm are usually perfect for holding products of different weights. However, if you are displaying light items, like brochures and business cards, a 2mm thickness is enough.
Improve the performance of small acrylic stand holders
If you already have small stand holders but are worried they are not thick enough, you can take several steps to improve the acrylic stand’s performance. However, improving the acrylic stand’s stability should not be at the expense of the products on display.
You can take measures to make small display stands more stable, but if you are likely to incur losses if the products on display fall over, it is best to get a thicker acrylic stand.
A small acrylic stand holder can be made more stable when you;
- Add rubber feet to provide extra cushioning.
- Use bonding glue to make the stand stronger and firmer. This glue is slow drying, so you should wait a while before using the acrylic stand.
Fortunately, acrylic display stands are not costly. If you need to get thicker stands, you should still consider getting them and continue using the small display stands for light items. Alternatively, get an acrylic stand with sufficient support to allow the stand to hold many or heavier items for display.
Shopping for the perfect gift is not always easy. It is especially difficult picking a gift for a close friend or family member. Since you know the person’s likes and preference, you want to get a gift he or she will truly appreciate. Unfortunately, deciding to get the gift is the easy part. Deciding which gift to get is more complicated. The custom Spotify acrylic plaque is the perfect gift for various reasons.
You can personalize the plaque.
An ideal gift will be functional and have a sentimental meaning to the person receiving the gist. Unfortunately, it isn’t easy to create the perfect balance when it comes to the recipient’s response and feelings towards a gift.
The Spotify acrylic music album is not just functional, but you can also make it as sentimental a gift as you’d like. For example, you get to combine someone’s favourite song, colour, and image on the same gift.
It can be a wall hanging or placed on the desk.
The flexibility of where to place the custom acrylic Singapore music plaque also makes it an attractive choice. The Spotify acrylic plaque can be hung on the wall or placed on a desk using a wooden stand.
This gives the owner the option of moving it in various spaces in the house. Alternatively, he or she may choose to have the plaque on the office desk, especially if the words and song motivate him to be productive.
Some have unique additional features.
The use of a song and image of your choice are some of the more obvious features of the Spotify acrylic. However, some of these plaques have additional features which make them the ideal choice for a gift.
For example, some of the Spotify acrylic music albums come fitted with an LED light. This light can be used as a night light because it has no glare. It is warm and soft, making it ideal for the bedroom, nursery, kids’ room, or living room. The Spotify acrylic plaque light can also be decorative when used in cafes and other entertainment areas.
It is a gift for every occasion.
Are you looking for a wedding, anniversary, birthday, valentines or Mother’s Day gift? The custom acrylic Singapore makes the perfect gift for any occasion. The difference will be in the song you choose, the image and message inscribed on the plaque. You only need to be creative when it comes to the message and song you choose.
For instance, if you are looking for a gift for someone recovering from an illness, you can choose an uplifting song and use a photo when he was healthier and happier. This may encourage some positivity and a yearning to get better so that he can get back to enjoying life.
It is made of durable material.
After spending hours searching for the perfect gift, many people hardly ever think about the gift’s durability. However, it is an important consideration, especially if you are looking for a gift that the recipient will cherish.
Acrylic is tougher than glass. A fall is unlikely to cause it to break. This is one of the features that make the Spotify acrylic music plaque the perfect gift.
There is no doubt that there are several advantages to buying the Spotify acrylic as a gift for a loved one. You only need to find the best way to customize it and make it a gift that one will treasure for life.
Protecting your business should be the top of your priorities regardless of the size of your business. But what exactly does it mean to protect a business? Well, protecting a business means doing everything from having insurance to ensuring that your business environment is safe and secured.
The focus of this article is going to be on protecting businesses by insuring them. As you likely know, insurance is one of the best ways to protect a business from unexpected events like accidents.
Presently, there are several types of insurance available for small, medium-sized, and large businesses in Singapore. Because of the never-ending changes in the business terrine in Singapore, smart business owners are opting for public liability insurance. Want to find out what it is all about, and why they are choosing it over others? If yes, you are going to benefit from this article.
This article by Businessdictionary explains what liability insurance means.
Policies that covers civil liabilities to third parties, arising from bodily injury, property damage, or other wrongs due to the action or inaction of the insured. It covers only civil liabilities and not criminal liabilities. Read more here.
You likely now have a clear picture of what liability insurance is all about. You also now know a handful of businesses that can benefit from it. But do you know what it covers and doesn’t cover? If you don’t, you are going to benefit from the next article, as we will be taking a close look at what Public liability insurance is all about.
The following article by Adrain Mak contains basically everything you need to know about public liability insurance.
What Does General Liability Insurance Cover?
General Liability Insurance, also known as Commercial General Liability Insurance, protects your business financially from lawsuits and damages that arise while doing business. It pays for bodily injury and property damage that is unintentionally caused by your business. Read more here.
You likely now know that Public liability insurance can protect against everything from bodily injury of clients or customers in the business area, lawsuit and damages, and many more. You also now know the benefits associated with it. Even after knowing all these, the question that is likely going to be lingering in your mind is – Do I really need it?
This article by Quora sheds light on some tell-tale signs that you need public liability insurance.
What is public liability insurance, and do I need it?
The word insurance is almost or all the most familiar to all people of the world. There are many types of instances of policies available in the market today. The type of these insurances varies from one to another. Read more here.
You definitely now know some obvious signs that you need public liability insurance. You also now know what you will benefit when you opt for it, and how much it is going to cost you to get it. The bottom line is that PLI is a brilliant business investment that will save you from a lot of trouble in the event of an emergency.
Public liability insurance is becoming popular among small and large businesses in Singapore. The reason for this isn’t just because of its policies and what it protects against but it is because the business terrain in Singapore is changing.
Since the risks associated with running a business has dramatically increased over the last couple of years, it is critical for small and large business owners to opt for some sort of insurance.
Yes, doing this may be difficult, and may even cost you a lot of money, but if you can do it, you can be confident that your business will be secured when an unexpected event occurs.
The Financial Implication of Public Liability Insurance on Small Businesses
Small business owners often worry about cash flow. Trying to find a balance between meeting the necessary costs and staying afloat tend to take precedence over every other cost. However, money worries will increase tenfold should an accident occur in the business premises. When legal suits become a possibility for small businesses without insurance, the frustration mounts for a business that is barely making ends meet. This will only further affect the finances of a startup. To save the company from meeting compensation claims, it is necessary and cheaper for companies to invest in public liability insurance.
Public Liability can pose a big operating cost to your business if you are not careful and an accident happens on your premises. Check out Allegiance Associates if you are considering Public Liability Insurance today.
In this article in undersyandinginsurance.com.au, the author discusses some of the liability insurance covers necessary for businesses.
Advantages of investing in liability insurance
“Liability insurance protects you against financial loss if your actions, your negligence or the condition of your property is found to cause a person to be injured or killed, or a person’s property to be damaged or destroyed or they suffer loss as a result of relying on your services or advice. There are three forms of liability insurance, public liability, professional indemnity, and product liability.” read more here
When a business idea is at its formative stage, compensation claims is the last thing on the mind of the entrepreneurs. Every business owner wants to see his business thrive and possibly become a brand. Liability insurance is an important consideration that should be sorted out as soon as the business opens its doors. As the company grows, the liability risks increase. For example, if you are leasing the space in which your business is located, should part of the building come down, will you not sue the property owner for damages? If the property owner has no liability insurance, he will need to pay compensation claims from his pocket. Taking liability insurance saves companies money when disaster strikes.
In this article, Will Douglas illustrates the importance of business insurance.
The impact business insurance has on the productivity of the business
“Business insurance can protect you against losses incurred during the running of your business – for example, if a customer or employee makes a claim against you, or if your equipment is damaged. The terms ‘commercial insurance’ and ‘business insurance’ are often used to describe employers’ liability and public liability insurance – the two main types of business insurance.” read more here
Equipment damage can easily ground a business. For example, factories insure their equipment. In the event there is any damage, the business could ground to a halt if they cannot produce anything due to faulty machinery. Replacing these machines can be quite costly for a business. However, with insurance, business owners only need to be concerned about sending claims to the insurance company when the need arises. Besides the financial implication, coverage gives business owners the peace of mind required to run the business.
In this article, in steadfast.com.au, the author discusses public liability insurance and the financial risks of a business neglecting this cover.
Why public liability insurance is necessary for all business entities
“If an accident or unforeseeable incident causes damage or injury to someone (other than your employees), you may be found legally liable to cover the costs. Public liability insurance can help to protect your business from the financial risk of liability claims – giving you the certainty you need to trade with confidence.” read more here
Just like vehicle drivers have no total control over what happens on the road, business owners do not have absolute control over the occurrences in their business. A building could come down, machinery could stop working as it usually does, a client may slip and fall in your establishment. All these scenarios have financial implications. The only difference is the reaction of the business owner. One with public liability insurance will call his insurers. The one without insurance will panic because of the cost implications and the impact this would have on the business.
Public liability insurance is not compulsory. However, it is necessary for all companies. A business owner who has long-term plans for the company needs to have long-term insurance plans. Public liability insurance is not just beneficial for the business, it is also good for clients, passersby, and employees. When clients walk into your facility, they would feel better knowing they are protected as long as they are in your establishment.
Tips on How to Identify the Right Insurance for Your Company
Before you visit an insurance company, it is necessary for you to have an idea of the type of covers you need. This will save you from registering for protection that is not necessary, especially when you desperately need to save money. Discuss your situation with the insurers. With their expertise, you will choose the best cover for your company. It is also important to discuss your plans for the business. Knowing how your company’s growth will affect the type of insurance you take will help make the necessary adjustments when your company is ready to introduce a more comprehensive insurance cover.
Public Liability can pose a big operating cost to your business if you are not careful and an accident happens on your premises. Check out Allegiance Associates if you are considering Public Liability Insurance today: https://allegiance.com.sg/commercial-insurance/public-liability
In this article in forbes.com, the author discusses some of the protection covers small businesses need.
Types of insurance covers suitable for small businesses
“General Liability Insurance: Every business, even if home-based, needs to have liability insurance. The policy provides both defense and damages if you, your employees or your products or services cause or are alleged to have caused Bodily Injury or Property Damage to a third party. Property Insurance: If you own your building or have business personal property, including office equipment, computers…” read more here
When choosing the right insurance for your business, it is essential to find if the protection offered is comprehensive. For example, when taking a property protection cover, does this include the company cars or do you have to take auto insurance? Knowing these details may save your company some money since you will not make payments for covers that offer overlapping protection features. Unfortunately, if you cannot afford to purchase all the necessary covers, you may be forced to compromise by choosing the essential cover. For example, you may select public liability insurance over Directors’ and Officers’ insurance if you can only handle one cover at a time.
In this article in simplybusiness.co.uk, the author elaborates the importance of public liability insurance.
The significance of public liability insurance to a small business
“Public liability Insurance is one of the main types of business insurance. It can cover compensation payments and legal costs if a member of the public (maybe a customer, a supplier, or a passerby) sues your business because they’ve been injured or their property has been damaged.” read more here
Accidents are a regular occurrence in places of work. An employee could get hurt, or a client may slip and in the process break his laptop. These scenarios may end up being costly for the company should either bring a suit against the company. When a company has public liability insurance, the Directors do not need to worry about the legal issues arising. The insurance company will take care of the compensation and legal costs incurred.
In this article in towergateinsurance.co.uk, the author evaluates the essence of public liability insurance and why it is a necessity for every business.
How the absence of public liability insurance affects businesses
“What is public liability insurance? If a customer or third party person was to injure themselves or have something damaged as a result of your business activities, your business could be held liable. This means that you would have to pay the compensation claim and incurred legal expenses. If you have public liability insurance it can cover these costs.” read more here
The absence of public liability insurance puts businesses at risk. The cost of taking this cover is much lower than compensation claims that are likely to arise should an employee, client or passerby get injured while at the premises. For example, if a company is having a sale which attracts many buyers, in the event of a stampede, those hurt during the rush will likely take legal action against the company for injuries and the damage to any of their property. Although this scenario would worry any business, the pressure is less on a company that has public liability insurance.
Insurance is a critical issue that needs to be considered at the time when entrepreneurs are considering opening up a business. The type of insurance is dependent on the needs of the company. All businesses that have employees, interact with clients, and have many people walking into the business premises need public liability insurance.
How do all the treatments for pain relief stack up?
Any pain which lasts for longer than a few months is termed chronic pain. A few special cases of chronic pain cannot be cured but most other types can be cured depending on the treatment used. The first step to curing chronic pain is to understand what is causing the pain and where exactly the pain is coming from. This is arguably the most important step as understanding the pain helps you choose the right course of action. The second step consists of choosing the right treatment for your pain. The choice you make depends on-
� How long the pain has lasted
� How severe the pain is
� What’s causing the pain
� Where the pain is coming from
Types of pain relief treatments
A magnetic patch from PIP Singapore which makes a back pain patch Singapore is your best bet to curing your chronic pain as it can cure a whole host of pains. The magnetic patch is a one size fits all type of treatment while other treatments are for more specific kinds of pains. It is also very cost effective when compared to the other treatments in this list.
Radiofrequency Ablation (RFA) is another type of treatment in which a doctor targets the specific nerve that sends pain signals to your brain. The doctor uses a needle with a tip that heats up to zap the nerve so that it cannot send the signal anymore. RFA relieves pain for up to a year and isn’t very cost effective versus magnet patches which are cost effective and can completely cure chronic pain.
Pain shots are another option in which a doctor uses an x ray to find out where to put specific medicines that he will recommend. Steroids and anaesthetics are prominently used in this type of treatment. Many people stay away from this treatment over magnetic treatment because of the use of drugs and chemicals in pain shots. Magnetic treatment is natural and completely drug and chemical free.
Opioids are different from Pain shots in the way they are administered. A pain shot is injected into the bloodstream while an Opioid is consumed. Opioids are dangerous because they have shown many harmful side effects like drowsiness, nausea, vomiting, addiction, accidental overdose, dizziness and constipation. It is understandable why people would like to stay away from opioids when they could undergo magnetic therapy to achieve similar long lasting results.
Magnetic Therapy: Where it All Began
As we are all aware, the use of magnetic therapy is rampant nowadays. You can find magnet-made relief products in drugstores, wellness centers and trading places all over the world. Scientists and people have learned to use it in ways that are convenient for anyone who will use it. Thus, for those who wonder how this kind of alternative healing began, the first thing to look up is history because that where evidences is found way before researchers have conducted their study on magnetic therapy.
The never-ending question in the history is, “does it work”? It is ironic because how are we supposed to know if we are not to try? To answer this without taking risks, we refer to the records and testimonies present.
If you are looking for pain relief via magnetic therapy, look for PIP Singapore. They are Japan’s #1 Magneto-therapeutic Device and are one of the most established magnetic therapy. Check out their site today: http://pip.com.sg
To see how this practice innovates, we will read an article written by Richard C. Senelick, M.D.
Can Magnetic Therapy Relieve Pain?
Almost every sporting goods store, pro-shop or web page has an advertisement for therapeutic magnets with claims of pain relief and a better golf game. There are magnetic bracelets, necklaces, shoes inserts, mattress covers, head bands and, yes, dog collars. It certainly isn’t new. But, is there any scientific evidence to support all of these claims? Read full article here
There are no specific names or places that are believed to be the origin of magnetic therapies but studies have found that is being using all over the world even before industrial revolutions took place. Being used by Kings and Queens in the early centuries, magnetic therapy has proved its effect to one’s health over time. Before it is cultivated to as mattresses, jewelries and binders, people have used the stone itself and this is probably why people in the early age had so many superstitions and belief about alchemy, magic and witchcraft.
History of Magnet Therapy
Magnet therapy has a long history in traditional folk medicine. Reliable documentation tells us that Chinese doctors believed in the therapeutic value of magnets at least 2,000 years ago, and probably earlier than that. In sixteenth century Europe, Paracelsus used magnets to treat a variety of ailments. Read full article here
To end the fallacy, modern physicians and scientists have conducted several studies and experiences to know—or for some, to show that magnetic therapy works for some. Using technology, they are able to identify the materials used in the magnets and how they react to the chemical and physical aspects in the body. Together, they are able to use magnetic fields to ease chronic illnesses as well as devices that can detect or diagnose an occurring one.
By doing this, the days of mystery and guessing why is this certain type of stone is magical. Well, in a sense, it is magical because it can relieve chronic pains and disorders in no time and eventually, get rid of them. Understanding how our human body works by the cell level gives us a better perspective on how to treat common illnesses without taking medication and suffering from its side effects.
For the last article by Dr. Jockers, we will be able to know how the effect takes place to our body.
How Does Magnetic Therapy Work?:
Magnets work by improving circulation to the damaged region and improving the injured cell’s polarity. Magnet energy is considered a catalyst which speeds up biological processes and enables the body to reduce inflammation and heal itself. Magnets also speed up circulation improve oxygen and nutrient absorption into the targeted cells. Read full article here
In the theory of evolution of humans, we have passed the Stone Age and people from this era could also have possible used magnets in their daily lives. However, it could be of another form and appearance and we only know about it by artifacts. There are claims that magnets are first discovered in Greece but in some commentary, magnetic therapy is first used in the East. With this, there is no specific name of region mentioned that proves where magnetic therapy is invented.
Moving on, there is no other way but to improve the products we have today and the possibilities are endless. Some of the devices invented may be surprising but if you think about it, it is also what people in the ancient time have felt when they first discovered the use of magnetic therapy. The point is, no matter how many times and how many versions of tools human can create, the benefits of this alternative healing stays the same. Unless the manufacturer produces a substandard product, then magnetic therapy could be a fraud.
Know All About DSRC Technology
DSRC of Dedicated Short-range Communications Technology is a primary field of R&D for a network dedicated solely for uses related to transportation. Check out some of the fundamentals of DSRC.
It is a dual-way capability for short-to-medium-range communications, which permit extremely high data transmission important for communications based road safety applications.
If you are looking for a DSRC Technology provider in Singapore, you should consider ATT Systems Group.
Typically, an intelligent transportation system facilitating cars with the assistance of new drivers, smarter infrastructure, as well as, features of autonomous driving are looked upon as a means for decreasing the number of fatalities and traffic accidents and enhance fuel efficiency and improve traffic congestion.
Ways in which DSRC technology can be used
There is a widespread anticipation that the DSRC technology can be applied in vehicle-to-vehicle or V2V communications and vehicle-to-infrastructure or V2X communications. It is expected to be especially handy for the latter since the technology supports rapid network acquisition, the capability to cope up with frequent and quick handovers, which are typical characteristics of any vehicle environment, support secure and low-latency transmissions and is extremely robust even when the weather conditions are not favorable.
Over 40 use case has been identified by the DOT for the V2I technologies like making payment for tolls and parking wirelessly, alert a driver when a vehicle comes near a curve on the road to fast, alert drivers of certain conditions like road constructions and adjust traffic signals for accommodating the initial responder in an emergency and so on.
The technology is expected to include
� Processes and systems needed to make sure that the network is a trusted one and support managing the security credentials.
� Interfaces for controlling traffic signals for application needing timing data and signal phase.
� Positioning services to resolve vehicle locations for precision and high accuracy.
� Mapping services, which provide in-depth signage, roadway geometries, as well as, asset locations for different connected vehicle applications.
� Roadside communications enclosures and types of equipment, network backhaul, power, and mountings.
� Data servers to process and collect data for distributing distribution and offered by vehicles.
DSRC offers high dependability when required
Any active safety solution requires a high level of reliability. The utility of this technology comes into action when a car is running at a high speed. The DSRC technology has the ability to perform very well even when the weather conditions are unfavorable are extreme like rain, fog, and snow. The technology makes sure that even during high speed; vehicles are able to deter collisions and crashes, thus reducing the number of accidents and fatalities.
The risks in IT business & how to protect your IT business wisely?
The freelance business is growing worldwide. The growth is very significant that some times in the future it is expected that freelance workforce will be bigger than its permanent counterpart. Since more and more small business emerges and operates to provide professional services and consultancy to the customers, so too the risks of professional liability lawsuits or claims will increase. IT field is not excluded in this scenario.
If you are looking for a corporate or personal insurance provider, you should consider Allegiance Associates. They cover a wide range of professional insurance in Singapore. You should check out their website here.
In fact, IT professionals or contractors might be more prone to professional risks than any other businesses. The risk may not be obvious like a collapsed floor when a building is still under construction, or death of a patient under medical treatment due to negligence, or loss of compensation in legal action because the lawyer of the case failed to highlight certain important facts already made known to him. But a problematic line of coding can similarly contribute to software failure that cause major disruption to business, or an overlooked bug can cause monetary loss to the customers as well. Unfortunate incident like theft of project laptop can entails lots of trouble, too, especially when the deadline is very near or if it involves confidential information that can jeopardize clients’ interest and profit. Markel direct explains five reasons why IT professionals should choose to be insured professionally.
Why IT professionals need to be professionally indemnified by insurance coverage
- No insurance, no contract.
Many contracts require you to have professional indemnity insurance, limiting the cost to the employer if you do make a mistake. Clients may be reluctant (or even refuse) to hire you without professional indemnity insurance. To have the best chance of getting a contract, arranging professional indemnity insurance is a necessity.
- Claims can bankrupt IT contractors.
A claim for an error or omission in a project could cost anything from a few hundred pounds to hundreds of thousands. If you are uninsured, you will have to foot the bill for legal fees and compensation which could leave your financial situation vulnerable in the event of a claim. Read more here!
There is this one famous Malay proverb which says, “sediakan payung sebelum hujan” which means that we should provide an umbrella before the rain finally comes. So, let’s not wait until that heavy fall before looking for a good umbrella or at least a raincoat to cover ourselves from being soaked to the skin. Even though your business is small, when it involves lawsuit, no amount of money is small enough to cover for everything. It can easily cost more than 10,000 dollars even at the initial stage of the lawsuit, without court hearings yet. Imagine how much going to court might cost in the end. Tech Insurance website tries to paint some vivid pictures about the financial burden that a business might suffer when a legal case is brought against it.
Professional liability premium cost vs. cost of legal fees
The answer is different for everyone, but the costs to defend your business in a professional negligence lawsuit can add up before you step foot in a courtroom.
According to Braden Perry (@bradenmperry), a regulatory and government investigations attorney with the law firmKennyhertz Perry , even cases that get tossed out without going to trial can still cost a small-business owner roughly $10,000 to $15,000 in legal fees.
“For a case to go through the answer stage, discovery, and a ruling on a motion for summary judgment, it can cost a company roughly $50,000,” says Perry.
He adds that if a case survives a summary judgment, it could cost a small-business owner approximately $100,000 to take the case all the way to a jury verdict. Read more here!
Knowing the huge cost that might be involved in a business lawsuit, why are we still taking unnecessary risks by not paying for insurance premium? Choosing to be a securely insured business is the wisest step to take. Our business is our reputation, and our future depends largely on its success or failure. This contains more truth when we are talking about small businesses which operates on small-scale, because its capital and cash are not that big. Imagine losing a dynamic and growing business because of a silly mistake caused by a junior employee, for example. Such incidents can happen to anyone and any business, so be prepared to think beyond the ordinary. At times, it is not only negligence that can be the cause, but there is a wide range of mistakes that you never thought can sink a mighty ship like yours. An article has more to say about the probable situations that might lead to professional liabilities. The piece at Hiscox blog.
Expect more than negligence as the probable reasons for lawsuit against your business
While protection in the event of negligence forms the core of the cover provided by PI insurance, it’s important that you consider a policy that offers cover for intellectual property, dishonesty, defamation and loss of documents too.
Why? Because it’s not just claims of negligence that can harm a small business. However robust your processes are, it can be easy for you or one of your employees to slip up when juggling the day-to-day running of the business.
Perhaps an employee sends a gossipy email about a difficult client to a supplier and copies in the client by accident. Read more here!
So, really? Why the wait? Why the thoughtful look on our face, still? We must be thinking, “It might never happen to my business at all. My business is professional enough not to be smeared by this kind of lawsuits for five years already.” But luck cannot always be on our sides. When our business grow, more projects starts to pour in. We cannot wait until too late for the risk of getting a red flag, and the insurance company will deny to pay anything.
To conclude, never take the wrong risks. Be wise and protect our business as early as possible from having to pay for any expensive legal actions. At least we have something to fall back on during the hardest challenge that we have to face in the life of an IT business owner.
What Goes Into Protecting Yachts?
Yachts are an investment to most people. Considering the costs that go into buying and maintaining them, most people spare nothing when it comes to its protection. People usually try to get the best they can afford for their yachts when it comes to its protection, like a security system to protect it from theft or waterproof covers to protect the seats and such. While yachts can do without a few of these protective measures for some time, the same cannot be said for marine insurance. Merely securing the yachts physically is no longer sufficient. The vast majority of the threats to one�s yachts are unpredictable. Having a good marine insurance policy for the yachts, enables people to enjoy them without worry and fear. In this article we shall discuss, what goes into protecting yachts.
If you are looking for marine insurance in Singapore, you should consider Allegiance Associates Marine Insurance. They cover both Marine Cargo and Marine Hull insurances. You should definitely look them up above if you are serious about protecting your marine goods or properties.
Seas and oceans are not to be gambled with
With weather changes becoming turbulent without any warning, marine insurance is the single most important protection for yachts. Hurricanes in the recent years have proven the might of nature. Most of the harbours around the world, have witnessed the capabilities of hurricanes first hand. Yacht owners who had gone for the full marine insurance were the ones who turned out to be smart in the end. People who had taken up bare minimum insurance, had to inevitably pay the price of gambling with the seas. The vast majority of yachts are frequently customised with the very best of what boat building has to offer. Surprisingly, a lot of yacht owners did not have the funds to salvage their sunken yachts, thus resulting in massive losses. Even though, such calamities of such intensity are quite rare, it is not an excuse for slacking when it comes to marine insurance.
Marine insurance protects the yacht owners apart from the yachts themselves
With unpredictable weather, there is no way to prevent yachting accidents before they occur. Marine insurance protects the yacht owners from severe financial burden in case of yachting accidents. Everything from injury to yacht damage is covered in most good marine insurances. While one is at the sea, so many things can go wrong, no matter how careful one is. Marine insurance is the only sure-fire way to protect oneself against all of it. Fortunately, with more people realising the importance of having a good marine insurance policy in place for their yachts, marine insurance premiums have become reasonable. It is high time yacht owners leveraged it to the maximum.
How Iris Recognition Could Assist Law Enforcement In Discharging Their Duties?
Contrary to popular belief, the means to distinguish people based on their irises was existent for quite a few years now. However, with biometric security applications receiving a lot of attention of late, technological companies started their attempts to make it economical and viable for everyday use. With technology making progress in leaps and bounds, long range iris scanning is now finally a reality.
If you are looking for an Iris Recognition System for your company, you should consider ATT Systems Group Iris Recognition System. They have the expertise and know-how to assist you on your technical needs and implementing the systems. You should check them out.
While most people might find this farfetched, it’s only because they did not know that it was in works for quite a few years now. The US military has already been using iris recognition systems for identification purposes in Afghanistan from 2004 itself. With smartphones and tablets sporting biometric security measures now, iris recognition systems are bound to make an entry into everyday life sooner than later. Although iris recognition on its own is quite useful, there are a few applications wherein long distance verification is desired. This is particularly useful for law enforcement and counterterrorism personnel in discharging their duties. In this article we shall discuss, how iris recognition could assist law enforcement in discharging their duties.
Roadblocks to covert use of iris recognition
Human rights and civil liberties groups are expressly against the use of long range iris recognition systems in any capacity. Their concerns are about its potential misuse by the governments for their own vested interests. While this threat is very real, the unique benefits that long range iris recognition can offer cannot be summarily rejected. Intelligence proponents hope that people will eventually see that, the amount of good that long range iris recognition can do for them is way higher than its potential for misuse. Amendments which incorporate strict legal provisions governing the use of long range iris recognition, may be able to alleviate some of these concerns to an extent.
Potential usage scenarios
The potential applications for long range iris recognition technology are virtually limitless. It can massively restrict human trafficking and smuggling of criminals or terrorists to safe havens. Law enforcement officials can easily track fugitives, thereby ensuring greater security of the general public. Even though criminals can use long range iris scanning for their own illicit purposes, securing the databases with which iris identification can be achieved by stronger algorithms can mitigate this to some extent. Additionally, governments will have to accord people greater transparency to ensure that, their own agencies do not misuse this beneficial technology for their own selfish gains.
Every business big and small would involve the shipment of products from one location to another. The type of products being shipped, the value of the consignment being shipped and the mode of shipment would all vary. Some businesses rely on shipment companies to get the cargo shipped and some have in-house shipment arrangements. Based on what is owned the choice of marine cargo vs. marine hull insurance would vary. Choosing an insurance company that caters to every type of marine insurance including cargo and hull insurance would be a good idea as this would be a perfect future ready option.
If you are looking for marine insurance in Singapore, you should consider Allegiance Associates Marine Insurance. They cover both Marine Cargo and Marine Hull insurances. You should definitely look them up above if you are serious about protecting your marine goods or properties.
Marine cargo insurance- as the name indicates this one covers the damage of the cargo being shipped.
Marine hull insurance- marine hull insurance covers the vessel that carries the shipment
Marine cargo insurance
If your business has outsourced the cargo shipment then a marine cargo insurance would be sufficient. This one can benefit not just the shipper but also the consignee as well as the distributors. If there is some damage caused to the goods being shipped then the insurance cover would automatically take care of the associated expenses. The policy can be chosen so as to cover inland shipments as well as those that occur to foreign countries. The value of the insurance premium here would depend mostly on the type of products being shipped (some risky cargo might attract higher premiums) and the value of the goods on the whole. Another factor that might affect the details of the policy would be the distance between the start and stop points of the shipment.
Marine hull insurance
If yours is a shipment business, one that handles cargo transportation via. ocean route, air or other modes of transport then you would definitely need a marine hull insurance. Particularly businesses that own the cargo vessel requires this type of vehicle insurance to meet the costs incurred in the maintenance of the vehicle. Hull insurance covers the vessel carrying the cargo and any damage that occurs to it. The type of products being shipped might not influence the premium in this case. But the trade routes that the vessel takes, machinery on board, the overall nature of the vessel and other such factors about the shipment vessel would determine the premium of the insurance policy. Hull insurance is handy because any repairs and maintenance work that happens at an unexpected time might in turn affect the shipment and this means there would be additional costs involved.
So choose the right type of insurance so as to get a proper insurance cover. The capital spent on marine cargo and hull insurance is one of the best investment any business can make.
What is an insurance?
We all need to protect ourselves from monetary losses. There has to be some security in case some mishap happens due to which we end up having huge financial losses. Financial losses can happen to an individual or an organization as a whole. There might be also cases where you end up harming your physical wellbeing due to which you need some kind of a security to fall back upon. It is for such scenarios that we need insurance. An insurance is an arrangement by which a company or may be the state ensure to give some kind of compensation in case of any kind of losses or damage or even in case of death.
There are many different types of insurances like medical insurance that a company might provide to its employees as an employee benefit in case of any kind of illness or accident during their tenure in the organization; then there is the corporate insurance that secures the company against any sudden financial loss. Apart from this there is the error and omission insurance often used by doctors to secure themselves from undue claims made by patients in case of any mishap. Finally there is a policy for those individuals who go out of their native lands to work in a foreign country. This insurance is known as the foreign workers insurance.
Industries that benefit from foreign worker medical insurance :
The foreign workers insurance is availed a lot by those industries where people come to work from different countries. For example in the hospitality business, a hotel can employ someone from a foreign country. That person then becomes liable to be covered under the foreign workers medical insurance. Also we are living in a global world. Every year, every day, every hour people are travelling from one end of the globe to the other end for work. Each time an individual travels to a foreign country whether from the manufacturing sector or the service sector, whether from the utility industry or the entertainment industry, the industrial products sector or the infrastructure sector, they come under the purview of the foreign workers insurance that give them the much needed medical security. This insurance is provided by the employer under state regulations that differ from country to country. However, the premise of the insurance remains the same all over the world.