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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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).
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.
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.
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.
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.
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.
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 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 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 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.
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.
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 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 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?
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.
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.
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;
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.
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.
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.
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.
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.
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.
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.