Commercial Insurance Needs
Covering your annual requirements or project needs
At MAKinsure, we have access to most insurers in Singapore. No two insurers are the same and each insurer has their own niche market and segment. Working with us, you can be rest assured that you are in good hands.
Work Injury Compensation Insurance
Work injury compensation insurance provides cover for your company in the event that your employees file claims for injuries or diseases suffered while working.
Did you know?
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Under the Work Injury Compensation Act (WICA), all employers are required to purchase work injury compensation insurance for local or foreign employees who are doing:
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Manual work, regardless of salary level; and
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Non-manual work, and are earning less than $2,600 monthly.
It is an offence under the Act if employers fail to provide work injury compensation insurance to the above categories of employees and may face a fine of up to S$10,000 or jail of up to 12 months, or both.
For employees outside the 2 categories, employers are still liable for their expenses should they suffer injuries in the course of work.
Work injury compensation insurance will provide monetary protection in the form of payment of medical expenses up to $45,000 to your workers should they suffer any injury during the course of their work. It also provides a compensation of up to $225,000 in the event of death and up to $289,000 in the event of permanent incapacity.
Employees on light duties due to work injuries will be compensated for their lost earnings based on their Average Monthly Earnings, including payment of overtime.
Foreign Worker Medical Insurance
Did you know?
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With Effect from 1 July 2023, all employers are required to purchase and maintain medical insurance coverage of at least $60,000 for their work permit and S Pass holders. There will be a 25% co-payment by employers for claim amounts of more than $15,000.
Employers who fail to buy the required medical insurance for their foreign workers may be fined up to $10,000 or jail of up to 12 months, or both. And in addition, they may also be barred from hiring foreign workers.
Contractor’s All Risk Insurance
Contractor’s All Risk (CAR) Insurance provides cover for the loss or damage to the contract works, as well as third party liabilities during the course of construction or renovation.
Public Liability
Public Liability covers businesses against claims arising from third parties for bodily injuries and/or property damage suffered during the course of conducting business.
Professional Indemnity Insurance
Professional Indemnity insurance seeks to cover professionals (Individuals and businesses) against the full legal costs arising from negligence claims from their clients during the course of their work. It is very common for clients especially MNCs to impose this requirement on vendors to have sufficient PI insurance coverage in place before contracts are awarded out to vendors.
Product Liability Insurance
Product Liability insurance seeks to cover manufacturers and distributors against body injuries or property damages suffered by third parties through the use of manufactured/distributed product.
Cyber Liability Insurance
With the rise of cyber crimes in recent years and the financial and reputational losses suffered by businesses who fall prey to such crimes, cyber liability insurance helps businesses to insure their losses arising from such situations and provide funding for the recovery of the lost data.
D&O Liability Insurance
Directors and Officers (D&O) liability insurance seeks to protect the personal assets of directors and key officers of the companies in the event that they are sued by employees/shareholders/competitors/vendors etc arising from the course of managing the affairs of the company.
Property Insurance
With property making up a significant proportion of a business costs, it is imperative for businesses to cover their properties and contents (be it rented or owned) against losses arising from fires/floods etc
Motor Insurance
With so many vehicles on the roads each day and time, along with the many accidents occurring, it is little wonder that it is a must to insure the vehicles before they are allowed on the roads. Both own damage (optional) and third party damages (mandatory) can be covered.