All About Marine Safety

Business Perspective:

In business, transit of goods is very important. In fact, it is a necessity. Many businesses operate cross-border and with globalization setting in, overseas exchange of goods is now the norm. How often have you come across the scenario that you have ordered something on an e-commerce site and they have informed you that the product would take some time to reach as it needs to be shipped from another country? Then, you would keep getting messages about the stages of transit before it reaches you. One such stage would be when the online shopping site informs you that your order has been shipped. By the word “shipped”, we understand that the product, along with other products, has been put onto a cargo ship and would be reaching us soon.

Now imagine a situation — what if the cargo ship that was carrying the e-commerce sites goods meets with an accident and is damaged, wrecked or sinks? How will the e-commerce business bear such a massive loss? If such an accident happens on a ship, it can lead to an entire business turning bankrupt and thereby meeting its end. With the unpredictable weather conditions, it is very much possible that the goods carriers meet with such accidents. Hence, transit over the sea can pose a lot of danger to the cargo.

Marine Safety:

Hence, it is very important that there is a financial support system for the cargo that may be lost or damaged by transit on the sea. Such a financial support system would be marine cargo insurance. This is a sub-part of marine insurance which insures loss or damage of ships, cargo, terminals, and also the cargo that maybe transferred or acquired as a property. Marine insurance, as a measure of marine safety, has been one of the most well developed insurances and has originated with the Greek and Roman maritime loan.

Marine cargo insures the cargo that is shipped from one country to another. Marine cargo insurance covers damage done when there is a collision with another ship or there is a collision with an object in the harbor. This is termed as “running down”. Another instance of insurance coverage is ship wreck, when the wrecked material blocks the harbor and needs to be removed. Hence marine cargo insurance is a means of ensuring safety on the sea. It ensures that in case any cargo is damaged or lost, it does not lead to a major financial loss.

What Are Some of the Common Types of Commercial Insurance?

What is commercial insurance?

Commercial insurance helps provide protection against loss, theft, damage and destruction to businesses, property, ships, employees in companies, workmen working in dangerous construction sites, marine cargo on board ships, machinery and equipment and basically anything else, apart from personal insurance. Commercial insurance is just as important as personal or life insurance, as you can recover the complete cost of damage or loss to your property and buildings that you might have spent a lot on in the first place.

What are some of the common types of commercial insurance?

Here are some of the common types of commercial insurance provided by Allegiance, an insurance company located in Singapore that provides all kinds of personal and commercial insurance, as well as professional indemnity insurance in Singapore.

Employees benefit insurance – today, employees are just as important in big companies and organizations as the other assets of the company and without these valuable employees, the organization wouldn’t be able to run and make profits. Today’s environment is also extremely competitive so it is vital to retain the good employees. There are many employee benefit plans and packages available today to protect the interests of company employees and provide them with medical, accident and life insurance.

All companies, whether small, medium or large, must take employee benefits insurance for their employees as they are the most valuable assets to the company. Allegiance provides many comprehensive employees benefit insurance plans that are cost efficient, flexible and provide full coverage. They will even customise an employee benefits insurance program for you to adapt to your company’s needs and preferences.

Professional indemnity insurance – also known as professional liability insurance, it is a type of commercial insurance that is made to protect the financial interests of certain working professionals like lawyers, attorneys, insurance agents, accountants and similar professionals rendering legal and financial services.

They might commit errors, omissions, and certain unintentional acts of negligence or misjudgment while carrying out their professional duties towards clients. These professionals need protection for themselves and their property against hefty legal penalties and fees imposed by third parties and government authorities. Allegiance will provide professional indemnity insurance in Singapore to protect the business of professionals and the employees working in these organizations.

When do you need professional indemnity insurance?

You or your business will require professional indemnity insurance if:

  • You provide a professional service
  • These services are rendered to clients
  • You handle confidential information
  • You use the intellectual property rights of another company or professional
  • Your client requires you to have insurance
  • Professional indemnity insurance is compulsory for your company or business

Insurance Is Key To Keeping A Business Afloat

In planning for the future, you should be prepared for what may arise, which is vital in business. Business insurance is a complicated affair but the law demands that every business has an insurance coverage. With the right insurance policy in place, the business has respectability and displays seriousness.

Professional indemnity insurance ensures that the risks are taken care of even if you underestimate them. For instance, the business offered may be hit by a series of claims because of erroneous advice or a breach of contract. This can disrupt the flow with serious ramifications while incurring huge costs as settlement claims if you have not taken any cover.

The most common of all insurances today in the business arena is liability insurance. On starting out small with limited staff, it is necessary that every employee on and off the rolls be covered. If employees are not provided with adequate insurance, especially during work hours, the firm will be liable and be drawn into claims.

Public liability insurance is optional, but being cavalier about this can cause heartache later. This form of coverage factors any damage to property or persons that may occur at the workplace. While this is not an obligation, it is prudent to consider this because you are protected from every aspect. If the business is not covered, one can lose one’s license or go bankrupt. This also entails that any advice provided must be on point otherwise you may be opening yourself up to a claim.

Disasters can occur anytime and being prepared for an eventuality like so with professional indemnity insurance is judicious. Being cautious never harmed anyone. In fact, it works in protecting the business from a series of onslaughts.

To keep a business running and free from stain, one has to be vigilant. Of course, not everyone is privy about what is the best policy for the business and that is where comes into play. You get to figure out what is the real deal for the model with suitable advice from the professionals. Cutting back on premiums is not always the right bet and paying through your nose for a big coverage is not the right fit. A broker will provide you with the right plan that suits the business. Every aspect must be looked into with detail before just diving into a policy that looks easy.

How to ensure safety in business in Singapore

Entrepreneurs are there in every nook and cranny of the world. There are people thriving with ideas in this world. All they need is a minimum amount of capital and business strategy to start their business. Apart from this they also need an environment that is conducive for business to grow and expand.

For a place to be good for business, it should have certain features. The government of that place should be open to industrial and commercial growth. It should provide a healthy environment for people to invest in business in that place.

Singapore is considered to be the ideal location for business to start and for global businesses to site their headquarters in Singapore. Singapore, with its strong trade and investment, has been termed as the most competitive Asian country and the most conducive place for business. It is easy to open the headquarters of one’s company in Singapore. The company can benefit from Singapore’s network of over fifty comprehensive Double Taxation Avoidance Agreements. Singapore has many free trade agreements and investment guarantee agreements from which the company can gain from. It is even easy to register one’s company in Singapore, as it can be easily done through online. Furthermore, it is easy to find different kinds of premises in Singapore to set up the business. Thus Singapore provides various measures that make running of business easy in Singapore.

Safety for the Business:

It is not just enough to set up a business. It is also important that the business runs smoothly and safely. Corporate insurance in Singapore provide safety to such businesses in Singapore.

There are various types of corporate insurance in Singapore. They cover various aspects of the business. There is the director’s and officers’ insurance that safeguard the company from financial losses incurred due to wrong decisions taken by directors and officers. There is worker’s compensation — an insurance that provides financial aid to the worker if he or she is injured while on duty. There is also a professional liability insurance that provides aid when there is a failure in rendering a professional service properly. For business owners there is also a business owners insurance that covers all the areas that a business owner might need.

Thus these are the different kinds of corporate insurances that ensure business is run smoothly in Singapore. These corporate insurances cover all areas of business.