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Now is the Time to Start Providing Health Insurance Cover to Your Employees

Once you come to know the benefits your company will derive by offering suitable foreign worker health insurance cover of your employees, you should not delay implementation of the decision. Even if you had not done this earlier, it is never late to undertake this task because it will bestow immense benefits for your business growth. Let us find out why you should provide a suitable health insurance cover to your employees without delaying further.

1. A properly chosen health cover will attract the best employees in your industry

Among the benefits companies offer to their employees, a good health cover stands on top because nowadays, medical and treatment-related expenses are repulsively high. If there is illness in their families, employees will not be able to enjoy the fruits of their earnings fully because they will be saddled with huge medical and treatment-related expenses.

If you provide your employees with a good health cover, they will feel relieved to a great extent. That is the reason job aspirants with top skills look for companies that offer excellent medical covers. In other words, you can get the top-most talents in your industry if you shop around and wisely choose a very good corporate insurance for your company.

2. Retaining the best talents is easy

Apart from attracting the best talents available in your industry, you will be able to retain them as well because these employees will be an inspired lot, thanks to the health insurance plan you make available to them.

3. You can instill a feeling of security in your employees

By putting in place an appropriate health insurance plan that covers the health risks of your employees, you will be instilling a sense of security in them because their financial worries will have been reduced to a great extent. This feeling will help them in focusing better on their job. Apart from performing to their optimum capabilities, these employees will become loyal to your company also.

4. Increased profits

Since your employees will be more productive, you will see increased profits. Further, your employees, being a motivated lot, will ensure complete client satisfaction also. So, you can expand your client base and achieve your growth targets more easily.

5. Smooth workflow

Especially, if you put in place a health plan that focuses more on preventive care, your employees will remain healthy. This will reduce absenteeism and therefore, there will not be any issues with the workflow. This will result in increased productivity that will go a long way in accelerating your business growth.

On the contrary, if your employees or their dependents fall ill frequently, the workflow in your company will get disrupted. You may not be able to stick to delivery schedules. If your customers feel that they have been let down, they may not hesitate to look for an alternative supplier or provider. Remember that there is competition in every industry and yours may not be an exception. So, if you delay putting in place a suitable health cover for your employees or if you show stinginess in choosing the right plan, you may have to pay dearly. Your business goals may continue to remain as pipedreams.

6. Reduced employee turnover enhances your reputation in the industry

Apart from increasing the productivity of your employees, an appropriate health plan will bring down employee turnover in your company. So, you will enjoy a high reputation in your industry.

In view of the foregoing, you are advised to put in place a suitable health insurance plan in your company. In fact, when you are likely to derive such great benefits by taking this step, why delay in taking proactive action?

Tell-tale Signs That You Need a New Bathroom Shower Tap

buying new bathroom shower taps

Do you live in Malaysia? Do you want to take your bathing experience to the next level? If yes, then you should consider investing in high-quality plumbing fixtures.

Investing in a showerhead, for example, can make you feel like you are in a luxury hotel each time you take a bath.

To ensure that you get the best experience while taking a shower, you have to install a high-quality shower tap.  

Keep in mind that even high-quality plumbing fixtures can’t last forever. This means that soon your shower tap and even your showerhead may become faulty.

In this article, we are going to be looking at some signs that your shower tap is faulty and needs a new shower tap replacement.

Problem #1. Constant dripping

Most people usually wait until their showerhead is unusable before replacing it.

See, you don’t have to be like them. Taking action before things gets out of hand can help you save money and time.

If you notice that your shower tap keeps dripping even after you have turned it off, a part of you may want to overlook or ignore it. Doing this may seem like a good idea initially, but in the long run, you are going to regret it, as your utility bill is going to increase over time.

So, if you notice that your shower tap is dripping water, you should make plans to change it as soon as you can.

Problem #2. Worn out and leaking handles

Most shower tap models on the market are made of metal or plastic. Needless to say, both materials are great, but they are susceptible to wear and tear.

So if you have been using your shower tap regularly for years, the base of the tap where it meets your bathroom wall is slowly going to wear and eventually start to leak.

Make plans to replace it as soon as you notice this.

Problem #3. Showering issues

How easy is it for you to turn on/off your shower? If you can turn it off and on effortlessly, chances are, it is still in excellent working condition. On the other hand, if your shower head is difficult to turn on and off, it is likely faulty.

If your shower suddenly stopped working well, you should contact a professional to see if the problem is from your shower tap or showerhead. If the issue is linked to your shower tap, you should replace it as soon as you can.

Problem #4. Rust

Shower taps that are made from metal are usually very durable. But after a long while, they may begin to rust. Shower taps that come in contact with water constantly will rust faster than those that aren’t exposed to water regularly.

When a shower tap starts to rust, it is likely going to start leaking soon.

Do well to take action before things spiral out of control.

Final note

Don’t wait for your shower tap to develop a serious fault or becomes unusable before replacing it. Taking action as soon as you notice any of the signs unveiled in this article will help save cost and time.

As mentioned above, shower tap and other plumbing features aren’t designed to last forever. But if you invest in high-quality models, you can be confident that it will last you for years and years to come.

Popular Types of Rain Shower Heads

popular types of rain shower heads

Do you want your bathroom to have a luxurious look? Do you want to take your bathing experience to the next level? If yes, you should consider investing in a high-quality rain shower head.

Presently, the Malaysian market is flooded with different types and models of showerheads. While some are designed to be mounted on the ceiling, others can be held by hand. Some models have dual heads.

To effectively narrow down the best rain shower head for your bathroom, you have to learn a thing or two about some of the various types of rain shower heads in Malaysia.

Hand-held shower head

Hand-held shower heads are currently taking center stage in Malaysia, as they are easy to use.

Unlike celling shower head that require users to spend loads of money in installing plumbing pipes in the ceiling, hand held shower heads is easy to install. All you need to do is to connect the hose of the shower head to a water source.

With a great hand held shower head, you will be able to spray water to any part of your body without stressing yourself out.

Hand held shower heads are perfect for people with a small bathroom.

Dual rain shower heads

As the name implies, dual rain shower heads consist of two showers. In some models, both shower heads are fixed and cannot be moved around. In other models, one shower head is fixed while the other is hand held. Both shower heads are usually connected to one water source.

Dual rain shower heads are to be categorized into two main groups- Single handle and dual handles.

Single handle dual rain shower heads are usually fitted with a valve that controls the flow of water between the two shower heads. Note that only one shower head can be used at a time.

Dual handles allow users to use both shower heads at the same time.

If you want a shower head that will stand out in your bathroom and offers more convenience, a dual shower head will be perfect for you.

Ceiling mounted rain shower heads

These types of shower heads are usually found in commercial buildings and top-notch hotels because of their elegant design and luxurious look.

They are designed to be mounted on the ceiling of a bathroom. Presently, some models are connected to the celling of a bathroom using a shower arm.

Wall-mounted rain shower heads

They are designed to be mounted on the wall of a bathroom and are available in different shapes and sizes.

Unlike traditional shower heads, wall mounted rain shower heads have a large surface area, and offers more comfort.

Wall-mounted rain shower heads are usually found in residential buildings.

In Conclusion

If you are new to rain shower heads, you should ensure that you do extensive research before making a final decision. Doing this will not only help you figure out the best rain shower head for your bathroom but will save you from buying a low-quality one that will fall apart after a while.

How to Clean a Rain Shower Head

how to clean a rain shower head

If you are like most people, you probably have set aside a day every week or month to clean your bathroom. On that day, you do everything from mopping the floors and scrubbing your toilet to cleaning the sink and many more.

But do you remember to clean your rain shower head?

If you forgot or haven’t cleaned it since you bought it, you are going to benefit from this article, as it unveils some reasons why you should clean your rain shower head regularly. The article also sheds light on some tips that will help you clean your shower head better and ensure it remains useful for longer.

Why you should clean your rain shower head regularly

As you likely know, the shower is one of the most significant and functional parts of a bathroom. Yet, many people forget to clean it. The reason for this is that you can’t tell how dirty or filthy it is by looking at it. This means that a shower head that looks clean on the outside may be loaded with dirt on the inside.

Everything from organic matter to mineral deposits can build up and clog the water holes in your rain shower head. When this happens, you will notice a slight change in the spray patterns of the shower head or a decrease in water pressure.

If this doesn’t motivate you to clean your rain shower head regularly, then you should think about the health implications of using a clogged shower head.

A study conducted a while back found that 30% of rain shower heads are populated with a pathogen (mycobacterium Avium), a pathogen that is linked to some serious diseases. Furthermore, a dirty shower head is an excellent breeding ground for mold, and slime bacterial that can affect our health.

Germs and bacteria present may affect your skin and your face as prolonged exposure could cause various skin issues.

The right way to clean a rain shower head

Cleaning a rain shower head isn’t as difficult as you think; all you need to do is to follow the simple steps below.

Rub the shower nozzles until they are clean

Use your hand or an old toothbrush to vigorously massage the rubber holes on your rain shower head. Doing this will help remove some portion of the debris that has clogged the shower head.

Clean with Vinegar

Vinegar is a powerful cleaning agent that can make your rain shower head dirt free. The acids in vinegar can effectively breakdown the rust, mineral deposit, and organic build-up. There are two main ways you can use vinegar to clean your shower head.

The first is by pouring a good amount of vinegar into a plastic bag and carefully tying the bag to the clogged shower head.

Use this method if you can’t remove your shower head.

The second method is by dismantling your shower head and soaking it in vinegar for 3 hours or more.

Do well to rinse the soaked shower head in warm water before remounting it.

Rain Shower Head Maintenance

Whether you own an expensive or a cheap shower head, you should make plans to clean it often. Doing this will not only make it last longer but will also prevent harmful bacterial and mineral deposits from clogging it.

If your shower still isn’t working well after your best efforts to clean it, you should consider investing in a new one. You won’t regret it.

What to Expect from Commercial Van Insurance

In Singapore, all vehicles are required to have a minimum of third-party insurance before they can be driven on the roads. However, this insurance policy only covers injuries to passengers and property damage. It does not offer much protection for the van, which is a core feature in some businesses. Businesses mainly insure their vans to ensure they get compensation in the event the vehicle is stolen or involved in an accident. So, third party fire and theft and comprehensive insurance offer businesses a better deal. The downside of the third-party fire and theft policy is there are limitations to what is covered. The insurer can only be involved in cases of theft and fire. Comprehensive insurance covers a range of issues, from minor to major van damage. 

In the following article, Monitor emphasizes the benefits of opting for comprehensive van insurance.

What You Gain from Comprehensive Commercial Van Insurance  

“Van ownership in Singapore. Opt for our comprehensive plan and enjoy full protection for your commercial fleet and drivers, including liability cover for injury and property damage caused by your vehicles.

Commercial van insurance in Singapore. View all new cars such as Toyota Honda Nissan Volkswagen Mitsubishi and BMW. Best viewed on google chrome version 37 and later and safari 8 and later. Lian Hong Pte ltd features over thirty years of experience as a financial provider of quality solutions for motorists in Singapore.” Read more here

Business owners who choose comprehensive commercial van insurance over the other available insurance options have a greater peace of mind when the vehicle is on the road because they know the van is protected against any eventuality. Comprehensive insurance covers windscreen damage, towing services, third party legal liability, legal liability for negligence resulting in passenger injuries, vehicle damage resulting from natural disasters, and vehicle cover against road accidents. Some companies even choose to take care of the costs of a replacement vehicle when the van is at an authorized workshop for repairs or as you await compensation in case the van is written off after an accident. 

Shubhreet Kaur, in the following article, discusses various aspects of commercial van insurance and how the type of insurance influences your ability to get financing from a bank.   

Importance of Commercial Van Insurance in Business Loan Applications

Car insurance: it’s mandatory. I don’t know why they print brochures with people holding up car keys, spouting phrases like “love your ride” or “smooth drive”. As if they need to convince me or something. That brochure could feature a grinning banker lighting his cigar with a $50 bill, and it would make zero difference. I’d still have to buy it. So, let’s explore the available options: what’s the difference between these insurance plans?” Read more here

While some business owners know that they need to apply for a bank loan, others may not need it. Small businesses may not have much to offer as collateral against bank loans. This is why some use company vehicles as collateral. Banks consider commercial vans sufficient collateral, depending on the amount the business is requesting. However, most lenders are keen only to accept vans that have comprehensive insurance coverage. This way, they are guaranteed payments even when the vehicle is written off in an accident. 

This next article by Lance Teo looks at some of the best insurance companies in Singapore. 

Qualities of a Great Insurance Company for Comprehensive Van Coverage

“If you drive your own car, you know that anything can happen while you’re on the road. And since no one is immune from road accidents, it’s better to be prepared by having the best car insurance in Singapore.

Everyone knows how expensive car repairs and services can get, depending on the damage of your car. If you have great car insurance, you don’t have to empty your wallet trying to pay to repair your car.” Read more here

Although most insurance companies offer comprehensive commercial van insurance, some are better than others. Like any other service providers, you need to identify the company that is likely to meet your needs. Some companies are more responsive and offer compensation much faster. Others offer flexible and affordable rates, which makes it easier for small businesses which have a tight budget. Some insurers have add-ons to offer extra protection. So, when searching for the right company, find out what they offer in their comprehensive insurance package. 

Comprehensive insurance coverage has several benefits to a business. There is the guarantee of continuation even when a van is written off in an accident. Likewise, the business can use the van for financing assistance from lenders who accept commercial vans as collateral. Insurance companies that offer a comprehensive package and have the financial muscle to cushion businesses before compensating for the loss of the van are an ideal choice for small businesses. 

The Difference between Personal and Commercial Van Insurance

Are you a florist, gardener, or landscaper? Do you run a laundry delivery service? Since the van makes movement easier, especially because such businesses require space for the tools and items to be delivered, business owners need to insure them. Unfortunately, for small business owners, the line between a van for business and personal use is usually blurred. If anything, some entrepreneurs opt to use the business vehicle as a personal vehicle as well in a bid to cut costs. However, personal vehicle insurance policies do not cover business use, so a policy that covers multipurpose vehicles is essential. 

Kevin Pratt, in the following article, discusses various types of commercial van insurance, including the benefits of comprehensive coverage. 

Choosing between Comprehensive and Third-Party Van Insurance 

“You might be a plumber or a plasterer, a florist or a fishmonger, but your van is no doubt vital to your business. You therefore need cover in case something goes wrong. If your van was stolen, for example, your business could grind to a halt. Or what if the vehicle was involved in an accident and off the road?

Commercial van insurance is essential to ensure the smooth running of your business. But in these difficult economic times, no one wants to pay over the odds for van insurance – and no one wants to buy inappropriate cover.” Read more here

In Singapore, when seeking coverage for your business van, you will have several policies from which to choose. The third-party policy is usually the cheapest and is the bare minimum insurance required for any vehicle. This policy only covers the injury of another person or their property. Third-party fire and theft policy mean the insurer will compensate you if the van is damaged by fire or if it is stolen. Comprehensive van insurance is the maximum cover, and it covers all kinds of damages. The comprehensive van policy is the best option for all businesses that use the van to run the business. 

In the following article, Thomas White explores van insurance, especially for those who need coverage for business and personal use. 

Things to Consider When Commercial Van Insurance

“Van insurance covers you against all kinds of risks relating to owning and driving a van, in the same way that car insurance protects car drivers and users. Many people mistakenly think that their car insurance policy will cover their van, which is rarely the case. Van insurance can cover you if you end up in an accident, and can also help you repair or replace your vehicle quickly and efficiently to keep your business on the road in the meantime.”  Read more here

When requesting coverage for your business van, you need to discuss every aspect of its usage with the potential insurer. For instance, taking a policy that only covers the van when being used for business means you may not get compensation should you be involved in an accident when running personal errands. If you use the van to carry business tools and equipment, you need to ensure the policy also covers the contents in the van. If you deliver goods and rewards to customers, the policy also needs to cater for such goods. You may also need haulage cover if your drivers cover a long distance to deliver goods or services. 

The following article by gobear discusses business insurance and the importance of being specific when taking out a policy to protect business property. 

Why You Should Consider Commercial Van Insurance before Buying a Van

“All geared up and ready to start your first trip as a Grab driver or to earn some spare cash? Or are you teaming up with some buddies to do some Lalamove gigs? The sheer excitement of being your own boss and deciding how you want to earn your keep is understandable.

But before all that sinks in, have a think about protecting yourself from unexpected situations. On the legal front, you need to have suitable car insurance, which can be either third-party or comprehensive, regardless if you’re driving for yourself, or as a Grab driver, or just picking up some moving jobs on the side.” Read more here

When coming up with a business plan, even as you consider everything you will need, including a van, you need to consider the challenges you will face when seeking insurance if the van you buy has unseen obstacles. For example, when buying a used van, you may need to consider the age of the van. Many insurers have age limits beyond which they cannot offer comprehensive van insurance because the vehicle carries a greater risk. You should also consider the model and even the age of the drivers you hire. 

If you are looking for van insurance in Singapore, visit  https://allegiance.com.sg/commercial-insurance/commercial-vehicle-insurance/ for the best policies!

It may seem an overstretch for an insurance company to dictate certain aspects of your business, such as the age of the van and drivers, but these companies are also taking a risk insuring your van. They have a slot to lose should they cover a vehicle that will be breaking down constantly, or one that is more likely to be involved in an accident because of an inexperienced driver or the van may be too old. Insurance companies also prefer to draw the line between personal and commercial use of business vans. This is why there are policies dedicated to commercial vans that are sometimes used for personal use. 

How Classic Van Insurance Differs from Other Commercial Vans

Businesses with old vans often struggle to get coverage from insurance companies. Most insurers consider older vehicles riskier to cover, particularly when it comes to comprehensive insurance. Many companies offer the bare minimum, third party insurance. This policy limitation gave rise to the insurance of classic vans. Insurance companies that offer classic van coverages have different definitions of classic vans. Some give this coverage to vans that are 20years and above, while others only cover vans that are 25 years or older. 

In the following article by moneyexpert, the author discusses classic van insurance in detail, including factors which influence the cost of insuring classic commercial vans.  

Benefits of Classic Van Insurance Policies

“Reliant Regents, decommissioned milk floats and ice cream vans, psychedelic vehicles best suited to carrying around a rock band or crime-solving teenagers and their dog. Few of us are driving classic vans, but those who do make themselves known – and they’ll need an insurance policy suited to their unusual ride.

But not all “classic vans” are groovy ghost-busting vehicles or eye-catchers. Some are simply older vehicles still on the road and being used for business.” Read more here

Many startups that require a van for movement of goods and equipment cannot afford to get a new van. Most turn to old vans because they are cheaper to buy. Unfortunately, the price difference may be paid in insurance because companies that accept to give comprehensive cover for such vans charge high premiums. Such businesses should instead seek out insurers offering classic commercial vans insurance policies. The rates are usually cheaper than regular policies on older vans. Some companies also offer special coverage to cater for repairs, which are usually high for classic vehicles whose parts are usually hard to find. Other unique provisions in classic van policies include provisions for restoration, races, and exhibitions. 

Mehdi Punjwani, in the next article, discusses the conditions of the various commercial van insurance policies. He also discusses extras that a business can pay for when the van is comprehensively insured. 

Extra Policies to Support Third-Party Van Insurance Covers

“So how do you pick the right business van insurance policy for your needs, and what should you know before you start looking?What is business van insurance?

Business van insurance is a type of insurance policy you can take out for your van if you use it for commercial or business reasons. It generally covers you for everything a standard policy would, but business van insurance can also offer cover where a standard policy wouldn’t apply – for example, if you’re delivering goods as a courier.” Read more here

Although comprehensive van insurance is the ideal option for all vans, both for personal and commercial use, not every van owner can afford the premiums attached to comprehensive van insurance. This is the case with many small startups. Many small business owners may feel compelled to seek the bare minimum, a third-party policy as required by law with the hope of getting comprehensive coverage when business picks up. However, given the limitations of third-party policies, some insurers provide extras which businesses can buy in addition to the third party. Some of the extra policies may include tools in transit, breakdown cover, legal cover, and courtesy van. 

In the next article by trustedchoice, the author discusses commercial vehicle insurance, and what it means when one uses a commercial van for personal errands. 

Significance of Using a Commercial Van for Personal Use

Commercial auto insurance provides protection against both property damage and liability for any vehicle designated for business use. 

Whether you drive a vehicle that is for dedicated business use or drive a personal vehicle for business, it is important to have commercial auto insurance, because your vehicle won’t covered under a personal auto policy. Read more here

It isn’t unusual for business owners to sometimes borrow the company van for personal use, especially when they need a vehicle with sufficient space to transport personal goods. What happens when this van is involved in an accident while on unofficial duties? Will the insurer cover for the damage, or is this breach of contract? Many insurance companies do not take issue about the circumstances surrounding the incident that has led to the claim, as long as authorized personnel were driving the vehicle. However, it is best to discuss this possibility with your insurer so that you can know what to expect when faced with a conflict of this nature when making your claim.  Business owners need to understand what they are signing every time they seek insurance for their vehicles. The age of the van often determines the kind of coverage you will get and the premiums that you will pay. You also need to seek guidance when there are no clear lines between the use of business vehicles for commercial and personal use. 

Is Professional Indemnity Insurance Really Important?

What makes a business succeed? Many will say that having a great business plan, capital, product, and the right marketing strategy is the key to business success. While that is true, you need to keep in mind that some little things can have a profound effect on the success of a business. Professional indemnity insurance is one of them.

Having PI insurance is one of the best ways to protect your business and reputation when legal action is taken against you by a client. Because we live in a time and age where we are bombarded with a lot of information and have to keep up with the trends in our industry, there is a small possibility that we may omit important information, make laughable mistakes, or even worse, send sensitive information to the wrong client.

Even if you are meticulous in the way you run your business, you may still make a mistake, as stress and a few other things may cloud your judgment. If you have PI insurance, you won’t have to worry about any mistakes or omission you are inevitably going to make while running your business because Professional Indemnity will cover the legal defense cost and any compensation that may be required.

The following article by Iproinsure discusses why professional indemnity insurance is very important.

 Why is professional indemnity insurance important?

Professional indemnity insurance can protect your business, and when your business is not only your baby but your livelihood, it makes sense to do just that. Professional Indemnity Insurance (PI) – or Professional Liability insurance as it is sometimes known can cover legal- Read more here.

You likely now know a thing or two about professional indemnity insurance like- why it is important and should be taken seriously, especially by professionals as well as the answers to some important questions about PI insurance. Read the next article carefully to learn what Professional indemnity insurance can and can’t cover.

The following article by Lawsociety sheds light on some benefits of PI insurance and what it can cover.

 Professional Insurance Cover

The Scheme Insurance is arranged on behalf of each practicing member of the Law Society by the Council of the Law Society (the “Council”), according to their statutory powers under section 75A of the Legal Profession Act. The Council negotiates the coverage and policy wordings. Read more here.

You are certainly now abreast with some of the benefits of PI insurance and how it can help protect professionals. You also now know how PI insurance started in the early 1990s, and the amount of cover it provides back in the days and right now. If you are professional and have been procrastinating getting PI insurance, the following article is for you.

The following article by Moneysupermarket sheds light on some eye-opening reasons why you need to get a professional indemnity insurance cover today.

What is professional indemnity insurance?

Whether or not you need professional indemnity insurance depends on the type of work you do and the industry you’re in. It’s normally suited to industries where you offer work, services, or advice to other clients. Read more here.

The above article has shown you some compelling reasons why you need to get professional indemnity insurance as soon as possible. The article also brought to light some easy ways to determine the amount of cover you need and how much it is going to cost you to get PI insurance. Feel free to consult a professional if you still have questions.

Final note  

As a professional, you need to be proactive and ready to do whatever is necessary to protect your business. This may mean everything from getting Pi insurance to following the rules and regulations governing the business realm in the country you are in.

Of course, doing this isn’t going to be easy, as you may have to step out of your comfort zone. But if you are disciplined and you do it anyway, your business is going to soar.

Even more, you will be protected when you or your employee makes a mistake or omit important information or accidentally reveal confidential information.

Everything You Need to Know About Professional Indemnity Insurance in Singapore

As a professional, you will agree that building a large client or customer base isn’t an easy task, as it requires hard work, dedication to excellence, customer support, and a few other things. Even if you can do these things, there is no assurance that your business will grow to a new height and soar.

Because of the ever-changing business terrain, things that are yielding jaw-dropping results right now may stop working overnight. And if you are not abreast with the trends in your industry, your business will suffer.

Presently, many of the top-notch professionals who know what they are doing are opting for Professional indemnity insurance. Although PI insurance is somewhat expensive, especially for top-tier professionals, they still opt for it because of the amazing benefits it offers.

Want to find out how Allegiance’s Professional Indemnity can help your business? If yes, then you should read the next article carefully.

The following article by simplybusiness sheds light on some of the benefits PI insurance offers to professionals.

What is professional indemnity insurance?

Professional indemnity insurance is an important type of business insurance, especially for businesses that give advice or provide a professional service to clients. It can cover compensation claims if a business is sued by a client for making a mistake that leads to financial lossRead more here. 

You likely now know some reasons why PI insurance is a must-have for every professional in Singapore and in every other part of the world. You also now know that PI insurance isn’t compulsory for all professionals. If you just started offering advisory services to businesses or a professional looking to make a name for yourself in your industry and want to learn about the benefits of PI insurance, the next article is for you.

The following article by investopedia unveils some of the benefits of having PI insurance.

Indemnity Insurance

Indemnity insurance is a contractual agreement in which one party guarantees compensation for actual or potential losses or damages sustained by another party. Most commonly, it is an insurance policy designed to protect professionals and business– Read more here.

You likely now know how Indemnity insurance works and the benefits it offers to professionals. You also now know what PI insurance can cover as well as things it can’t cover. If you are new to business and don’t really understand how PI insurance works or want to learn how you can get the most out of it, you are going to benefit from the next article.

The following article by Markeluk is basically a how-to guide to PI insurance.

Professional indemnity insurance explained – a simple guide to PI insurance

Professional indemnity insurance, often referred to as professional liability insurance or PI insurance, covers legal costs and expenses incurred in your defence, as well as any damages or costs that may be awarded if you are alleged to have provided inadequate adviceRead more here.

The above article is indeed a masterpiece and a must-read for every professional in Singapore. The article not only brought to life some of the benefits of PI insurance, but it also shed light on the meaning of some terms used in the PI insurance space as well as the answers to some frequently asked questions about PI insurance.

Final note

To thrive in business, you need to be prepared for the unexpected. Even if things are rosy right now, there is no guarantee that it will stay the same. Things may change for the better or get worse soon.

As a professional, having PI insurance is one of the most effective ways to prepare your business for the challenges you are inevitably going to face as you run your business.

Do well to consult an expert to evaluate your business to determine the level of cover you need and a few other important details.