Business Insurance

PRODUCT SUMMARY

This business insurance package brings together all the esssential covers you need for your office, retail or service operation in one single policy. The comprehensive package is tailored to suit the following types of business:

  • Office
    For those who conduct their business in and from offices.
  • Services
    For those who conduct their business in consulting room environment.
    e.g. medical or dental clinics, wedding planner.
  • Retailers
    Establishments that sell consumer merchandise such as clothings, books,
    and stationery, gifts and souvenirs, drugs and medical products.

EXCLUDED TRADES/PREMISES

The package is not intended to cover the following:

  • Pubs, bars, discotheques, karaoke lounges, nightclubs;
  • Establishments that are primarily in the business of food or food catering and delivery services;
  • Establishments that are primarily in the business manufacturing, loss adjusting, pest control, cleaning services;
  • Establishments housed in class three construction premises or make-shift structures (not including incidental alfresco dining facilities);
  • Establishments that are primarily in the supply or sale of motor vehicles, electronic or electrical goods, joss and incense, jewellery, watches, works of art and antiques;
  • Premises that are not located in Singapore.

(For such excluded trade/premises, please speak with our underwriters for consideration)

COMPREHENSIVE COVERS

The business package provides the following protections subject to the limits of the plan you have selected (see Benefit Table):

  • Section 1: Fire and defined events
    Covers damage to your contents caused by fire or other defined events.
  • Section 2: Business interruption
    Covers consequential loss of revenue and/or profit caused by interruption of or interference with your business caused by fire or other defined perils.
  • Section 3: Theft
    Covers damage to or loss of your contents and damages to your premises as a result of theft by violent and forcible entry into or exit from the premises or armed hold-up.
  • Section 4: Money
    Covers loss of money in transit, money kept in your premises during business hours or kept in the premises in locked drawers or safes after business hours. It also covers loss of money removed from the premises and kept over night in locked drawers or safes at your place of residence.
  • Section 5: Plate glass
    Covers accidental breakage of plate glass at your business premises.
  • Section 6: Personal accident
    Covers accidental death or permanent disability of the named proprietor or partners of the business.
  • Section 7: Fidelity guarantee
    Covers you against pecuniary loss due to fraudulent or dishonest conduct of your employees.
  • Section 8: Work injury compensation
    Covers you for amount you are legally liable to pay under the Work Injury Compensation Act or at Common Law for injury sustained by your workman arising out of and in the course of their employment in your business.
  • Section 9: Public liability
    Covers you for amounts you are legally liable to pay as compensation for bodily injury and/or property damage as a result of an occurrence in connection with your business. Included in this section is cover against your legal liability arising from food and drinks poisoning or contamination.
  • Section 10: Goods-In-Transit
    Covers you for damage or loss of your contents whilst in the course of transit within mainland Singapore by vehicle owned or hired by you.

FLEXIBLE COVERAGE

For the coverage described above, we have 3 standard packages with different sums insured/limits of cover to cater to your different business needs.

Subject to our underwriting and payment of additional premium, you may vary the standard coverage to suit your business requirement, viz.

  • Increase individual sum insured/limit of cover;
  • Extend coverage of Section 1 to include building structures and its fixtures and fittings of the premises occupied and belonging to you or for which you are legally responsible;

BENEFIT TABLE

Section & Benefit Description Sum Insured/Limit of Cover Additional Premium for Increased Sum Insured/Limit
Section 1: Fire and defined events
Contents
S$75,000**		 Office
$6 for every $10,000, subject to an overall sum insured limit of $1,000,000
Service
$8 for every $10,000, subject to an overall sum insured limit of $1,000,000
Retail
$10 for every $10,000, subject to an overall sum insured limit of $1,000,000
Section 2: Business interruption
Each day the business is interrupted or interfered with up to 100 consecutive days.
$200		 $5 for every $50, subject to an overall limit of $300 per day
Section 3: Theft
Contents and damages to premises
$25,000**		 Office
$1.50 for every $1,000, subject to and overall limit of $50,000
Services
$2 for every $1,000, subject to and overall limit of $50,000
Retail
$3 for every $1,000, subject to and overall limit of $50,000
(first loss basis)
Section 4: Money
  • Money in transit
  • Money in premises during business hours
  • Money in locked drawer/safe at the premises after business hours
  • Money in locked drawer/safe at private residence
$3,000***

$3,000***

$3,000***




$500*** 		Office
$1.50 for every $1,000, subject to and overall limit of $5,000 for money in transit and in premises during business hours only
Services
$2 for every $1,000, subject to and overall limit of $5,000 for money in transit and in premises during business hours only
Retail
$3 for every $1,000, subject to and overall limit of $5,000 for money in transit and in premises during business hours only
Section 5: Plate Glass
Cost of repairing or replacing broken glass including lettering or decoration thereon and cost of temporary shuttering or boarding up
$2,500		 $5 for every $500, subject to an overall limit of $5,000
Section 6: Personal Accident:
  • Accidental death or total permanent disability (per policy)*
  • Medical Expenses (per policy)
$30,000



$500		 $10 for every $10,000 subject to an overall limit of $100,000 for sum insured for death/permanent disablity only
Section 7: Fidelity Guarantee
Pecuniary loss per event and per period of insurance
$2,000		 Not Applicable
Section 8: Work Injury Compensation
No. of employees covered
Up to 3 employees		 Office
  1. For Singaporean Worker
    $25 for each additional employee upto an overall total of 10 employees
  2. For Foreign Worker
    $50 for each additional employee upto an overall total of 10 employees
Services
  1. For Singaporean Worker
    $30 for each additional employee upto an overall total of 10 employees
  2. For Foreign Worker
    $60 for each additional employee upto an overall total of 10 employees
Retail
  1. For Singaporean Worker
    $35 for each additional employee upto an overall total of 10 employees
  2. For Foreign Worker
    $70 for each additional employee upto an overall total of 10 employees
Section 9: Public Liability
Limit of indemnity (any one accident and any one period of insurance)
$250,000		 Office
$7.50 for every $50,000 subject to an overall limit of $1,000,000
Services
$10 for every $50,000 subject to an overall limit of $1,000,000
Retail
$12.50 for every $50,000 subject to an overall limit of $1,000,000
Section 10: Goods-In-Transit
Maximum cost of repairing or replacing damaged contents (any one accident) subject to an excess of $200 each and every claim
$2,000		 Not Applicable
Notes:
The property insured must be situated in Singapore.
*If policy covers more than 1 person, the sum insured will bedivided equally amongst all insured persons;
**During the period of 2 weeks immediately before Christmas, Chinese New Year, Hari Raya Puasa and Deepavali the sum insured shown above will automatically increase by 20%
***During the period from 3 (three) days immediately before and 2 days immediately after Christmas, Chinese New Year, Hari Raya Puasa and Deepavali the sum insured shown above will automatically increase by 50%

EXCLUDED TRADE/PREMISES

Food Outlets, Entertainment Outlets, Money Changers, Massage Parlours, Spa, Petrol Station, Motor Showroom and Repair Workshops, Jewellery, Watches, Cameras, Works of Art, Curios, Antiques, Liquor, Tobacco, Hazardous or Inflammable Goods (e.g. LPG, Paint, Varnish, JossSticks, Charcoal and the like) and premises not of concrete/brick/tile construction.


HOW MUCH PREMIUM DO YOU PAY

  Annual Premium
Office $180
Services $220
Retail $250
Top-up sums insured / limit Please Refere to Benefit Table
Building extension (Section 1) $6 for every $10,000 cover
  • Premium show above is further subject to Goods and Services Tax ("GST")
  • Premium rates are non-guaranteed, i.e. at our sole discretion, we may amend the premium rates from time to time

IMPORTANT
This brochure is not an insurance policy and does not contain the full details of the insurance cover. The specific terms, conditions and exclusions applicable to the insurance are contained in the policy which will be issued to you upon acceptance of your application. A copy of the specimen policy can be made available to you upon request.


ENQUIRY

For more information, contact one of our following staff :

Doris Cheah

(65) 6325-0462

or email : dorischeah@tokiomarine.com.sg