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What Could Go Wrong in Your Business?

Starting a business in Singapore is quite difficult in its own terms, but maintaining a successful business in the long run is a Herculean task. You have the responsibility of ensuring the profitability of your ventures, and at the same time, you need to look after the smooth operations of your trade.

And just like any other undertakings, there are unforeseeable and undesirable events that may occur and threaten the existence of your Company. These kinds of risks arise from human nature to natural disasters, and everything in between. You must avail of all possible help you can get to effectively and efficiently run your business.

Mitigate the Risks to Ensure the Viability of Your Business.

As part of running a business, assigning employees to key processes that involves the management and custodianship of assets is inevitable. Consider yourself a lucky businessman if you find yourself with truthful and honest personnel within your employ. But there are cases where temptation to misallocate company assets is too strong and the employees can’t fight it off. It will surely result in embezzlement, forgery, or theft among others. You must protect yourself from financial losses due to these kinds of employee fraud.

Maintaining a work facility that has passed and is compliant with occupational safety and health standards does not guarantee that it will be spared from the burning flames that may engulf and bring down your whole business efforts in a single day. Ensuring that your office spaces or plant facilities have minimal fire hazards and is prepared for such emergencies is only the first step, but the next most important task to undertake is to ensure that you get your business insured against fire to mitigate your losses in case such happens.

Hiring foreign workers is one of the effective corporate strategies undertaken for cost-efficiency in operations. Currently, these workers may not be covered by the standard medical insurance for local employees. But since it is required to provide them with coverage for their medical bills in case an accident happens while they’re working, you need to provide them with an insurance that will not only answer for medical expenses but will also extend other benefits such as coverage for surgical and hospitalization expenses, consultation fees (in selected cases), diagnostic exams etc.

Medical benefits is one of the factors being considered by applicants before accepting job offers from companies who wish to employ them. Attractive medical benefits included in a competitive compensation package will give you an edge in getting the best employees. Enroll your company in a comprehensive group health insurance to ensure that you’ll provide the best medical benefits at a very reasonable price.

In keeping your employees satisfied with the benefits that you’re providing them, it’s important to take into consideration their personal protection against accidents. You need to give them the best accident insurance that will cover their medical bills and indemnify them for any losses that’s attributable to the accident that they’ve suffered. One of the most cost-efficient ways of providing your employees with accident insurance is by enrolling them in a corporate account wherein the premiums costs lesser than availing it for individual employees separately. This is probably one of the best investments you can make for your employees, and it will assure you that in case something happens to them, your employees are well-covered and that reimbursements to them will not come from your company’s own pocket.

Business dealings abroad are not uncommon to companies who have extended their businesses outside their headquarters or even their home country. As such, frequent travels by company employees on official business trips are inevitable. The company shoulders the travel costs of their employees, and aside from the usual airfare, accommodation, transfers and per diem expenses… they also need to provide assurance that their employees will be insured against the risks involved in travelling like medical and hospitalization expenses, flight/trip cancellations, loss of baggage, flight overbooking, baggage delay, or even with terrorism. A cost-effective way to manage your company employees’ travel risk is to enroll them in a corporate/group account.

All businesses run the risk of losing their key personnel. If the risk of losing an important officer is not mitigated, the company might suffer losses that may not have a financial impact on the company, but will significantly affect the overall operations of the firm and may affect its viability in the long run.

Running a business that sells products to consumers harbors different types of risks, and it includes those that may arise from claims of illness due to product use or consumption, or worse leading to death. To ensure that you’ll not run the risk of bankrupting your business while paying damages to the complainants, you might as well consider availing of an insurance that will shoulder all the expenses/reimbursements to the aggrieved party. That way, you’ll get peace of mind that somehow the damage claims from customer complaints are already taken care of in advance and you can focus your attention to more important business tasks like planning for expansion, product improvement and diversification etc.

You as a professional practitioner, may you be a doctor, lawyer, or public accountant, are running the risk of damage claims arising from alleged negligence in the performance of your duties. Whether you are truly negligent or just falsely accused, it is helpful to know that you have coverage for those claims on you and that your business will not be significantly affected financially when the claims are adjudged to be for settlement.

If you’re employing workers whose nature of work is hazardous or exposes them to danger on a daily basis, it is but right to give them security that in case they’re injured while working, you got them fully covered with an insurance that will give them benefits such as payment of medical leaves due to injuries up to compensations in the event of incapacity or death. Furthermore, the Ministry of Manpower (‘MOM’) stipulates that it is mandatory that all manual workers and non-manual workers earning a gross salary of $1,600 and below are required to be insured under such Work Injury Compensation Insurance plans.
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