{"id":357,"date":"2017-04-21T09:31:16","date_gmt":"2017-04-21T01:31:16","guid":{"rendered":"http:\/\/www.pacificprime.sg\/blog\/?p=357"},"modified":"2023-08-04T17:04:51","modified_gmt":"2023-08-04T09:04:51","slug":"disaster-insurance-solutions","status":"publish","type":"post","link":"https:\/\/www.pacificprime.sg\/blog\/disaster-insurance-solutions\/","title":{"rendered":"Disaster insurance solutions for corporates and businesses in Singapore"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Keeping your business open and running is vital to ensuring your products are available to consumers, your services are connecting with clients, and your company continues to turn a profit. Unforeseen circumstances, such as natural events or accidents of human error, can be disruptive and, therefore, costly. This is where disaster insurance solutions can help protect you and your business when calamity strikes.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">The need for disaster insurance in Singapore and Asia<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">While it\u2019s true that Singapore itself doesn\u2019t experience a high number of natural disasters, there\u2019s no ignoring that the greater Asia takes more than its share of events. The world\u2019s largest continent, Asia takes up 30% of the total land area of the planet. In fact, 60% of the world\u2019s population call this region home, with over 700 million people living in cities labeled as high or extreme disaster risks.<\/span><\/p>\n<style type=\"text\/css\"><!--td {border: 1px solid #ccc;}br {mso-data-placement:same-cell;}--><\/style>\n<p><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:573,&quot;3&quot;:[null,0],&quot;5&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;6&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;7&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;8&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;12&quot;:0}\"><div class='code-block code-block-4' style='margin: 8px 0; clear: both;'>\n<p><a href=\"https:\/\/www.pacificprime.sg\/plans\/group-health-insurance\/?campSource=PPSG-Blog&utm_source=blog&utm_medium=content_banner&utm_campaign=banner&utm_content=corporate\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-775\" src=\"https:\/\/www.pacificprime.sg\/blog\/wp-content\/uploads\/2024\/07\/SEO-Baner-Corporate.webp\" alt=\"Corporate insurance banner\" width=\"1138\" height=\"493\" \/><\/a><\/p><\/div>\n<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The disaster figures are astounding, but it\u2019s the proportion that\u2019s more surprising. In 2016, the world counted a total of 327 separate disaster events &#8211; 191 natural and 136 man-made. Of those, Asia accounted for <\/span><a href=\"http:\/\/www3.asiainsurancereview.com\/News\/View-NewsLetter-Article\/id\/38761\/type\/ARM\/Allianz-Collision-crash-incidents-top-liability-losses-in-Asia\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">48% of the economic losses<\/span><\/a><span style=\"font-weight: 400;\"> experienced globally from those events, costing the region <\/span><a href=\"http:\/\/www3.asiainsurancereview.com\/News\/View-NewsLetter-Article\/id\/38685\/Type\/eDaily\/Asia-Region-bore-48-of-global-economic-losses-from-disasters\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">USD 83 billion<\/span><\/a><span style=\"font-weight: 400;\">. The continent also suffered the loss of 16,000 lives in 2015, while it account for over half of the world\u2019s disasters.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The large area and population numbers is one of the factors that sees Asia return such high figures when it comes to the social and economic impacts of disasters, but it\u2019s also why many businesses persist through challenging conditions. New and established Singaporean companies with business interests around the continent all recognize that securing their businesses with disaster insurance is a vital part of life in Asia. <\/span><\/p>\n<h2><span style=\"font-weight: 400;\">What can companies expect from disaster insurance solutions?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">There are a range of corporate insurance coverage options available to secure businesses against the unexpected. Those of you whose companies operate solely within Singapore can opt for a local insurance company, however multinationals with offices across a number of Asian countries will need an insurer with a global reach. Regardless, if you\u2019re looking for disaster insurance, there are a few types of policies you should take interest in:<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Property insurance<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Like home and contents insurance for private homeowners, a property insurance policy protects the your business&#8217; property from a wide range of damage causes. This can include fire, earthquakes, explosions, wind and storm damage, frozen pipes and water damage, and theft and vandalism. Property insurance can cover damage to your building premises and office equipment, as well as garages, patios, and other features on your property. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you take out a mortgage on a commercial property or other facility, you can be sure that holding a property insurance policy will be required by your lender. It\u2019s worth noting, however, that flooding can sometimes be exempt from coverage if your property is in an area that\u2019s high risk for floods. If this is the case, flood coverage can usually be purchased separately at an extra cost. <\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Business interruption insurance<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">As we said earlier, an interruption to your business can be costly. Natural disasters, such as the Japan earthquakes in 2011, can damage business premises and offices, making them unsafe to operate from. Sudden disease and contagious illnesses, as with Hong Kong\u2019s 2003 bird flu epidemic, can immobilize hundreds, if not thousands, of workers, halting business operations for an unspecific and costly length of time. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Business interruption policies can help you meet bills, cover your obligations to employees, and other business partners if your company finds itself faced with significant downtime. In a time where income ceases due to inactivity, these policies can literally be the lifeline your company needs to weather the storm through to calmer waters. This can even include where your own suppliers or distributors cause hold ups for your business. <\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Third party liability insurance<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Finally, sometimes human error can play a part in disrupting your business operations. An employee that causes a crash whilst driving a company car, or a company tanker that flips and spills hazardous chemicals across a roadway and into a stream can all result in the business being held liable for some hefty bills and fines. Third party liability insurance helps protect the integrity of your business so that such incidents don\u2019t cripple and bankrupt you.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Holding certain levels of third party liability plan is mandatory in many countries. Such plans can come with a maximum amount of benefits that they will pay out in the event your company becomes legally liable to pay damages to third parties. You\u2019ll want to ensure that you\u2019ve considered what some of your \u201cworst case scenarios\u201d are to ensure you\u2019re not covering a significant difference should the time come. <\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Finding the right sort of disaster insurance for your business in Singapore and in Asia<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">There are more business insurance solutions available, such as vehicle insurance for businesses with their own fleet or employer-provided health insurance for employees, that you may or may not need to consider for your company. At the very least, you should always look to insure the important parts of your business that allows you to operate and generate income. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you think there may be some gaps in the disaster insurance coverage your business currently has, or you\u2019re thinking of replacing your current arrangement with something that better suits your needs, give the fantastic team at <\/span><a href=\"https:\/\/www.pacificprime.sg\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Pacific Prime Singapore<\/span><\/a><span style=\"font-weight: 400;\"> a call today. Their expert advisors have over 15 years experience in connecting companies with comprehensive solutions to keep their business going through anything.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For advice or a free quote, <\/span><a href=\"https:\/\/www.pacificprime.sg\/contact-us\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">contact Pacific Prime Singapore<\/span><\/a><span style=\"font-weight: 400;\"> today!<\/span><\/p>\n<style type=\"text\/css\"><!--td {border: 1px solid #ccc;}br {mso-data-placement:same-cell;}--><\/style>\n<p><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:573,&quot;3&quot;:[null,0],&quot;5&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;6&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;7&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;8&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;12&quot;:0}\"><div class='code-block code-block-7' style='margin: 8px 0; clear: both;'>\n<p><a href=\"https:\/\/www.pacificprime.com\/corporate\/?campSource=PPSG-Blog&utm_source=blog&utm_medium=cta_banner&utm_campaign=banner&utm_content=corporate\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-780\" src=\"https:\/\/www.pacificprime.sg\/blog\/wp-content\/uploads\/2019\/06\/PPSG_Bus_01.jpg\" alt=\"Business Insurance banner\" width=\"1138\" height=\"493\" \/><\/a><\/p><\/div>\n<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Keeping your business open and running is vital to ensuring your products are available to consumers, your services are connecting with clients, and your company continues to turn a profit. Unforeseen circumstances, such as natural events or accidents of human error, can be disruptive and, therefore, costly. This is where disaster insurance solutions can help &#8230;<\/p>\n","protected":false},"author":23,"featured_media":360,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[4],"tags":[765,385,386,377,101,102,766,371,374,373,381,382,375,378,372,376,380,379,383,384],"class_list":["post-357","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-group-insurance","tag-ban_cor","tag-business-insurance","tag-business-insurance-singapore","tag-business-interruption-insurance","tag-corporate-insurance","tag-corporate-insurance-singapore","tag-cta_cor","tag-disaster-insurance","tag-disaster-insurance-asia","tag-disaster-insurance-singapore","tag-employer-provided-health-insurance","tag-employer-provided-health-insurance-singapore","tag-property-insurance","tag-singapore-business-interruption-insurance","tag-singapore-disaster-insurance","tag-singapore-property-insurance","tag-singapore-third-party-liability-insurance","tag-third-party-liability-insurance","tag-vehicle-insurance","tag-vehicle-insurance-singapore"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Disaster insurance solutions for businesses in Singapore - Pacific Prime Singapore<\/title>\n<meta name=\"description\" content=\"Disaster insurance can keep your business afloat should it find itself in deep water - but what exactly does it cover? 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Being the daughter of an immigrant and a traveler herself, she is passionate about educating expats and digital nomads on travel and international health insurance.","sameAs":["https:\/\/www.linkedin.com\/in\/serena-fung-849902126\/"],"url":"https:\/\/www.pacificprime.sg\/blog\/author\/serena\/"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.pacificprime.sg\/blog\/wp-json\/wp\/v2\/posts\/357"}],"collection":[{"href":"https:\/\/www.pacificprime.sg\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pacificprime.sg\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pacificprime.sg\/blog\/wp-json\/wp\/v2\/users\/23"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pacificprime.sg\/blog\/wp-json\/wp\/v2\/comments?post=357"}],"version-history":[{"count":4,"href":"https:\/\/www.pacificprime.sg\/blog\/wp-json\/wp\/v2\/posts\/357\/revisions"}],"predecessor-version":[{"id":860,"href":"https:\/\/www.pacificprime.sg\/blog\/wp-json\/wp\/v2\/posts\/357\/revisions\/860"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pacificprime.sg\/blog\/wp-json\/wp\/v2\/media\/360"}],"wp:attachment":[{"href":"https:\/\/www.pacificprime.sg\/blog\/wp-json\/wp\/v2\/media?parent=357"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pacificprime.sg\/blog\/wp-json\/wp\/v2\/categories?post=357"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pacificprime.sg\/blog\/wp-json\/wp\/v2\/tags?post=357"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}