Learn about the concerns of business owners and how business insurance can benefit you. Principal Consultant Mr Stephen Chew will be speaking here.
The latest statistics extrapolated from a survey by global insurer QBE are rather worrying: one in seven smaller companies in Singapore do not have any business insurance at all, with most small and medium-sized enterprises (SMEs) in Singapore remaining underprepared for dealing with significant business risks and threats.
There is a prevailing perception among the majority of SMEs that insurance is a ‘commodity’ product, where over half of SMEs surveyed (53%) admitted insurance was low on their priority list while 56% agreed that minimum coverage was adequate. With SMEs employing almost two-thirds of the workforce, this de-emphasis on risk could result in long-term impacts.
The survey also found that local SMEs tend to lack deliberation and often purchase or plan for insurance without prior research. Smaller SMEs are particularly worrying in this aspect, as they have less concern for business risks than larger SMEs; less appreciation for insurance decisions and less appetite for greater protection. They are also more focused on short-term considerations like customer retention and cost reduction.
It is heartening to note that the research findings indicate that Singapore remains an opportunity-rich environment for SMEs. However, it is also pertinent that SMEs gain awareness of the consequences of being underinsured. Gaining insight into the operational freedom that a comprehensive insurance plan offers will be a boon to ensure that SMEs continue to contribute significantly to Singapore’s economic prosperity.
In this three day training session, you will learn about the main concerns of business owners in general, as well as a look at case studies of specific industries and how business insurance can be used as part of the bigger picture. Principal Consultant Mr Stephen Chew will be speaking and training at this session.
Business Insurance Planning for SMEs
Date: 31 July – 2 August 2016
Venue: Nagoya Hill Hotel, Batam
For more details of the event, please email email@example.com
Article and statistics source: http://www.asiainsurancereview.com/News/View-NewsLetter-Article?id=34579&Type=edailyShare on Facebook Share