A survey carried out by global insurer QBE presented rather worrying results about the state of business protection in the local context: 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.
More than half of the SMEs surveyed (53%) admitted insurance was low on their priority while 56% agreed that minimum coverage was adequate. With SMEs employing almost two-thirds of the workforce, this indifferent attitude towards business risk could result in long-term and severe impacts.
The survey also found that local SMEs often purchase business 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, putting equally vital issues like business succession and continuity on the backburner.
It is encouraging to note that Singapore remains an opportunity-rich environment for SMEs. However, it is also pertinent that SMEs gain awareness of the consequences of being underinsured.
By insuring your business, you are protecting your business from potential financial liabilities and ensuring its productivity for many years to come. In these turbulent times with so many economic, political and environmental changes, it is never too late to be prepared.
Find out more when you join us at our upcoming Business Insurance Seminar, happening on Monday 16 February 2017. Our Principal Consultant Mr Stephen Chew will be speaking at this event and sharing his insights and knowledge gained from more than three decades in this industry.
Business Insurance Seminar:
Date: 16 February 2017, Thursday
Time: 6:30pm onwards
Venue: Sheraton Towers Singapore
Enjoy an indulgent 8-course dinner!
Admission fee of $30 applies.
Please register early to secure your seats. Available at a first come first serve basis.Register Now
Article and statistics source: http://www.asiainsurancereview.com/News/View-NewsLetter-Article?id=34579&Type=edaily
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