At RIZK, we use a system known as a BPP (Business Protection Program) to advise on the different types of risk that your business may potentially be exposed to (eg. Business Premise, Workforce, Operations and Key Man) .We will Identify, Analyze and Propose an Insurance Solution to help cushion the business risk of your organization. This will ensure that RIZK can establish a strong and complete contingency plan to mitigate your risk, reduce cost and help your organization to remain pr ofitable with an absolute peace of mind.

Business Premise – Property insurance
If you have a tenanted or self-owned premise where you conduct your business, it is crucial that you have a Business insurance policy to cover you from risks such as:
Fire and Lightning
Explosion
Burglary
Malicious Damage
Accidental Damage and Loss
Floods
Public Liability
Business Interruption due to the above-mentioned risks
Packaged business insurance is generally inexpensive and it goes a long way to safeguarding your business finances in the event of any of the above-mentioned risks striking your premise. Transfer these risks out to an affordable policy, and give yourself a peace of mind to focus on building your business. Premiums start from as low as $20 per month.

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Public Liability Insurance
Public Liability Insurance is immensely important if your business brings you into contact with clients, customers or members of the public. This could be when they visit you, when you are working at your customers’ premises or on construction sites. If you carry out work for individual customers, local authorities or main contractors, it is a common requirement to confirm that you have adequate Public Liability insurance.

Public Liability Insurance provides cover against claims made by members of the public who have been injured or their property has been damaged in connection with your business. If a member of the public is injured on your property or whilst you are working at your customer’s property, you may be held responsible. For example, a customer might slip on a wet shop floor or trip over an extension lead or debris.

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Employee Care
As an Employer, you would want to provide incentives to keep your staff working with you for an extended period of time. This would minimize the issue with high staff turnover rates, and hence increased recruitment costs. By providing your staff with an adequate set of Medical Insurance, it gives them the assurance that you have their welfare at heart and this will go a long way to not only protect them from hefty medical bills, but also keep them loyal and happy employees of your company.

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Key Man Protection
Have you ever wondered what happens if you were to lose one of your key employees or even the boss? Keyman Insurance is vitally important because it is designed to financially protect a business while it makes adjustments to the operations of the company in the absence of a key personnel due to prolong illness or death. Keyman insurance can’t replace the affected personnel, but it can provide cash to buy time and cover the costs of temporary staff, recruitment, loss of profits etc. Keyman Insurance is one of the most overlooked insurance policies for businesses yet it is actually one of the most important.

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Workmen Compensation
By Ministry of Manpower (MOM) regulations, Workmen Compensation Insurance is mandatory for ALL Manual Workers regardless of their earnings. It is also compulsory for non-manual workers with monthly earnings of $1,600 or less. If you are an Employer with staff within your payroll, you are liable to pay compensation to ALL employees injured in the course of work. As an Employer, failure to comply with the Workmen Compensation Act will result in a $10,000 fine by the MOM.

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Foreign Worker Medical
All S-Pass / Work Permit holders are required by law to be insured with Foreign Worker Medical Insurance. The minimum coverage required by law has increased to $15,000 per year per worker from 1 January 2010. As an Employer, you risk being faced with a $5,000 fine by the MOM for under-insuring on Foreign Worker Medical. RIZK Insurance Solutions can help facilitate the application for single headcount for Foreign Worker Medical. Discounts will apply for bulk applications.

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  1. Professional Indemnity
    Commonly termed also as Professional liability insurance (PLI), or more commonly known as errors & omissions (E&O) in the US, is a form of liability insurance that helps protect professional advice- and service-providing individuals and companies from bearing the full cost of defending against a negligence claim made by a client, and damages awarded in such a civil lawsuit. The coverage focuses on alleged failure to perform on the part of, financial loss caused by, and error or omission in the service or product sold by the policyholder. These are potential causes for legal action that would not be covered by a more general liability insurance policy which addresses more direct forms of harm. Professional liability coverage sometimes also provides for the defence costs, including when legal action turns out to be groundless. Professional liability insurance is required by law in some areas for certain kinds of professional practice (especially medical and legal), and is also sometimes required under contract by other businesses that are the beneficiaries of the advice or service. Who is likely to need this: When contracts between companies are drawn up to provide a service with terms of agreements properly and clearly stated..

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  2. Crime Insurance
    Every company, regardless of size, is a potential target for white collar crime. This is the fastest growing, most prevalent problems facing businesses today. The changing technological environment make it an even bigger threat day to day. This is an absolute necessity for businesses concerned in protecting their company’s assets today and in the future.

    Who is likely to need this: Companies on an expansion mode or have a large spread of control especially over finances.

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  3. Directors & Officers Insurance
    Provides an insurance solution for management liability risks facing Directors and Officers (all major decision making positions) in the day to day management of their company while performing their fiduciary duty. The Policy also extends cover to the company itself. The liability risks facing Directors and Officers come from parties including, but not limited to, third parties with no obvious interest, clients, sub-contractors, disgruntled staff.

    We will be authorised to quote directly to companies that have total gross assets of less than S$50 million and wish to buy up to S$5 million limit of liability without referral. We will also be able to advise and quote for companies with assets exceeding S$50 million or wish to buy higher then S$5 million limit of liability, with referral.

    Who is likely to need this: All companies (Sole Propriety / Limited Liability Partnership / Private Limited / Listed Companies)

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  4. Umbrella Liability Policy
    A policy designed to provide protection against catastrophic losses. It generally is written over various primary liability policies, such as the business auto policy, commercial general liability policy, watercraft and aircraft liability policies, and employers liability coverage. The umbrella policy serves three purposes: it provides excess limits when the limits of underlying liability policies are exhausted by the payment of claims; it drops down and picks up where the underlying policy leaves off when the aggregate limit of the underlying policy in question is exhausted by the payment of claims; and it provides protection against some claims not covered by the underlying policies, subject to the assumption, by the named insured, of a self-insured retention.

    Who is likely to need this: Companies with operations that have exposure to many different types of liability.

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  5. Commercial General Liability Policy
    A standard insurance policy issued to business organizations to protect them against liability claims for bodily injury and property damage arising out of premises, operations, products, and completed operations; and advertising and personal injury liability. The CGL policy was introduced in 1986 and replaced the "comprehensive" general liability policy.

    Who is likely to need this: Companies which only need to have stand-alone public liability coverage

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