Insurance

Foreign Worker Medical Insurance

Foreign worker medical insurance is a mandatory requirement for employers who hire migrant workers. This insurance is designed to provide essential medical coverage for foreign workers during their employment. The insurance typically covers a range of medical expenses, including hospitalization, surgery, and outpatient treatment. It ensures that workers have access to necessary medical care without financial burden.

Work Injury Compensation Insurance

The insurance covers medical expenses, rehabilitation costs, and compensation for lost wages due to work-related injuries or illnesses. It also provides benefits in the event of permanent incapacity or death.

This insurance is mandated under the Work Injury Compensation Act (WICA), which outlines the responsibilities of employers and the rights of employees regarding workplace injuries.

The policy protects employers from legal liabilities arising from workplace injuries, ensuring they can meet their obligations to injured workers without facing financial strain.

Performance Bond

The bond serves as a security for the project owner (also known as the principal or employer) that the contractor will fulfill their contractual obligations. Performance bonds typically range from 5% to 10% of the total contract sum, depending on the agreement between the parties involved.

The bond is issued by a Insurance Company or Bank, which assesses the contractor’s financial stability and capability to complete the project before providing the bond.

Motor/Vehicle Insurance

Vehicle insurance in Singapore is a crucial aspect of car ownership, providing financial protection against various risks associated with driving. They come in different type of coverages:

• Comprehensive Insurance: Covers damages to your vehicle, third-party liabilities, theft, and fire. It often includes additional benefits like personal accident coverage and roadside assistance.
• Third-Party Insurance: The minimum legal requirement in Singapore, covering damages to third-party vehicles and property but not your own vehicle.
• Third-Party, Fire, and Theft: A middle ground that covers third-party liabilities along with protection against fire and theft of your vehicle.