Bailee’s Insurance

What is bailee’s insurance?

Bailee’s Insurance is an inland marine coverage for properties stored at the business owners premises or while in transit under the business owner custody, care or control. The properties may refer to equipment, goods, jewelries and others. The properties may or may not be of significant value. It is very common for jewelers, repairers, dry cleaners and furriers to purchase this kind of insurance.

Why is bailee’s insurance important?

Similar to freight forwarders, the business owners owe responsibility to customers while holding on to their properties. Especially for jewelers, high-end dry cleaners and other high-end market service provider, this insurance is of great importance as it potentially protects and compensates the clients monetarily in the unfortunate event of the goods being damaged or lost. Accidents do occur and especially considering the amount of articles/ properties that a business owner would handle in a day, the probability will be high and therefore sufficient and adequate coverage is necessary.

Why us?

At Tan Insurance Brokers, we understand the limitation and concerns that business owners have. We are here to help create a seamless experience in insuring adequately and sufficiently such that your business interest are not being comprised and obviously at an affordable rate. Please do not hesitate to contact us (+65) 8533 1766 or info@tib.com.sg for free consultation.

Contractors All Risk (CAR)

What is CAR?

Contractors’ all risk protects a contractor from the risks that he/she may face during the construction period. It offers protection against indemnities from any cause and abrupt & unexpected physical damage, other than those specifically excluded. With additional premium paid, the contractor may to include other risks such as construction machinery and equipment, removal of debris, third party liability, advanced loss of profit and surrounding property damage.

Why is CAR important?

When unforeseeable events occur, contractors may be embroiled in an situation where their entire profit for the project can be wiped out and possibly bleeding in red as well. With suitable and adequate coverage, contractors may then pass on these liabilities to insurers at a faction of the potential claim. As it is difficult to spot and precaution unexpected or abrupt risks and damages, it always better to be safe than sorry. The contractor including the employer/s interest is being protected and also safeguards the potential room for dispute of liability.

Why us?

At Tan Insurance Brokers, with our many years of experience we are able to assist you by advising you on the right coverage to take up. We will be able to advise you professionally what additional coverage you should purchase and what is not necessary. In the unfortunate event of claims, we are ready to stand by to protect your interest. Please do not hesitate to contact us at (+65) 8533 1766 or info@tib.com.sg for free consultation.

Directors and Officers Liability Insurance

What is directors and officers liability insurance?

Directors and officers liability is an insurance that indemnify the company, the officers and directors against potential legal fees arising from legal action brought against them. The legal action brought against them could be a result of their wrongful or negligence acts in their capacity, very often when legal actions are brought against them it is common that both criminal and civil actions are taken.

Why is directors and officers liability insurance important?

In the past, it is only more common to see legal actions taken against directors and officers in western cultures. This is no longer the case as the world undergoes globalization; the blame assigning culture is getting prevalent in Asian context. A good example of which is the global financial crisis which one can see many people pursuing legal actions as a form of realistic and rational route for dispute resolution. When litigation is involved, one would expect the money concern to be in tens of thousands if not more. Companies, directors and officers may have such amount of money to defend themselves and in worse situations be declared bankrupt. By having directors and officers liability insurance, one can be rest assured that there will be ample ‘money’ ammunition to protect them.

Why us?

It is important that the right coverage of directors and officers liability insurance is being insured, as the insurance can be extend to cover the company subsidiaries, all of the key officers and directors on unnamed basis. At Tan Insurance Brokers, with our many of years of professional experience we will be able to advise clients on the most cost effective and most benefical method to be protected. Please do not hesitate to contact us (+65) 8533 1766 or info@tib.com.sg for free consultation.

Employee Benefit Scheme Insurance

What is employee benefit?

Employee Benefit Insurance is an additional protection or assurance given to employees where they will be compensated in addition to the salaries that they are receiving. It is a medical benefit that provides varying levels of protection depending on the category selected. It can include health care, dental care, life insurance, disability income protection and others depending on how much budget the company have.

Why is employee benefit important?

It is not compulsory for companies or business owners to cover employees with employee benefit insurance. It is however strongly encouraged, as employees are likely to feel valued and thus be more productive. Employees would have an area of concern to not worry about and this would make them feel more secured. Most MNCs do have such scheme in place and increasingly many SMEs are also taking up this option as they will be able divert their funds that are set out for medical reimbursement to better usage. Employees are likely to feel secured working for an employer that have their interest taken care of.

Why us?

Employee benefits insurance can be complex if not looked into carefully, there are many packages in which one can choose from. At Tan Insurance Brokers, we are able to advise business owners on what is suitable for them based on their requirements and company size. Please do not hesitate to contact us at (+65) 8533 1766 or info@tib.com.sg for free consultation.

Foreign Worker Bond

What is foreign worker bond?

For foreign workers employed under work permit, employers are required to present $5000 cash collateral as deposit under the law. This cash collateral can be substituted by a foreign worker bond, which will be used as a guarantee towards to the government. The liability of losing the deposit of $5000 when an incident occurs is also passed on to the insurer.

Why is foreign worker bond important?

It is not uncommon for companies to employ foreign workers and the number of foreign workers can go up to hundreds if the company is primarily engaged in labor intensive industry. The potential cost of deposit with the government can involve ten of thousands to hundred of thousands dollars depending on the number of workers employed, this is certainly not cost effective for employers and potentially employers have not have that amount of money to place as deposit with the government. For a small premium, employers are able to pass on the liability of this to insurer and at the same time freeing up the cash for other meaningful purpose.

Why us?

At Tan Insurance Brokers, we have many years of experience in dealing with this class of insurance. We understand while the purpose of bond is generally similar, the premium varies quite a fair bit. We will with our expertise therefore be able to offer clients an competitive coupled with quality service. Please do not hesitate to contact us at (+65) 8533 1766 or info@tib.com.sg.

Foreign Worker Medical Insurance

What is foreign worker medical insurance?

Foreign worker medical insurance is an insurance coverage that employers are required to purchase for employees holding work permit or s pass. The minimum sum insured should $15,000 and this will provide basic coverage for hospitalization expenses including non-work associated injuries or sickness. Additionally, an employee can claim additional benefits under Work Injury Compensation Act law if he/she is injured or suffers from illness pertaining to work related activities.


Why is foreign worker medical insurance important?

In an unfortunate event of claim arising from injuries or illness, employers may be liable to pay a huge sum of compensation to employee’s family especially if the case involves a death compensation claim. Accidents can happen anytime and it can be a nasty affair and to reduce the apprehension of that, this insurance can help. Employers are liable for the full cost of medical expenses of work permit/ s pass holders and therefore sufficient and adequate coverage is an absolute must.

Why us?

At Tan Insurance Brokers, we understand the frustration that employers have over the different laws to comply with. We therefore will act professionally in ensuring that our clients’ interests are well protected. We will recommend the necessary level of coverage in ensuring the employer is being protected adequately from potential claims. Please do not hesitate to contact us at (+65) 8533 1766 or info@tib.com.sg for free consultation.

Freight forwarder Liability Insurance

What is freight forwarder liability insurance?

Freight forwarder liability Insurance gives the freight forwarders/ forwarding companies an opportunity to pass on the liability of compensating the client in the event where goods are damaged or lost in transit. The insurance will act as a protection and compensate the client on behalf of the company. The premium will vary greatly depending on the goods that are being transported.

Why is freight forwarder liability insurance important?

Clients entrust freight forwarders to transport their goods on the basis the goods can arrive safely and they believe the freight forwarder would naturally do a proper job as they are being reimbursed for this duty performed. In an unfortunate event where goods are being damaged or lost, clients expected to be compensated. The goods may be of great of monetary values and the forwarder can be sued for bankruptcy if they are not able to pay for the losses. The freight forwarder liability insurance can help contain the cost for the forwarder; the insurance will help avert the major risk of the business.

Why us?

Insurance premiums for the freight forwarder liability could be cheap but at the expense of the inadequacy of the coverage. At Tan Insurance Brokers, we will ensure the right coverage and protection is underwritten to prevent a heavy price from being paid. The sufficient coverage requires expertise knowledge and advice in insurance and we are committed to doing so at Tan Insurance Brokers. Please do not hesitate to contact us (+65) 8533 1766 or info@tib.com.sg for free consultation.

Hospital & Surgical Insurance

What is hospital & surgical insurance?

Hospital & surgical Insurance is a medical expense coverage that pays for the insured’s medical and surgical expenses. It also provides other ancillary benefits. The insurance can either pay the medical provider directly or reimburse the insured for the expenses incurred as a result of illness and/ or injury.

Why is hospital & surgical insurance important?

The law does not require hospital & surgical insurance. It is advisable for employers to purchase it as employees would feel valued and will be likely to stay on longer with the company. It also serves a perk that is included in employees benefit package as means of enticing quality employees. Hospital & surgical insurance also serves a mean of safeguarding an individual from potential medical concerns in which the bills can be extremely expensive and the reality is that many people are not prepared financially to face the tremendous medical bill that come along anytime. It also has an additional perk of being tax deductible to the payer.

Why us?

At Tan Insurance Brokers, we understand your concerns regarding this insurance. The benefits of hospital and surgical insurance can vary with different insurance companies and with our expertise we will be able to advise you on the pros and cons of each. Professional knowledge and service quality is what we advocate. Please do not hesitate to contact us at (+65) 8533 1766 or info@tib.com.sg.

Industrial All Risk Insurance

What is industrial all risk insurance?

Industrial All Risk Insurance is also known as IAR. The policy covers unintended damage or loss to insured property at the location stated in the contract. The policy is designed to provide coverage against all perils other than those expressively stated to exclude in the policy.

Why is industrial all risk insurance important?

Like other classes of insurance, this class of insurance attempts to contain the uncertainty by purchasing insurance protection for certainty. The replacement cost of the building and properties are massively expensive and is often beyond one imagination. By purchasing this class of insurance, it provides funds for reinstating back the property along with providing the loss income. If there no insurance coverage, business owners will have difficulty reinstating the building and not to mention the loss of income and business owners can potentially be out of business. Worse still, if the person using the property is an tenant and the property is damaged during the tenancy period, the tenant owes a liability to the owner of the property.

Why us?

There are exclusions applying to industrial all risk insurance, without professional advice business owners may find themselves at the losing end. At Tan Insurance Brokers, we have experience dealing with this class of insurance. We will be able to protect your interest where necessary and pass on the liabilities where required, there are exclusions where caution have to be exercised. Please do not hesitate to contact us (+65) 8533 1766 or info@tib.com.sg for free consultation.

Inland Transit Insurance

What is inland transit insurance?

Inland Transit Insurance also know as goods in transit insurance is designed to provide protection for business owner goods while in transit from one place to another; it may be carried in a train, lorry or any other transportation registered to carry goods. The insurance is designed to cover loss for business owners in the event the goods are destroyed, damaged or loss while in transit. There are 2 types of cover under this class of insurance- all risk and lorry clause-which excludes loss as a result of theft.

Why is inland transit insurance important?

Annually, there are so many accidents happening on the road. Obviously, it is best that no such incident occur the reality is that it does not work this way. Besides traffic accidents, natural hazards, robbery, theft and derailment are other avenues where goods can be damaged or lost. The goods are obviously what business owners are most concerned with as these goods represents revenue. Without coverage, business owners are likely to suffer big losses and become financially strained. Good in transit are under risk of threats at any time and therefore right and sufficient coverage is necessary. The risk is transferred insurer and business owners can have a peace of mind.

Why us?

There are different coverage under this class of insurance, it is important the right class of insurance is purchased and only a qualified experienced insurance broker/ agent will be able to provide the necessary professional advice. At Tan Insurance Brokers, with long history and experience we are committed to do so. Please do not hesitate to contact us (+65) 8533 1766 or info@tib.com.sg for free consultation.

Machinery All Risk (MAR)

What is MAR?

Machinery and Equipment all risk is an insurance policy that protects an organization’s business equipment and machinery. The property will be indemnified against damages or accidental physical loss due to external causes whilst the property is being used, loading, unloading and in transit other than by sea or air. The indemnity will be subjected to possible specific exclusion as stated in the policy.

Why is MAR important?

Mobile plant and equipment accidents or damages can occur even if due caution is taken. These equipments constitute a substantial part of a building and is an major investment for any contractor as the equipments are costly to replace or repair. Without sufficient and adequate coverage, the business owner may go burst as they do not have sufficient funds to repair or replace the equipment and the works that are being carried out stops there. More then often, these equipments and machineries are working under conditions where nasty weather conditions and natural perils exist.

Why us?

At Tan Insurance Brokers, we understand that there are various level of coverage for this risk. It is therefore advisable to insure the machinery and equipment coverage according to environment, industry and other contributing factors. We are able to provide professional advice and quality service. Please do not hesitate to contact us at (+65) 8533 1766 or info@tib.com.sg.

Marine Cargo

What is marine cargo?

Marine Cargo insurance covers the goods of the insured in transit in which the insured must have an insurable interest in. It covers transit by sea. There several categories of marine cargo insurance and these include single voyage, open cover and annual policy.

Why is marine cargo important?

In most cases, marine cargo insurance is required for the purchased cargos during delivery. It serves as a basic form of protection to cover the losses for the owner of the goods, as they will potentially not receive any payment for goods that does not arrive at the side of the purchaser. As cargo is in transit in the open area, anything is possible, the cargo shipment could meet with bad weather, pirates, accidents and other possible conditions that cause the goods to be damaged or lost.

Why us?

There are various minor points and clauses that one need to take into consideration when purchasing marine cargo insurance. At Tan Insurance Brokers, we are able to provide professional advice and quality service to advise clients on which category of policy to cover and the precautions to take note of. Please do not hesitate to contact us at (+65) 8533 1766 or info@tib.com.sg.

Motor Insurance

What is motor insurance?

Motor insurance coverage includes cars, motorcycles, trucks and other motor vehicles. It serves the primary purpose of protecting the insured vehicles from claims arising due to traffic collisions and/ or negligence. The claims typically would include physical damages, vehicles damages and bodily injuries. Depending on the class of coverage, it may extend to pay out financial benefits to the owner of the insured vehicle upon fire or theft of the insured vehicle and even damage to own vehicle. Motor Insurance in general can be classified into the following categories- Act only, Third Party only, Third Party, Fire and Theft and finally comprehensive.

Why motor insurance is important?

Motor accidents can potentially occur even if you are careful enough. As the saying goes, it does not mean that you are careful others will be. In an accident, no one is a winner if you do not purchase the right motor insurance policy this can potentially lead to sustainable amount of financial loss. Your motor insurance policy will be able to help navigate a lot of the unnecessary trouble and assist you in fighting for your rights. Unless you are someone with plenty of disposable cash at hand, the potential claim can be beyond your imagination. Lastly, motor insurance is something required by law.

Why us?

It is important to cover the right category of motor insurance, as it will provide the most solid protection for you and at the same time not over covering. Most motor insurance policies may look similar; there are actually a lot of differences varying with different policies. The excess, courtesy car and motor insurance premium are just of the some of the areas in which Tan Insurance Brokers can help you all to professionally manage them. Please do not hesitate to contact us (+65) 8533 1766 or info@tib.com.sg for free consultation.

Performance Bond

What is performance bond?

Performance Bond is a guarantee that one party of a contract promises to meet the requirements stated in the agreement, failing which the guarantee will be activated and there will be compensation made to the other party. The liability in this case will be passed on to the insurance company and they will be liable to make good of the compensation agreed upon.

Why is performance bond important?

There are many contracts in the market that requires a bid bond even before the company can attempt to bid for the job. Upon successfully winning the bid, the company is then required to put forward a payment on top of a performance bond as security. Obviously, companies can choose not provide a performance bond but instead furnish a cash deposit as guarantee. That however is not a very viable option as not many companies have such amount of cash and even if they do it is not practical to do so. For a fee, this liability can be passed on insurance companies or banks. The company who is performing the contract can then have less one major issue to worry about.

Why us?

The rates for performance bond can be competitive depending on the coverage and the amount of contract value. At Tan Insurance Brokers, we specialized in this risk as we have many clients who are contractors and require this class of insurance frequently. We are able provide competitive quotes and professional service and advice. Please do not hesitate to contact us (+65) 8533 1766 or info@tib.com.sg for free consultation.

Plant and Machinery Insurance

What is plant and machinery insurance?

Plant and machinery Insurance offers all risk protection for machineries and tools; it basically covers predominantly transportable equipment and machinery owned or leased by the principals or contactors. It generally refers to equipment used to perform duties in construction sites, maintenance jobs and normal work site. It covers the equipment from loss, theft or damage. The insurance policy purchasers can be owners of machineries, financial institutions, banks and contractors, basically individuals who have a direct interest in the equipment.

Why is plant and machinery insurance important?

In the unfortunate where the plant or machinery is damaged or loss, the replacement or repair cost can be extremely expensive as all these equipment are generally massive in both price tag and size. The coverage of insurance will help to avert this liability and provide a replacement for business owners in such instances. Business owners can then have a peace of mind knowing that they are well protected in any unfortunate event. Accidents are mishaps that can happen anytime, the smallest issue can be the cause of the damage or loss, it is wise to do predictable to protect the unpredictable.

Why us?

It is important to consider all factors when insuring the plants and machineries, one important factor is the sum insured and the replacement value should include total replacement value including the incidental expenses like freight, cost of erection, duty and taxes and etc… Without professional advice, business owners may unknowingly under insured and can have dire consequences. At Tan Insurance Brokers, with our many years in construction industry we are well equipped to provide professional service and competitive pricing to cater to your needs. Please do not hesitate to contact us (+65) 8533 1766 or info@tib.com.sg for free consultation.

Products Liability Insurance

What is product liability insurance?

Product liability is an area of law that protects consumers from injuries/ damages caused by a product, this is not limited to bodily damage and can include material damage and so forth. The parties that can be held liable include retailers, distributers, suppliers and others who make the product available to the public. The term ‘product’ has board definition and therefore when it is referred to, it is generally understood to be in the form of tangible personal property.

Why is product liability insurance important?

A product may have been designed with due considerations from all aspects, it is still always potential for something to go wrong and when it does it can be nasty. The claims arising from the damage or injury caused by the product can be massive and the company can potentially go bankrupt over one claim if insufficient insurance coverage is in place. Even if subsequently it is proven that the product has no fault, the company may have incurred tremendous legal expenses in defending herself. With product liability, any claims including the potential legal expenses are included in the coverage, allowing business owners to focus on marketing their products.

Why us?

At Tan Insurance Brokers, we understand that product liability insurance may be an area of complication for business owners. Therefore, with our experienced team we are able to offer advice on amount of coverage to insure and assisting business owners to obtain competitive insurance premium rates. Please do not hesitate to contact us (+65) 8533 1766 or info@tib.com.sg for free consultation.

Professional Indemnity Insurance

What is professional indemnity insurance?

Professional Indemnity is also known as professional liability insurance or errors & omissions (E & O) insurance in United States. It is a category of insurance that protects and indemnifies professionals for claims made against them, paying for the cost of legal costs and damages that may become payable. These claims are usually a result of advices and services provided to client that failed to meet the clients’ expectation. Professionals can be understood to be accountants, lawyers, insurance brokers and other product/ service providers.

Why is professional indemnity insurance important?

When there is a claim made by a third party against business owners, the legal costs to defend themselves could run into ten of thousands. Companies may find themselves in a financial strain even if they are at no fault, as they will face huge legal costs, which they potentially cannot afford. The coverage of this insurance provides a peace of mind to business owners, as they can be rest assured that they will be well protected in a misfortunate event of claim occurring. Although professional indemnity insurance is not compulsory for most businesses, the law specifics that certain professional practices require this insurance, medical related and legal related industries are among the required industries.

Why us?

At Tan Insurance Brokers, we understand that professional indemnity insurance may be an area of major for business owners carrying out professional services. Therefore, with our years of experience in the industry we are able offer comprehensive and professional advice. Please do not hesitate to contact us (+65) 8533 1766 or info@tib.com.sg for free consultation.

Public Liability

What is public liability?

Public Liability is where an organization or individual is responsible for a third party’s injuries/ damages due negligence or damage caused. The Public Liability insurance would effectively help business to cover these claims arising from the negligence or damage caused.

Why is public liability important?

Public Liability Insurance would help business owners to contain this risk and allow business owners to focus on expanding business. Public Liability insurance is exceptionally important for business that has interactions with the public. The reality is that in every field of business there are bound to be accidents happening no matter how much safety precautions are taken. Claims of property damage and/or personal injury can be unbelievably expensive and significant amount of legal fees can be incurred even if you are not at fault. That is why business owners should be insured with Public Liability insurance, as the policy would provide protection towards such claims including legal fees that may be incurred in the process of defending.

Why us?

There are several different insurance policies of Public liability available in the market. At Tan Insurance Brokers, we will make the difference in ensuring you are paying the right premium for the right coverage. You will never have to worry about any potential issues as we are professionals in this field we will ensure everything is hassle free for you! Please do not hesitate to contact us at (+65) 8533 1766 or info@tib.com.sg for free consultation.

Work Injury Compensation (WICA)

What is WICA?

Workmen compensation is a law that requires employers to pay for the medical expenses and loss of income for workers injured in the course of employment. The liability of this can be averted by covering with what is known as Workmen Compensation Insurance. Workmen compensation is difference from other personal injury laws as employers are liable to compensate the injured/ deceased employee whether or not negligence is a contributing factor.

Why is WICA important?

Accidents are unfortunate and can occur anytime; the amount of compensation can amount to over hundred of thousands if death has occurred. If one follows through the news frequently, they will notice that accidents are common workplace incidents. Workmen Compensation insurance can help employers to focus on their business rather than worrying about issues that can be avoided in first place It is also against the law if the coverage is insufficient for employees. The Workmen compensation law is not out to penalize employers but to protect employees and therefore there is such an insurance policy available to also protect the interest of employers. The cost of compensation is being passed on to insurance companies.

Why us?

At Tan Insurance Brokers, with our many years of experience we are able to assist you by advising you on the right coverage to take up. It is important that right level of coverage is taken such that your liability will be covered adquently. In the unfortunate of claims, we are also available to advise accordingly on the best course to proceed with. Please do not hesitate to contact us at (+65) 8533 1766 or info@tib.com.sg for free consultation.