Frequently Asked Questions
Business Insurance Package
Q:Can I insure my building under Business Insurance?A:
No, our Business Insurance provides coverage for the contents of your building only. For your building structure, you need to insure under a separate Fire Insurance policy.
Q:Can I insure my contents and stocks kept in buildings other than Class 1 Construction under Business Insurance?A:
No, Business Insurance is applicable to buildings of Class 1 construction (i.e. constructed of brick and concrete) only.
Q:If the premises is rented, can I still insure it?A:
It is not necessary for you to insure rented premises unless stated in the tenancy agreement. However, you may insure the contents which belong to you.
Q:If I keep my stocks in the office, can I still take up Business Insurance?A:
Yes, you can. However it will be classified under the Wholesale category instead of the Office category. Only stocks samples can be covered under Office category.
Q:What are the excluded trades under Business Insurance?A:
The excluded trades are as follows.
- Candles, joss paper, joss sticks
- Kerosene, spirit, charcoal
- Paints (liquid) except water and emulsion paints in sealed metal tins or drums, turpentine and varnish
- Petrol kiosk
- Petroleum gas
- Antiques, curios, fur and work of art
- Jewellery, precious metal/stones
- Watch, Camera
- Night club
- Photo-developing centre
Q:What are the extra perils covered under Fire Section of the Business Insurance?A:
The extra perils covered under the Fire Section are as follows.
- Riot, strike and civil commotion
- Malicious damage
- Aircraft damage
- Impact by road vehicles
- Bursting or overflowing of pipes
- Full flood
- Earthquake and volcanic eruption, windstorm and flood
- Hurricane, cyclone and typhoon
Q:Can Fire Section be covered on a First Loss Basis?A:
No, Fire Section has to be covered on the basis of full value sum insured. This is because, unlike Theft, Fire can result in total loss of the property insured.
Q:I am the owner of a hawker/market stall. If I want to insure the structure of my stall against fire, can I take up Business Insurance?A:
No, the Fire Section of Business Insurance provides coverage only for stocks, fixtures, fittings and other contents. To protect the structure of your stall, you may wish to take up our Fire Insurance instead.
Q:What if I underinsured my contents and stocks under the Fire Section of Business Insurance?A:
You are required to insure the full value of your contents and stocks so that you will be able to enjoy maximum benefit coverage in the event of a claim.
If you underinsure, you will receive a claim payout for the rateable proportion based on the sum insured under the Fire Section should there be a claim.
Q:What is the minimum premium payable under my Business Insurance?A:
The minimum premium payable under your Business Insurance is $107 (inclusive of GST).