Thursday, April 26, 2018

Singapore firms ill-equipped against business liability

If a huge business liability struck local companies in Singapore most of them are not prepared for the damage it could cause, according to results of a survey launched by QBE.

An overwhelming majority of Singapore firms have some type of business insurance, such as general accident and employee compensation cover, but just a little over half actually have business liability cover, according to the QBE Singapore Business Liability and Professional Indemnity report.

QBE interviewed some 300 companies in Singapore between March and April this year and asked them about the most frequently encountered risks in the business, including loss of income due to business interruption (24%), business systems and computers hacked (24%), and equipment breakdown (23%).

Other risks they cited were regulatory or compliance issues (21%), staff injury while working (20%) and payment fraud over the internet (10%).


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