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The best way to protect your business in the long-run is by taking an insurance coverage. No matter the size and type of your business, an insurance coverage can protect both your employees and business against unexpected events.
Imagine a situation, where an unfortunate fire destroys your warehouse and you are not insured or your employee meets with an accident while working on the machinery. What do you do then? These are some real-life situations which cause trouble to both business owners and employees in the absence of an insurance cover. Having business insurance, not only gives you peace of mind but also lets you focus on running your business better and improving its profitability and productivity.
As per the Employment Act, every employer is required to make CPF contributions for their employees who are Singaporeans. A portion of this contribution is allocated to the MediShield Life, which is a basic health insurance for Singaporeans. This insurance helps employees and their dependents during old age or in case of serious illness in the future.
S Pass and Work Permit Holders
Apart from taking MediShield for your Singaporean employees, you are also required to take medical insurance for your S Pass and Work Permit holders till the time they are employed under you.
Employment Pass Holders
Although it is not mandatory to contribute towards Medishield for your Employment Pass holders, you may still choose to purchase private medical insurance for them in the interest of their safety.
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