They are many key incidents that need to be considered and managed during the life of an entrepreneur: supply chain interruption, work accident, physical damage to your assets, civil commotions., work accident and more.
The potential outcome of these incidents could be numerous and can have a direct and costly impact on your business. Transferring part of your risks to the insurance companies could be one solution.
When you are a small to medium size business in Hong Kong, there are 3 types of insurance you should consider.
1 – Business Package insurance
The business package insurance includes several type of insurance coverages necessary for small and medium size businesses in Hong Kong.
It comprises some core covers such as property damages, business interruption, public liability and the employee’s compensation insurance which is requested by the Hong Kong Law.
The business package insurance usually offers competitive pricing and a broad variety of protection under one single insurance contract. However, this is not all the time easy to read and understand as it is made of several coverages different in nature and in scope with some specific exclusions and extensions.
At Clema Risk Solutions, we are here to help you navigating between the different covers and to help you designing the program adapted to your risk profile and your needs.
2 – Employees Benefits
The public medical system in Hong Kong is known to be highly qualitative with highly trained staff. However, due to the ageing of the population and lack of investment, it is becoming overcrowded so that the access to it is challenging with long waiting period.
The solution in this case is to go into the private medical system. This system is very efficient, offers numerous options and is accessible. This is very expensive though. Hong Kong private medical system is famous to be one of the most expensive in the world.
To know more about the medical system in Hong Kong, this video from the South China Morning Post is very useful.
One of the solutions to help and support your employees to tackle the medical costs in Hong Kong is to set up a corporate medical insurance.
This insurance will include several types of inpatients and outpatients benefits and will increase the employee satisfaction.
3 – Other type of insurance businesses should consider
Depending on the nature and the size of your business, some other insurance covers maybe necessary. These insurance coverages are often more technical and requires a more thorough underwriting process:
- Directors and Officers insurance
- Product Liability insurance
- Professional Indemnity insurance
- Cargo insurance
- Travel insurance
- Cyber insurance.
- Kidnap and Ransom
Claims will be less frequent, but they are usually more severe, so this is crucial to set up the adequate cover. At Clema Risk Solutions, we do our best to have a simplify and transparent approach. We think that a client well informed is a happy and well protected client.
Looking for business insurance in Hong Kong?
With our team of 20 associates in Asia, we will be pleased to tell you more about the insurance to consider for your business in Hong Kong. Don’t hesitate to send us an email. As entrepreneurs ourselves we love to hear about other business stories.
You can also visit our website to find out about the other insurance services we offer.
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