One of the main reasons why thousands of people start a business in Singapore is to make profits. To hit this goal, they do whatever it takes to reduce their spending and increase their earnings. But despite their best efforts, unexpected emergencies may happen from time to time. For example, a worker may sustain a life-threatening injury while carrying out his or her duties. In cases like this, business owners may compensate the injured worker.
Why this is great, it may hurt the growth and revenue of a business. If you are in this boat, then you are going to benefit from this article, as we will be looking at some strategic ways for business owners to reduce Workers Compensation Insurance Costs in Singapore. We are also going to be taking a close look at some adjustment that may be made to the Work Injury Compensation Act soon.
The following article by Eric Mann shed light on some strategic ways business owners can reduce workers compensation insurance cost in Singapore.
How to Reduce Workers’ Compensation Insurance Costs
Business owners are always watching the bottom line. As long as the company makes more money than it spends, a business owner can usually sleep well at night. The inverse of this is also true. Unexpected emergencies, increases in material costs, taxes, and labor costs can cause-Read more here.
You likely now know some effective ways business owners in Singapore can reduce Workers Compensation Insurance Costs. You also now know some key factors that affect the cost and a few other important things. But do you know that the Chubb Work-Guard has enhanced its compensation insurance? Read the next article to learn more about the enhancement they made.
The following article by Media OutReach discuses the adjustment that was made to the Chubb work guard program in 2018
Chubb enhances Work Injury Compensation Insurance in Singapore
SINGAPORE – Media OutReach – 8 January 2018 – Chubb today announced the enhancement to its Chubb Work GuardTM product — a Work Injury Compensation Insurance for Singapore businesses. The enhanced wording will apply to all risks bound from 1 January 2018, unless separately agreed. Read more here.
You likely now know what the enhancement to the Chubb Work-Guard package will mean for Singaporean businesses. You also now know some 12 benefits that have been added to the package like-funeral expenses, accidental HIV infection, workplace trauma, and so on. But do you know what Incompatibility works is all about? Read the next article carefully if you don’t.
The following article by SGBizInsure shed light on some critical things business owners need to know about incompatibility works and WICI.
Work Injury Compensation Insurance and Incompatible Works
When dealing with Work Injury Compensation Insurance, you may come across the word “Incompatible works”. This can result in workplace injuries occurring in many industries including marine, oil & gas, manufacturing (chemical/pharmaceutical/food), waste management etc. Read more here.
You likely now know some important reasons why business owners in Singapore need to learn about incompatible works. You also now know some simple but effective ways to reduce incompatible work in a factory, office, and worksite.
Growing a business in Singapore is no walk in the park. From time to time unexpected events like accidents may occur in the work environment.
When this happens, the employer has to bear the compensation cost of the injured worker.
This may affect the growth and development of the business in the long run. To save cost business owners in Singapore are learning about how to reduce work-rated accidents, incompatible works, and most importantly, Compensation Insurance cost.