As a potential business owner looking for insurance in Singapore, you need to be aware of your rights when dealing with insurance companies. As a member of the SME sector (Small and Medium Enterprises), you are required to give the company a list of at least three reliable insurance companies before they release a rate quotation on your company’s behalf. You also have to disclose to the insurer certain personal details, which is usually done in the form of a profile. list of insurance companies in singapore require that your personal profile is complete and accurate as it plays a vital role in negotiating discounts and premiums.
All MAS-regulated insurance companies in Singapore are obliged to stick to certain regulations, which means that you can at least be guaranteed that they aren’t fly-by-night operators. Still, there are some insurers who are less scrupulous than others. If you want to take out comprehensive insurance coverage, you will have to search for one that has good repute and provides comprehensive coverage. Of course, your choice of insurance company will be determined by your requirement for insurance – whether it is for business or for household insurance. Most people do not require the level of coverage that many business owners require, as they do not employ thousands of people and carry out major projects like setting up a factory.
In general, insurance companies prefer to deal with people who belong to their own social circle, as they are perceived to be more trustworthy and responsible than those who belong to an unknown circle of acquaintances. Asian countries are known for their high quality of living, which accounts for the fact that there are large numbers of low income earners in Asia. As such, insurance companies in Singapore generally tend to offer better rates compared to other countries.