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Business Legacy
The Key Essence for Successor 
Transition & Business Continuity 
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Sudden loss of the keyman can be catastrophic to the company both operation and financial stability. Ensure your ultimate legacy remains your crowning achievement. Even after your lifetime. Business Succession Planning is lengthy and complex, but it has its rewards - stability and security for your family, the continuation of an enterprise, the advancement of your goals and your own peace of mind.

IMPORTANCE OF KEYMAN INSURANCE  

 

1. Business Continuity

It protects against business risk in the event of unfortunate death of the key person.

2. Tax Savings

The premium paid  would allow the company to save their company's tax .

3. Cash Flow & Credit Line

Disruption of lines of business credit due to the death of the Keyman can seriously affect the business. 

 

4. Internal Stability 

The morale of the key employee is boosted. He/she feels important. The sense of belonging increases productivity and helps in retention of the key employee.
 

5. Protect  Company's Valuation 

It protects the company's valuation in the event of Buy-Sell Agreement.

  • Inport & Export
    - Marine Cargo Insurance ( Air , Sea , Land)
  • Vehicles
    - Motor Fleet
  • For Logistics Warehouse Provider
    - Warehouse & Bailers' Liability Insurance
  • Adding Value to Your Business with Keyman Insurance.
    Having key person insurance in place may make it easier to get certain types of financing or credit from banks, or infusions of capital from investors, because it helps to lower business risks. If your company merges or goes public, you may be required to have key person insurance on top executives. Taking out key person insurance makes a definitive statement to the employee about his or her importance to the company. This can strengthen relationships and help in retaining these key people. You also have the option of offering part of a payout to the employee’s family. This makes the coverage part of the employee’s benefits package.
  • Does Your Small Business Need Key Person Insurance Protection?
    Take a good look at your business and determine if you have key people who are irreplaceable or whose contributions are so crucial that without them, the business might just fall apart. While large businesses often have many experienced executives that could take up the slack, most small businesses depend on a few individuals to make the business work. This is why key person insurance protection is especially important for maturing small businesses. How much insurance you purchase will depend on your financial needs balanced against what you can afford in premiums.
  • Is Keyman Insurance very expensive ?
    The insurance can be very affordable depending on how much is the sum insured and the product inplace for this strategy, all and all it depends on the company's financial position and the health of the key person .
  • Minimum Entry Limit
    Customised for SMEs of all group size with a minimum of 2 employees .
  • No Surgurical Cap
    Customised for SMEs of all group size with a minimum of 2 employees .
  • Hassle Free Adminstrative During Claims
    User Friendly Mobile App - Outpatient claims may be submitted through our mobile application and online web portal
  • High Entry Age
    High entry age up to 70 years old
  • Medical Condition Disregard
  • Adding Value to Your Business with Keyman Insurance.
    Having key person insurance in place may make it easier to get certain types of financing or credit from banks, or infusions of capital from investors, because it helps to lower business risks. If your company merges or goes public, you may be required to have key person insurance on top executives. Taking out key person insurance makes a definitive statement to the employee about his or her importance to the company. This can strengthen relationships and help in retaining these key people. You also have the option of offering part of a payout to the employee’s family. This makes the coverage part of the employee’s benefits package.
  • Does Your Small Business Need Key Person Insurance Protection?
    Take a good look at your business and determine if you have key people who are irreplaceable or whose contributions are so crucial that without them, the business might just fall apart. While large businesses often have many experienced executives that could take up the slack, most small businesses depend on a few individuals to make the business work. This is why key person insurance protection is especially important for maturing small businesses. How much insurance you purchase will depend on your financial needs balanced against what you can afford in premiums.
  • Is Keyman Insurance very expensive ?
    The insurance can be very affordable depending on how much is the sum insured and the product inplace for this strategy, all and all it depends on the company's financial position and the health of the key person .
  • Staying in HDB
    HDB’s mandatory fire insurance covers fixtures and fittings, but it doesn’t cover renovations. If your flat has been extensively renovated, you should get home insurance to complement the fire insurance.
  • Staying in Condominium
    Pay attention to personal liability coverage, particularly if your neighbouring unit(s) are being rented out. The landlord may come after you for lost rental income, if their tenants are forced to move out after your fire or flooding.
  • Staying in Landed Property
    It’s strongly advisable to always use all-risk insurance for landed property, as there are just many more things that can go wrong with a property of this size. Take note of temporary accommodation and storage pay outs – chances are, you have a bigger family or much bulkier items, compared to the average home owner. That could mean greater need for storage and temporary housing. Also, look out for debris removal limits: landed properties can reach up to five-digit sums for debris removal.
  • Does home insurance cover my luxury items / collections ?
    Enter your answer here
  • 1. Increase in compensation and medical expenses limits.
  • 3. Light duties will be claimable.
    Employees on light duties due to work injuries will be compensated for their lost earnings based on their Average Monthly Earnings (AME). Employers will also have to report any instance of light duty or medical leave moving forward. Compulsory reporting to MOM within 10 days for all work related - accidents. (** ex : MC/ light duties / injury / death** )
  • 2. Mandatory to cover all manual employees & non-manual employees with an earnings of $2,600 & below (monthly)."
    The salary threshold for non-manual employees requiring work injury compensation insurance will be increased to from $1600 to $2600 (monthly wages). Insurance coverage for all manual employees, regardless of salary are still complusory.
  • 4. Comprehensive Insurance Policy
    Most of the WIC insurance policies now exclude coverage for some risky work scenarios such as height restrictions , contract value , welding works etc . It would be too late when these employers realise that they had to bear the cost of compensation even though they bought insurance. WEF Sept 2020 , a prescribed core set of standard terms for WICA-compliant policies, employers will be assured of complete coverage - no exclusion for their WICA liabilities. Please note that Common Law ($10 million coverage) might be excluded from WIC policies wef of Jan 2021. However, please check with your agent during renewal as each insurer varies.
  • How To Proceed With A Claim ?
    STEP 1. Contact us / your servicing manger . STEP 2. Submit your accident report to the MOM via the MOM iReport Online Reporting System at http://www.mom.gov.sg/iReport. STEP 3 .Email the MOM IReport together with the required documents to uwa@universalwealth.com.sg for us to process the claims accordingly.
  • How To Proceed With A Claim ?
    STEP 1. Contact us / your servicing manger . STEP 2. An independent adjusters to look into the matter, when necessary. NOTE: It is also necessary for you to take immediate action to mitigate the loss by taking necessary measures to minimise and/or prevent further loss/damage.
  • What Documents Do I Need To Submit?
    1.Fully completed claim form. 2. Photographs of the damaged property 3. CCTV footage showing the incident/loss, if availablePurchased invoices/receipts of the damaged/lost 4. Property Assessment report from repairer on the cause and extent of damage Repair /replacement quotations of the damaged/lost property (Please submit the quotations for our approval before making any repairs/replacement) 5. Accounting records of money lost, if applicable Police report (burglary, robbery or theft) - must be made within 24 hours of the incident As circumstances will be different from claim to claim we may request for additional information or supporting documents which are specific to a claim if require.
  • What Documents Do I Need To Submit?
    1.Fully completed claim form. 2.Medical reports / Inpatient Discharge Summary / Medical note from attending doctor Original medical bills and/or medical certificates / Medical appointment card. 3. Any original receipts / documents to evidence payment of wages. 4. Clinical Abstract form duly signed by the injured worker / Work Permit or NRIC. As circumstances will be different from claim to claim we may request for additional information or supporting documents which are specific to a claim if require.
  • Useful Advisory - Accident Report
    - Establish the facts of the accident when the details of the incident are still fresh in the memory of the parties involved. -Take photographs of the scene to ensure that an accurate first-hand account is available. - Record statements from the parties involved including co-workers and any other witnesses at the scene. - This is especially important if the parties involved are foreign workers who may no longer be in your employ later. - If the accident involves equipment or structures, do not throw away anything until our appointed surveyor has surveyed the scene. Take photographs of the affected equipment or structure before anything is removed. This will help to establish how the accident happened.
  • Useful Advisory - Accident Report
    - Establish the facts of the accident when the details of the incident are still fresh in the memory of the parties involved. -Take photographs of the scene to ensure that an accurate first-hand account is available. - Record statements from the parties involved including co-workers and any other witnesses at the scene. - This is especially important if the parties involved are foreign workers who may no longer be in your employ later. - If the accident involves equipment or structures, do not throw away anything until our appointed surveyor has surveyed the scene. Take photographs of the affected equipment or structure before anything is removed. This will help to establish how the accident happened.
  • What To Do Upon A Third Party Legal Liability Claim?
    1. Let us / your servicing agent know as soon as possible if you receive any thrid party legal claim against you for us to provide immediate support if necessary. 2. Do not admit liability or sign any document agreeing to pay for damages as this may make you personally liable for the damages. 3. Do not reply to any documents received from third parties and forward the documents to us immediately for our assessment and follow up. 4. If you receive a Writ of Summons you must notify us / respective insurance claim division immediately - any delay on your part may make it more difficult to handle the claim. We will need to evaluate each case on its own merits and handle the claims accordingly. 5. Failure to respond to a Writ of Summons will result in Interlocutory Judgment being entered against you. If this happens, your claim will be prejudiced and you may not be covered under your policy. Any additional costs incurred to set aside the judgment will be borne by your company.
  • What To Do When You Receive A Common Law Claim / Legal Letter ?
    Common Law Claims 1. Let us / your servicing agent know as soon as possible if the injured worker or his lawyer starts a common law claim against you so that we can investigate the matter early. 2. Do not admit liability or sign any document agreeing to pay for damages as this may make you personally liable for the damages. 3. Do not reply to any documents received from third parties and forward the documents to us immediately for our assessment and follow up. 4. If you receive a Writ of Summons you must notify us / respective insurance claim division immediately - any delay on your part may make it more difficult to handle the claim. We will need to evaluate each case on its own merits and handle the claims accordingly. 5. Failure to respond to a Writ of Summons will result in Interlocutory Judgment being entered against you. If this happens, your claim will be prejudiced and you may not be covered under your policy. Any additional costs incurred to set aside the judgment will be borne by your company.
  • What Should I Do When A Fire / Break-in  / Property Damages Happens?
    1. Contact Civil Defense immediately during a fire outbreak 2. Lodge a police report immediately if your property is lost/damaged by theft/break-in or if a criminal malicious act is involved. 3. Take neccessary action to mitigate the any further damages & loss under safety conditions.
  • Cheque Payment
    Payable To: Universal Wealth Assurance Ageency Pte Ltd Mailing Address : Universal Wealth Assurance Agency Pte Ltd 103 Penang Road #03-06 , Singapore 238467 ***Please indicate your policy number & Company Name at the back of the cheque.
  • Corporate PayNow
    Key in our Unique Entity Number (UEN) 201536266E and make transaction anytime at your convience. Please be reminder to indicate your Policy Number / Company Name under the reference section.
  • Bank Transfer
    Beneficary Name: Universal Wealth Assurance Agency Pte Ltd Bank's Name : MAYBANK Account Number : 0 4 1 6 1 0 7 5 1 4 9 **Please indicate the policy number / name of policy owner under the reference section .
  • Direct to our Insurer Partners
    Check out the available options to pay payment direct: LIBERTY INSURANCE TOKIO MARINE INSURANCE CHUBB INSURANCE SOMPO INSURANCE
  • Convid 19 Support - Premium Payment Initiatives
    In time of crisis, your insurance policy will have play an important role to provide you with financial capital for your losses, enabling your business to rebuild after fires, disasters and accidents, paying for liability claims, and more. Like challenges of the past, we will get through this together and emerge stronger. Detailed installment options to be updated soon...
  • Renovation Works
    Contractor All Risk Project Workmen Injury Compensation
  • Construction / Civil Engineering Works
    Enter your answer here
  • Performance Bonds
    Enter your answer here
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SOURCE: UOB Small Business Survey 2014

SUMMARY 

Keyman insurance protects the company’s financial interest and ensures its survivorship. It injects capital - instant cash flow into the company and enhances its liquidity position.The cash flow in the business cycle may change and as a result, the business might have liquidity issues, leading to forced selling and even more financial losses. Also, the insurance premium for keyman insurance may qualify for tax relief if it fits the conditions set by the Inland Revenue Authority of Singapore.

Signing a Contract
KeyMan Insurance / Director & Officer's Liability Protection
KEYMAN INSURANCE
DIRECTOR & OFFICER

Directors & Officers Liability  (D&O liability Insurance) provides your directors and officers with personal liability and financial loss coverage from wrongful acts committed, or allegedly committed. Private companies must ensure they are compliant with the legal framework relevant across their entire operations – this includes careful management of their professional relationships with employees, creditors, customers and suppliers.

 

Is It necessary for SMEs enterprise to be protected with D&O Insurance ?

Many SME directors and senior management are aware of their exposure to unlimited financial & credit liabilities but just are not aware of the solutions to it. This resulted to placing themselves and the company at risk - gambling with luck during their daily operations. 

 

The same laws and regulations apply to companies regardless large or small, so Directors of SMEs have the same level of responsibility as those of larger or public companies. Claims can arise from many areas of your commercial operations. Therefore, a prudent company  should ensure that D&O insurance is a mandatory protection, because in many cases the director of a company will be the one held responsible, even if the mistake was not solely yours. By overseeing a company, you are not only responsible for the day-to-day action you made , but for those of your employees as well. 

​

KEY RISK EXPOSURE

  • Vulnerability to shareholder/stakeholder claims

  • Sexual harassment, discrimination allegations and other employment practice violations

  • Accounting irregularities

  • Exposures relating to mergers and acquisitions

  • Corporate governance requirements , Regulatory investigations.

  • Misrepresentation in a prospectus 

  • Creditors' claims

  • Company insolvencies 

  • Competitor's claims / Defamation 

  • Internal legal pursuit 

  • Product patent rights

 

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