Office Insurance & PCCC Fire Dept
Office and business insurance is compulsory
Business insurance is becoming compulsory for all
The main benefits of business insurance
Like in most countries the main benefit for office or factory insurance cover are:
COMPULSORY PUBLIC LIABILITY
- PCCC fire dept compulsory limit
- Voluntary additional material damage
- Voluntary additional public & visitor injuries
- Professional extensions: pollution, food poisoning, outdoor activities...
- Property building all risks
- Equipment, decoration, stock inventory and work in progress
- Goods under your custody
- Cash in transit (payroll or clients sales)
- Public events and launches
- Business interruption (plan B) costs while you recover
- Income replacement
Business insurance changes in Vietnam
It results in cumbersome, ‘paranoid’ and lengthy refund procedures.
Too risky for business insurance
For a few sectors, you can not find company insurance as deemed too risky:
– Resorts near the beachfront
– Chemical, textile and wood factories
– Tour operators
– For other contact us
A sector plagued by Claim frauds
Some new insurers may take on a risk they are ill prepared to refund.
Vietnamese are not strong financially; in most cases they are state-owned companies belonging to the Ministry of Finance. As they discover risk, they amend their refund procedure yearly as they face the problems, without notice.
As insurance laws do not exist to protect the clients, insurers are deemed a business like any other, it takes experience to understand the rules of the insurers and who applies the best practices to preserve their clientele and reputation.
We will check for best insurance selection.
– What are the insurable values and which insurer is capitalized for those?
– Are the coverage level and deductible? More importantly we screen undue exclusions
– Will they adapt to your needs and changes required over time?
– Is the price cheap or competitive ‘in-the-market’?
– We will compare 2 or 3 options on easy-to-work-with and quick claim refund The weight of our client portfolio as a wholesale agent and our insider knowledge of best practice for the past 25-years is our leverage benefiting our clients for negotiations, if needed.
The weight of our client portfolio as a wholesale agent and our insider knowledge of best practice for the past 25-years is our leverage benefiting our clients for negotiations, if needed.