Office Insurance & PCCC Fire Dept

Office and business insurance are compulsory by law for public places. The PCCC fire department is checking your public liability insurance.

Office and business insurance is compulsory

The fire dept PCCC is enforcing the law on office and business insurance for minimum public liability coverage. Especially public places should be insured, it is enforced yearly by visit of PCCC, your district fire dept.

Business insurance is becoming compulsory for all

Recently, Vietnam laws impose 3rd party liability insurance for businesses greeting public visitors. Every year, the PCCC fire dept will visit your premises and require valid your business insurance. With recent massive fires in factories and buildings, the real-estate management request proof of insurance
With more fire and polluting cases, office and factories insurance are compulsory to protect the public.
At first, the yearly visit of the Fire dept will inspect that you have purchased compulsory third party insurance, especially if you are open to the public. More and more office building or industrial zone management will require that you purchase insurance. Some property management companies do not purchase any kind of insurance for the common areas. If your place is damaged or burnt, you should rely on your own insurance to refund your own premises and people, the public… and sometimes the common area may become your concern too. If you are the owner, we suggest you ask the property management company if they have purchased building insurance as per law, and check what is included or not. Focus on your property refundable and the 3rd party exposure left to you, whoever is responsible.

The main benefits of business insurance

It is compulsory to purchase public liability insurance, whether you are an office-based service, restaurant, hotel, entertainment, service provider, factory, banks, since 15/4/2018, Nghị định số 23/2018/NĐ-CP government decree, especially for public places.
Like in most countries the main benefit for office or factory insurance cover are:
- 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.

insurance in Asia

Not only health insurance is different but most general insurance: accident, life, home, travel, office or even car insurance will be different than your past experiences.