What are the Different Types of Business Insurance that Exist in Indonesia?
There are many different types of business insurances in Indonesia, which are:
1. Health Insurance
Employers are required by Indonesian labor rules to provide health insurance to their employees in order to protect them from illnesses that may arise during working hours. As a result, businesses are required to provide health insurance to their employees in order to preserve their health rights.
2. Life Insurance
Life insurance is not required by law in Indonesian businesses; however, it is strongly advised. A corporation can enter into an arrangement with an employee to offer life insurance to the employee by withholding a set sum from the employee’s annual salary.
If the employee is the only one in the family who works, this sort of insurance relieves the family’s financial burden. Beneficiaries will not be subjected to undue hardship in this case.
3. Compensation Insurance
Employees’ compensation insurance provides coverage for the general well-being of employees. Employees must be covered by the company’s employees’ compensation insurance in the event of an accident at work, according to the Indonesian Ministry of Manpower.
4. Liability Insurance
Employees are covered by liability insurance against losses caused by certain claims. It also ensures that the employer will be compensated in the event of an accident that causes property damage.
5. Property Insurance
Property insurance protects your business’s equipment, inventory, and other assets in the event of a fire, theft, or storm. Standard property insurance in Indonesia, on the other hand, does not cover mass-casualty disasters like earthquakes and floods. Insurers give coverage for such incidents on a case-by-case basis.
5. Vehicle Insurance
Vehicle insurance is required in practically every country. If an Indonesian firm uses a company car, the vehicle should be adequately insured to protect the company from liability in the event of an accident.