From the daily archives: Wednesday, November 4, 2009

Just finish watching this video clip on how an employee can crash the whole warehouse.

In time like this, having the right business insurance is able to cover the business consequences daily loss which means insurance company will pay the company a certain amount of money everyday until the business is back to it operation.

At the same time, for workers that are injured, if they are not rightly protected, they can sue the company to compensate them due to injury in the work place. By the way, this is compulsory in Singapore.

What make things worse if there is other client in the warehouse. If a director or an accountant was injured in the warehouse, the compensation will be tremendous.

Example:
Accountant Age 35 drawing a salary of $4,000 a month, and is unable to work after this incident. They company might need to compensate the Accountant  $1,440,000.
Based on Singapore retirement age of 65, the company will need to compensate 30 years of salary to the accountant which makes up to $1,440,000.

These accident does not only happens in warehouses, it might even happen in offices where there are lawyers, businessman, etc, entering in and out.

All it takes is 1 accident and it can lead the company to bankrupt.

Better be safe than sorry.

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