Antony Lim – Wealth Consultant

• Financial loss, defense costs, and legal representation expenses arising from complaints, compensation demands or legal action due to acts, errors, or omissions in providing healthcare services.
• Liability for actions by doctors, including locums or consultants, under your supervision.
• Liability for Good Samaritan Acts performed by you or your staff.
• Unintentional defamation or intellectual property infringement, leading to potential legal claims.
• Loss of important documents and the associated costs of replacing or restoring them.
• Inherited liabilities from new subsidiaries acquired or ongoing liabilities after your business ceases operations, or after you have retired or moved to a new practice.

• Fire within the premises, from a neighboring unit, due to bush/lalang fire or spontaneous combustion (fire due to chemical substance).
• Car impact damage at ground level.
• Storm, tempest, flood, explosion, sprinkler leakage or bursting and overflowing of pipes and water tanks.
• Riot, strike, and malicious damage.
• Damage caused by falling trees, branches, or other objects.
• Loss of money and losses due to break-ins.
• Public liability.

• Business interruption due to a cyberattack, technical errors, or human mistakes.
• Costs of investigating and responding to a cyber incident, including minimizing damage, recoveving lost data and getting your systems back up and running.
• Lack of expertise in public relation to protecting your business’s reputation after a cyber incident.
• Liability for failing to keep customer or employee data confidential and if someone gains unauthorized access to your network.
• Threats like blackmail or extortion involving your network or data.
• Legal risks related to your online content, such as copyright or defamation claims.
• Expenses if your business is investigated by regulators after a data breach or cyber incident.

These risks can arise when a key person or partner unexpectedly dies or becomes unable to work due to illness:

• Outstanding loans inherited by a guarantor or affected partners.
• The deceased family members who are not familiar with the business have claims on the business/franchise/subsidiary, which can complicate matters. Hence, there will be a cost to buy out the affected partner’s share.
• Business disruption and recruitment costs to replace the affected individual.
• Potential legal issues in partnership agreement, whether who has more control over it.

• Many employees who are just starting in the workforce may not have any insurance coverage.
• Consider the expenses of replacing an employee who unexpectedly dies or becomes unable to work due to illness.
• Directors who only receive a director’s fee might not have a retirement fund. Offering insurance benefits can serve as an additional reward.
• Providing better benefits can help attract top talent and retain valuable employees.
• For larger workforces, consider transferring outpatient claims administration to a third-party provider.
• Insurance premiums are tax-deductible, providing a financial benefit to the business and keep employees happy at the same time.