Types of insurance in Malaysia That You Should Know

Foreign worker and employee insurance

In Malaysia, when any businesses employ any foreign workers whether is from industries such as manufacturing, agricultural, services and domestic help such as barber, metal scraps and etc.

Therefore, foreign worker insurance guarantee (FWIG) is required by the Malaysian Immigration from employers by ensuring that their foreign employees are able to receive a security deposit. However, the insurance guarantee for foreign worker Malaysia is only set for 18 months hence these foreign workers are require renewing their permit.

Foreign worker working in Malaysia may use workers compensation insurance which is to provide protection for employees in case of any injury or disease when in the course of employment.

Furthermore, the group personal accident insurance is able to provide compensation for employees who face events of bodily injury, death or disability when in the course of the employment that may be caused by accidental or external and visible events.

Motor insurance

Third-party car insurance Malaysia is an insurance that allows an individual party vehicle against the third party liabilities such as facing death, bodily injuries to the third party.

However, these so-called potential vehicle damages or losses that may be caused when the vehicles are faced from a collision. In Malaysia, it has many best third party car insurance in 2021 that really reputable and trustworthy.

Fire insurance

Fire insurance Malaysia is when a party’s property faces damages and losses that are caused by fire. Therefore, when a party purchase fire insurance they are able to receive protection from insurance company to cover cost such as replacement, repair works or reconstruction of the property.

For instance, when a party’s property electrical appliance such as wiring, bricks, roofs are all damage by the cause of fire hence the party is able to get insured by the insurance company.

Burglary and theft insurance

Burglary insurance is when an individual faces incidents of theft in the property which the insurance is able to provide protection for the individual. Asides from family travel protection insurance, this protection enables to cover potential losses, damages to the individual property when the theft is actual, forcible and violent entry to the individual property.

However, theft insurance does cover incidents such as attempted theft or theft from feloniously concealed in the premises or where the individual is being hostage or armed robbery. Get in touch with us!

Group hospital and surgical insurance

Many insurance companies have insurance product such as group hospital and surgical insurance to give medical coverage for the employees, spouse and children. The benefits of this insurance are that one may receive a benefit such as medical and hospitalisation from the compensation of the insurance plan.

Moreover, group hospital and surgical insurance are also able to cover patient cancer treatment or kidney dialysis treatment. In addition, there are even benefits such as where the patient needs general practitioner care and specialist care are also covered by the insurance plan.

Performance bond Malaysia

The performance bond Malaysia is to ensure when the performance of any contractor is able to fulfil its contractual obligations and term that are required to follow the principle in the construction that are related in the contract. Therefore, when the contractor did not do its performance in any event hence insurance company are able to recover any losses from the contractor and the guarantors.

Performance bond Malaysia is a must for the contractor’s tender must be accepted by the principal where a letter of award will be issued. Therefore, the individual takes up the performance bond plan is to ensure that their contractor fulfils its contractual obligations and term until the completion of the contract.