Why insurance?

Insurances are safety nets, a way to manage risks of loss. Buying an insurance means transferring the cost of potential loss to the insurance company in exchange for a fee, known as the premium. Commercial insurances – insurances aimed at protecting and providing safety nets to businesses, employers and employees – are crucial in protecting enterprises and companies against risks of business failure.

What are some recommended insurance providers for Filippino entrepreneurs?

MONEYSHOP is a website that compares the best credit, finance, and insurance services in the Philippines

Are there any compulsory insurance in the Philippines?

If you own a company and employs people to carry out your business, you have to comply with the law and register your business with the Philippine Social Security System or SSS, as outlined above in the steps to take when starting a business.

Compulsory insurances coverage provides the benefits that become the source of wherewithal for victims of accidents. The compulsory insurances in the Philippines are: Compulsory Third-Party Liability (CTPL) Insurance, Passenger Personal Accident Insurance (PPAI) for public-utility vehicles, Insurance Coverage for Ship Passengers and Cargo, Compulsory Insurance Coverage for Agency-hired Migrant Workers.

Useful Links

• Compulsory Insurance Programs in the Philippines: Part 1/3 – Technical Services Group of the Insurance Commission
• Compulsory Insurance Programs in the Philippines: Part 2/3 – Technical Services Group of the Insurance Commission
• Compulsory Insurance Programs in the Philippines: Part 3/3 – Technical Services Group of the Insurance Commission