Secure your business with appropriate coverage
MSIG provides 4 types of commercial insurance which give you a wide range of covers to you as an employer, your business, employees and goods.
Business Insurance
- Coverage for loss of money
- Coverage for contents and stock
- Coverage for business interruption
Details
Business Insurance
| Coverage | Maximum Benefits Payable (HK$) |
|---|---|
| Contents and Stock | |
| Equipment or machinery (unless specifically mentioned) | 750,000 per item |
| Computer systems’ records | 10,000 per item 50,000 in aggregate |
| Deed, document, card, tape or transparency | 5,000 |
| Personal effects | 4,000 per person |
| Any stock | 15,000 per article |
| All loss or damage | Sum Insured |
| Plus free extensions: | |
Contents temporarily removed from premises:
| 3,500 in aggregate 3,500 per loss 12,000 or 5% of Sum Insured on Contents whichever is greater |
| Damage to premises in case of theft or attempted theft | Covered |
| Removal of debris | 5% of the Sum Insured |
| Stock in transit within Hong Kong | 50,000 per loss |
| Business Interruption | |
| Additional Expenditure Additional expenditure such as the cost incurred for temporary premises and facilities if applicable | 750,000 per year |
| Plus free extensions: | |
| Professional accountants’ charges | Sum Insured |
| Denial of access for more than 48 hours to your premises due to damage to property in the vicinity of the premises | Covered |
| Loss of Money | |
| In your premises during business hours, in transit or in a bank night safe | 75,000 |
| In your premises out of business hours and in a locked safe or strongroom | 50,000 |
| In your premises out of business hours but not in a safe or strongroom, or in your residence or that of your directors, partners or employees | 5,000 |
| Crossed cheques and other non-negotiable items | 500,000 |
| Plus free extensions: | |
| Damage to safes or cases directly associated with theft or attempted theft | 20,000 per loss |
| Cash cheque signed under violence or threat of violence | 10,000 in aggregate |
| Suffer bodily injury or death as a result of attempted theft during business hours | 50,000 |
| Optional Covers | |
| Loss of Gross Profit | |
| Sum Insured |
| Employees’ Compensation | |
| Liability under the Employees’ Compensation Ordinance for employees’ bodily injury or death arising out of and in the course of employment | Per Employees’ Compensation Ordinance |
| Public Liability | |
| Legal liability to third parties due to bodily injury and/or property damage arising from your business | 10,000,000 per event |
| Plus free extensions to cover the legal liability incurred by the Insured and arising from: | |
| |
| Personal Accident | |
| Pays you in respect of each unit of compensation insured for the injury to the insured person. The maximum number of units of compensation for each person insured is no more than 20 | Maximum benefit payable per unit (HK$) |
| Death, permanent disablement or loss of a limb | 25,000 |
| Temporary total disablement from attending usual occupation | 250 per week (up to 104 weeks) |
| Temporary partial disablement from attending to a substantial and essential part of usual occupation | 65 per week (up to 104 weeks) |
| Medical expenses | 2,000 |
| Glass | |
| Covers glass, for example in windows and display cases, against accidental breakage for its replacement cost | Sum Insured |
- The above information is intended as a general summary. It is for reference only and is not an offer for subscription of any insurance product. The policy may contain terms and conditions which are not detailed in the above. Should there be any discrepancy between the information contained in the above and the terms of the policy, the terms of the policy shall prevail. For exact terms and conditions and details of the exclusions, please refer to the relevant policy or contact MSIG.
- For details of coverage, terms, conditions, and exclusions, please refer to the policy wording.
- The Insurance Authority (“IA”) has announced the collection of levy on insurance premium under the ‘Insurance Ordinance’ with effect from 1 January 2018. As a result, all premium amounts shown in this webpage are subject to levy. For further information, please visit www.ia.org.hk/en/levy.
War and terrorism, wear and tear, mechanical and electrical breakdown, deliberate or intentional acts, liability arising from products, professional advice or service and liability under contract.
The above is a summary of Major Exclusions only. For details, please refer to policy provisions.
Employees’ Compensation Insurance
- Liability cover for employers
- Defending claims costs and expenses
- Optional cover for employees on duty during extraordinary weather conditions
Employees’ Compensation Insurance
Benefits
According to “Employees’ Compensation Ordinance, Chapter 282”, an employer should compensate his employees who sustained injuries during the course of employment:
| In cases of / items | Compensation amount |
|---|---|
| Death | under 40：84 months' earnings or minimum amount of compensation, whichever is higher 40 to under 56：60 months' earnings or minimum amount of compensation, whichever is higher 56 or above：36 months' earnings or minimum amount of compensation, whichever is higher |
| In cases of permanent total incapacity | under 40：96 months' earnings or minimum amount of compensation, whichever is higher 40 to under 56：72 months' earnings or minimum amount of compensation, whichever is higher 56 or above：48 months' earnings or minimum amount of compensation, whichever is higher |
| In cases of permanent partial incapacity | Amount of compensation due to permanent total incapacity X Percentage of permanent loss of earning capacity |
| Sick leave (in case of temporary incapacity) | (Monthly earnings at the time of the accident - Monthly earnings after the accident）x 4/5 |
| Medical expenses | Amount payable by employer under “The Employees' Compensation Ordinance” |
Legal liability for additional compensation | |
The covers also extend to cover the legal liability for additional compensation in cases of work injury or death due to employers’ negligence. | |
- All employers must report correct salaries / wages and other earnings information of their employees to the insurers, in order to comply with the Employees' Compensation Ordinance (ECO), Chapter 282, and to ensure full indemnification to meet their liabilities to the employees for accidents arising out of and in the course of employment.
- Employers are reminded that according to the Limit of Indemnity Clause & Insurance Premium Clause contained in the employees' compensation insurance policy, under-reporting of earnings / wages may result in reduced claim payment for accidents to the employees of which employers are liable themselves. Furthermore, an employer failing to insure in accordance with Section 40(1) of the ECO (Chapter 282) shall be guilty of an offence and shall be liable on conviction to a maximum fine of HK$100,000 and imprisonment for two years.
- Description of Occupations: each category of occupation is to be shown separately, e.g. Clerical Staff, Sales / Marketing Staff, Messenger, Lorry Driver, Welder, etc.
- Total Earnings [as more fully defined under Section 3 of the Employees' Compensation Ordinance (Chapter 282)]: Please declare the estimated / actual total gross earnings for the period of insurance.
- You are required to complete the Declaration of Earnings section duly signed by an authorized officer and submit it to MSIG together with proof of wages / Monthly MPF Contribution Statements from latest months (stating the occupation of each employee).
- The above information is intended as a general summary. It is for reference only and is not an offer for subscription of any insurance product. The policy may contain terms and conditions which are not detailed in the above. Should there be any discrepancy between the information contained in the above and the terms of the policy, the terms of the policy shall prevail. For exact terms and conditions and details of the exclusions, please refer to the relevant policy or contact MSIG.
- The Insurance Authority (“IA”) has announced the collection of levy on insurance premium under the ‘Insurance Ordinance’ with effect from 1 January 2018. As a result, all premium amounts shown in this webpage are subject to levy. For further information, please visit www.ia.org.hk/en/levy.
- Any liability of the Insured which attaches by virtue of an agreement but which would not have attached in the absence of such agreement
- Any sum which the Insured would have been entitled to recover from any party but for an agreement between the Insured and such party
- Any liability arising from Pneumoconiosis or Mesothelioma or Noise-Induced Deafness
The above is a summary of Major Exclusions only. For details, please refer to policy provisions.
Marine Cargo Insurance
- Coverage other than Incoterm CIF / CPT / CIP
- Provide exhibition coverage and extra storage cover
Details
Marine Cargo Insurance
The most commonly used clauses are the Institute Cargo Clauses (A)1/1/1982, which provide coverage in respect of All Risks of loss of or damage (subject to certain exclusions) to the subject matter insured whilst in transit.
In the absence of “All Risks” insurance, coverage may be provided on the more restrictive basis, such as Institute Cargo Clauses (B) or Institute Cargo Clauses (C) 1/1/82* according to the cargo nature or other situation.
Coverage available under different Institute Cargo Clauses are given below.
| Benefits | Institutes Cargo Clauses | ||
|---|---|---|---|
| Proximate causes | A | B | C |
| Stranding, Grounding, Sinking or Capsizing | √ | √ | √ |
| Overturning or Derailment of Land Conveyance | √ | √ | √ |
| Collision of ship, craft with another ship or craft | √ | √ | √ |
| Contact of Ship, Craft or Conveyance with anything other than Ship or Craft | √ | √ | √ |
| Discharge of Cargo at Port of Distress | √ | √ | √ |
| Fire or Explosion | √ | √ | √ |
| Earthquake, Volcanic Eruption or Lighting | √ | √ | X |
| Malicious Damage | √ | X | X |
| Theft/ Pilferage | √ | X | X |
| General Average Sacrifice | √ | √ | √ |
| Jettison | √ | √ | √ |
| Washing Overboard (deck cargo) | √ | √ | X |
| War Risks (except Piracy) | X | X | X |
| Seawater entering Ship, Craft, Hold, Conveyance Container Life Van or Place of Storge | √ | √ | X |
| River or Lake Water entering same | √ | √ | X |
| Loss overboard during loading/discharge from vessel (total loss only) | √ | √ | X |
| Any risks of physical loss or damage not specified | √ | X | X |
- If Assured decide to change the voyage of the shipment or forward the shipment to other destination(s) other than the place specified in the insurance policy before the insured cargo is delivered to the Consignee or final warehouse, you are recommended to contact MSIG for necessary extension or arrangement.
- The above information is intended as a general summary. It is for reference only and is not an offer for subscription of any insurance product. The policy may contain terms and conditions which are not detailed in the above. Should there be any discrepancy between the information contained in the above and the terms of the policy, the terms of the policy shall prevail. For exact terms and conditions and details of the exclusions, please refer to the relevant policy or contact MSIG.
- The Insurance Authority (“IA”) has announced the collection of levy on insurance premium under the ‘Insurance Ordinance’ with effect from 1 January 2018. As a result, all premium amounts shown in this webpage are subject to levy. For further information, please visit www.ia.org.hk/en/levy.
- Wilful misconduct of the Assured
- Ordinary leakage or loss in weight or volume
- Ordinary wear and tear
- Insufficient or unsuitable packing arrangements
- Inherent vice or nature of the subject-matter insured
- Delay
- Insolvency of ship owners or charterers
- Use of nuclear of atomic weapons
- Unseaworthiness of vessels/crafts or containers
- War risk
- Strike and terrorism risks
The above is a summary of Major Exclusions only. For details, please refer to policy provisions.
Group Medical Insurance
- All-round & flexible coverage
- Affordable benefits
- Easy access to digital platform
Details
Group Medical Insurance
Benefits
- Hospitalisation & Surgical Benefit
- Supplementary Major Medical Benefit
- Outpatient Benefit
- Dental Benefit
- Personal Accident Benefit
Eligibility
- Company is registered and operating in Hong Kong
- Minimum 3 employees
- Age requirement :
- Full time employees aged under 65
- Employees’ spouse aged under 65
- Employees’ unmarried child(ren) aged between 15 days and 17 years, or below 26 years if in full-time education (with valid student identification for 18 years or above)
- Individual health declaration is required for group with 5 employees or below
- All eligible permanent full-time employees must be enrolled
- Premiums are payable annually in advance
Important Notes
- Renewal premium will be adjusted based on terms and premium prevailing at the time of renewal and claim experience of client.
- The above information is intended as a general summary. It is for reference only and is not an offer for subscription of any insurance product. The policy may contain terms and conditions which are not detailed in the above. Should there be any discrepancy between the information contained in the above and the terms of the policy, the terms of the policy shall prevail. For exact terms and conditions and details of the exclusions, please refer to the relevant policy or contact MSIG.
- The Insurance Authority (“IA”) has announced the collection of levy on insurance premium under the ‘Insurance Ordinance’ with effect from 1 January 2018. As a result, all premium amounts shown in this webpage are subject to levy. For further information, please visit www.ia.org.hk/en/levy.
- Pre-existing conditions.
- Congenital and developmental conditions
- Drug addiction or alcoholism
- Suicide or self–inflicted injury
- Cosmetic surgery
- Dental and optical treatment
- Pregnancy, childbirth, birth control and treatment for infertility
- Sexually transmitted disease, AIDS or HIV-related conditions
- Routine medical check-ups
- Professional and hazardous sports
- Appliances, equipment and implants
- War or warlike operation, strike, riot and civil revolution
The above is a summary of Major Exclusions only. For details, please refer to policy provisions.
Standard Chartered Bank (Hong Kong) Limited ("SCBHK") is an insurance agent appointed by MSIG Insurance (Hong Kong) Limited ("MSIG").
The above general insurance plan is underwritten by MSIG Insurance (Hong Kong) Limited ("MSIG") which is a general insurer authorized and regulated by the Insurance Authority of the HKSAR. Standard Chartered Bank (Hong Kong) Limited ("SCBHK") is an insurance agent appointed by MSIG. To the extent permissible by law, SCBHK shall not be liable to any person for the use of any of the above information. The above information is intended as a general summary. It is for reference only and is not an offer for subscription of any insurance product. The policy may contain Terms and Conditions which are not detailed in the above. If there is any discrepancy between the information contained in the above and the Terms of the policy, the Terms of the policy shall prevail. For exact Terms and Conditions and details of the exclusions, please refer to the relevant policy or contact MSIG.