Insurance choices for foreigners operating a business in Thailand

       Foreign investors operating businesses in Thailand look for a method to reduce business risk by buying insurance. Information about insurance companies, standards, and the ability of insurance to cover the purchasers and beneficiaries and those who have the rights to make a claim on an insurance policy is available online at the website of the Office of Insurance Commission (OIC) www.oic.or.th.

       Business insurance is considered an important factor for reducing risks from undesirable situations, such as fire, flood, earthquake, and insurrection, which may cause damage to a business’s property. Investors or business owners need to study the types of insurance thoroughly to choose coverage suitable for their business. Nowadays, there are many insurance companies in Thailand with a great variety of insurance plans, such as the following:

• Group health insurance is the most common insurance plan purchased by companies and organizations and then offered to their members or employees;
• Fire insurance is suitable for businesses. It covers the building and its content, such as stores, cinemas, department stores, warehouses, or factories. Other coverage plans for other properties may be available, such as furniture, installed/ built-in fixtures, office equipment, electric appliances, stock, and machinery;
• Industrial all-risk insurance and non-life insurance are insurance types covering damage specified in the policy, for example, damage caused by fire, flood, or gas explosions;
• Public liability insurance is business insurance that covers claims made by members of the public for incidents that occur in connection with business activities. It may covers the cost of compensation for personal injuries, loss of or damage to property, or death. It is very beneficial to business owners or workplaces, such as hotels, office buildings, factories, and more;
• Business liability insurance is any type of small business insurance that protects a company or business owner in the event of a formal lawsuit or any third-party claim;
• Cyber insurance is a specialty insurance intended to protect businesses from internet-based risks, and more generally risks relating to information technology infrastructure and activities, cyber threats, and risks of damage to computers, which may happen to all types of commercial businesses.  

Source : Office of Insurance Commission (OIC)
Tel : +66 2515-3999