Why Economics tuition in Singapore is the cheapest in Asia

Lets look into Singapore,

Singapore is a city and also a country. It consists of big islands and some much smaller ones. Singapore is an economic powerhouse Asia and southeast Asias most developed city for more than 10 decades now.

Singapore has one of the fastest growing educational system in Asia. To study economics in Singapore as been assumed expensive because of the high quality of institutions and high standard of living there.

But, here is an eye opener to show you why jc economics tuition in Singapore is the cheapest in Asia. Firstly, here are two basic things we need to know about economics.

Firstly, what is economics? Economics is the study of how a goods is produced (manufactured), supplied (distribution) and consumed. Its a very important factor in our daily lives. Economic growth of a nation is the most important growth a nation can have. In our world today a county is said to have high standard of living if her economy is great.

Lets look at the two major aspects in economics that deals with our everyday lives.

Microeconomics

Macroeconomics

Microeconomics: focuses on pricing, margins, costumer behavior etc. Microeconomics is also known a the branch of economics the focuses on traders, how they produce local goods to how they supply. Also, which goods do people need, why people need them, does people have the purchasing power (money) to purchase them? This aspect is important for the economy of a nation to grow and also to improve the standard of living of a nation.

Macroeconomics: focuses on larger things like, HDI(human development index), GDP(gross domestic product) etc. This is the aspect that looks into the nation’s economy as a whole. It involves knowing the average income of a family, the average amount a family spends. Macroeconomics gives a country a whole figure, or a summed up figure of its microeconomics.

Now lets take a look at top schools you can study economics in Singapore and compare them to top schools in the western world(US UK and so on).

In Singapore

SIM( Singapore institute of management)

ERC institute

University of London international programs in Singapore

SAA global education center

NUS (national university of Singapore)

SMU (Singapore management university)

Singapore university of technology and design

McGill university, Singapore

The tuition/fees of these schools listed above ranges $8000-$10000 (with living expenses) .

Now lets compare these universities to the top universities in US and you UK that of the same standard with these above Singapore universities.

Universities in US and UK

Birmingham university (UK) which costs about $18,000-$23,000( with living expenses).

Harvard university (US) which costs about $25,000(with living expenses).

London school of economics (UK) which costs about $28,000( with living expenses).

University of Chicago (US) which costs about $30,000(with living expenses).

Yale university (US) which costs about $35,000(with living expenses)

Massachusetts institute of technology (MIT) US, which costs about $35,000(with living expenses) This list can go on and on. we can now see for ourselves that studying economics in Singapore is the cheapest in Asia with the same standard of living as the western countries.

NOTE, always make inquiries from trusted websites like myadvocators.com. we’ll provide you information you need to have, concerning tuition in Singapore. Many scammers also parade themselves as education centers. So, be careful and observant when dealing with consultants online

Are about studying economics in Singapore?


Types of Corporate Insurance

The first step to buying corporate insurance is choosing the right type of insurance for you and your company. Usually there are so many types that you have to choose from that it becomes really difficult to choose the one that will be most suitable for you. Here is a list of all the major types of corporate insurances that are available in the market so that you can make a more informed decision before you actually buy the insurance.

General Liability Insurance

This is the most basic type of insurance that every single institution should have irrespective of the size. It gives you and your company a defense against any damages that are caused are alleged to be caused by you, your product, your company or your employee.

Property Insurance

This type of insurance helps to cover any damage that is caused to your property which also includes any type of office equipment, inventory, tools, and computers. The damage can be caused due to a fire, vandalism, smoke damage or even theft.

Business Interruption Insurance

There are certain times when you are not able to work due to various reasons some of which have been mentioned above. By choosing business interruption insurance you will be able to cover these losses and not lose out too much profit.

Business Owner’s Policy

The business owner’s policy is a bundle insurance that can cover most of the different liabilities that a business owner may face during the running of their business. As this type of insurance covers a variety of different services it may be a more economical choice for the business owners as opposed to choosing to get individual insurance for different aspects of the business.

Commercial Auto Insurance

This type of insurance helps to protect all the vehicles that are owned by the company. It helps to protect the vehicles that are used to transport the employees or those vehicles that transport the different equipment or products of the company. For those companies that don’t own vehicles but the employees use their own vehicles for office work they can choose non-owned auto liability.

Workers compensation

This type of insurance comes in useful in case the employee gets injured on the job and that workmen get the compensation they deserve in the case of a mischap. It helps to compensate the medical bills and the employees’ wages when they are not able to work and need medical attention. Choosing this kind of insurance is essential as it will protect you from legal complications in the case of a mishap.

Professional Liability Insurance

The type of insurance is needed in cases where the company fails to provide or improperly provides a professional service to the client.

Directors and Officers Insurance

The directors and officers of a company are protected by this insurance against any action that may prove to affect the working or the profitability of the company that can lead to a lawsuit.

Data Breach

In cases where the company has access to and stores highly sensitive information it is important for the company to have this kind of insurance. These companies are responsible for the protection of the data and this insurance protects them against a breach that has either occurred digitally or on a paper file.
Renters Insurance

This insurance is a subset of home owners insurance that helps protect you against any damage that is caused to the home or property in cases when you rent out your home or any other kind of property.

Disability Insurance

This type of insurance is very helpful in case you suffer from any kind of injury or sickness that affects your core job responsibility. It helps to replace most of the business owners income in such cases.


Insurance for corporate and personal sector

The insurance sector has seen in a boom since the past few years and has been on a steady rise ever since then. The need for a safer and securer future has driven individuals to go for insurance instruments nowadays as against earlier times when the need for financial security was not so predominant in society. The insurance companies provide security in the name of insurance policies to both individuals as well as corporate.

Risk and financial security are two key ingredients of the insurance sector. Risk factor is an integral part of any entity be it an individual or a corporate house and with the presence of various insurance instruments risk minimization has been enabled to a great extent. Insurance provides the much needed financial security and stability to any entity. Insurance instruments can be broadly categorized into health insurance, life insurance and non- life or endowment policies. This covers the apparent risk factors of both individuals as well as businesses. The risk factors could be premature death in case of an individual and loss of property in the case of individual and businesses. Insurance policies primarily covered these two aspects. Nowadays they offer more covers in terms of protection against early retirement or any legal liability or just investment with returns.

Commercial insurance for corporate covers lots of aspects which can be broadly categorized into engineering insurance, property insurance, employees benefits , insurance bonds ,professional indemnity ,wok injury compensation insurance, commercial general liability ,marine insurance , machinery and equipment insurance, directors’ and officers’ liability,foreign worker medical insurance, commercial vehicle insurance, public liability and employer liability insurance.

Engineering insurance provides covers all specified risks during the construction phase like damage to property or any kind of injury. Property insurance gives cover against any damages in property; the perils are enlisted categorically in the insurance policy cover itself. Employees are the biggest assets to any organization and their protection is of utmost importance .Insurance covers ensure protection against life or accident and also provide medical coverage. Insurance bonds are primarily deposits or collaterals that businesses require as part of their investments. There are a variety of such bonds in the offerings by insurance companies. Professional indemnity provides covers against any errors or act of negligence that has happened by a third party to a business while work injury insurance as the name suggests provides coverage against any work related injury.

Marine insurance which is categorized into two parts essentially namely marine cargo insurance and marine hull insurance are covers for damage of goods during transit and cover for damage in case of a natural calamity respectively. Yet another cover provides protection against machinery and equipments for businesses and is called likewise.

Personal insurance for an individual also provides a variety of covers as protection. Motor insurance provides insurance covers for one’s vehicle in case of an accident etc. depending upon the size of the vehicle and the customer’s requirements. Accidents are inevitable mishaps that can occur in the life of anybody. Protection against accidents and health hazards are also an important aspect of insurance companies.

Homes are the most important asset in the life of any individual, the protection of which is of utmost prerogative. Home insurance comes into play here.

Travel has become an integral part of all of us. Holidays, pleasure trips, international trips, business trips, be it anything, travel insurance is a must keeping in mind the uncertainties of today’s lifestyles. Employment of foreign domestic helpers is a common trend these days and a maid insurance policy provides covers against expenses required in case of a renewal of work permit for a new maid.

 


Improving employee retention by providing employees with the right health insurance

If you are an employer, you must keep your employees happy because they are the ones who help you run your business. Though there are a number of ways to keep your employees happy, providing them with the right type of health insurance will go a long way in achieving this aim. Once you put in place the right corporate insurance plan that covers the health issues your employees may face, you can be certain that your employees will like to work for you till the end. Not only that, they will be a motivated lot and hence, you can expect optimum productivity from them.

When your employees perform well, you can earn more profits and this will help you not only in hiring the best talents in your industry but in retaining them as well. Simply put, providing your employees with the right type of health insurance is one of the best ways for retaining employees. Especially when you are in a dangerous industry where accident is prone, workmen compensation is extremely important as employees like to know how they are protected.

According to a survey that was conducted to know what excites employees more and inspires them more than anything else to come to work, health insurance is on the top of the list. In fact, it ranks even higher than pay raise. This means that if you put in place a suitable health insurance plan in your company, you will be able to see an overall improvement in the climate of the workplace. This will do a world of good for increasing the productivity of your company also. Let us delve a little deeper into this.

Why providing your employees with the right health insurance benefits is important?

Every employer should focus on employee satisfaction because only if employees are satisfied, you can expect them to put forth their sincere efforts for satisfying your customers. Even health insurance providing companies vouch for the fact that employees of those organizations that have put in place excellent health insurance covers are more satisfied than the employees of companies in which the health insurance covers are not up to the desirable levels or standards. This shows that an appropriate health cover is a major motivating factor that inspires employees more than anything else.

How does a right health cover help in retaining employees?

1. Researches have revealed that employees of those companies in which there is excellent health cover are unlikely to look for new job opportunities. This means that employers like you should provide employees with the right health covers. By doing so, you can retain top talents. This will in turn help your company in earning higher profits as well. With the higher revenues you earn, you can put in place better benefits for your employees, thus paving way for a phenomenal business growth.

On the other hand, if you show stinginess in providing a health cover to your employees, you cannot expect optimal performance from them. Your employees may also develop a tendency to look for better job opportunities. This will not only put the work-flow of the company into jeopardy but may cost you heavily as well. Employee turn-over is a serious problem. All your business plans may go awry. Not only that, you have to find good replacements for the employees who leave your company. This process may again cost you money, time and efforts.

2. If more and more employees keep leaving your company, it will show your company in poor light. Suppliers, business associates and customers may not like to deal with companies that have such a poor reputation. Since there are frequent changes in the employee set-up, you may not be able to satisfy your customers the way you should.

3. Though it may be impossible to have a foolproof system for retaining employees, putting in place an appropriate group plan for covering the health issues of your employees will yield rich dividends. Even top talents available in your field may like to work for your company.


Intricacies of insurance

Insurance is a protection cover against any contingencies that happen in the life of an individual. Technically, it is a contract between the policy holder and the insurance company wherein the event of any occurrence of loss which is stated likewise in the policy, the insurance company is liable to pay an amount of money to the insurer. For example in case of motor insurance, the insurance company is liable to pay a specific sum of money if an accident occurs or anybody is injured during the course of any accident.

The money that an insurance company pays to the insurer is usually the money collected from the insurer by way of ‘Premium’. These are monthly or quarterly payments which are arrived at by a process called ‘underwriting’. Underwriting is a very important function as far as the processing of an insurance policy goes. Though this process, the exact premium that has to be charged from an insurer is decided keeping in mind several factors like age of the insurer, his health usually gauged by a medical check-up in case of health related insurance, the risk factors that one could be prone to etc. If the insurance company finds that the risk factors associated are too high or the age of the insurer is not as per the guidelines of a specific policy, the insurance company can reject to sell the policy to the insurer.

It is imperative on the part of the policy holder or the person who intends to buy a certain policy, to be well versed with the intricacies of any policy before purchasing the same. Also, if a certain insurance company rejects to sell a certain policy, there could be some other company which may sell it with a higher premium or any other clause attached to it. Therefore, information is a key to buying / selling in the insurance sector.

Also, in the case of insurance policies especially accident related ones, there is a specified amount which the insurer has to pay in the case of an accident and the remaining part will be paid by the insurance company. This specified amount which is called ‘deductible’ is pre-decided and agreed upon by both the parties and upon this, the insurance company now decided what premium has to be charged form the insurer. If the person in question decides on a higher deductible, the premium charged will be lower.

In the case of a motor insurance or a health insurance policy for example, usually 10 to 20% of the charges incurred by the insurer has to be paid by the insurer himself and the rest by the insurance company. This also depends on the coverage limit which is the maximum amount that an insurance company will pay for any mishap as form of employer liability insurance. This is regardless of the actual cost incurred by the policy holder and generally is so specified in the policy.

The processing of the ‘Claim’ involves the formal request made by the policy holder to the insurance company in the event of a mishap. This involves the submission of various related documents etc by the policy holder and the subsequent scrunitinization by the insurance company in order to process the claim. For instance, in the case of a health related insurance, a synopsis of the services received by the insurer or the person in whose name the policy has been bought, will be prepared by the doctor or the health care provider and the same will be submitted for evaluation of a ‘claim’. The timely settlement of a claim is an important function of any insurance company and on this depends the popularity of a certain company too.

 

As insurance for companies is a broad subject, more  information can be found here on wikipedia


Important Points to Consider for Your Firm’s Group Health Insurance

It is indeed an excellent idea to offer your employees group health coverage. There are many benefits for doing so. It can help you to save your tax and is regarded as a great perk to draw good human resource talents to your company. Hence if you want to take in a good group health insurance product for your employees in order to provide good employer liability insurance, you need to consider some of the points mentioned below.

Do not go for low-priced insurance products

While purchasing a group health cover, it is not unusual to get drawn towards those insurance products that have low price tags associated with them. But, if you decide to purchase a product based on price only, there is a high possibility that you will end in choosing the lower cover. It may also be the case that an insurer that is offering a plan with a lower premium deliver unsatisfactory customer service. Hence, do not make the cost as the sole yardstick to purchase your group health insurance plan and have a proper look at its other features too.

Select adequate coverage

You must be aware that today medical and health-related expenses are shooting up at an increasingly alarming rate. Even when a person consults a physician once, it may disrupt his entire monthly budget, especially if he belongs to a middle-class background. So, before choosing a plan for your employees, it is imperative for you that the cover is adequate enough to assist them in dealing with their medical expenses. Plus each year, when the cover needs to be renewed, you should contemplate increasing your group health coverage to be in sync with the prevailing inflation rate.

Your decision should be well-versed

When it is a decision related to your employees’ health, you cannot do any comprise, especially when you have hired some of the best talents in the industry. So, you need to cautiously assess all your available choices before making the health insurance policy final. To do this, you need to evaluate the requirements of your employees properly.

While deciding on an insurer, you need to carefully assess the service aspects and the premium charged by it for the plan you are seeking out for our company. In fact, it is highly recommended that you do reference checks by getting in touch with the existing customers of the insurer and receive their feedback on that group health insurance plan.

If you select a good insurer, they can help your manpower to get the best deals possible. A reputable group health insurer may also add or remove employee records without you intervening into it.

There are some insurers who are known to hire a 3rd party for handling their claims. The latter is known as TPA or Third Party Administrator. On the other hand, there are quite a few insurers who handle their client claims internally. It is absolutely fine if you approach an insurer that is operating through a TPA for handling claims. However, it will be better if you could find out how much time is taken to settle claims.

Go through the policy document thoroughly

The policy for your group health insurance has a great impact on the employees when they need to avail it. Some insurers may not include certain conditions or ailments such as maternity expenses. So, it makes sense to read the policy fine print carefully.

Your employees get a great morale boost when you purchase a good group health insurance plan for them. They will have a feel of being secured and will have an increased sense of belongingness. Hence, you should take the help of a reputable and experienced corporate insurance broker so that they can help you to select the right product from the available choices.

Here is another useful article by The Entrepreneur that talks about the important insurance a company should have.