Packaged Insurance Options in Hong Kong
Connect with us
Further Reading
In Hong Kong it is possible to obtain an insurance policy to protect you against virtually any risk. However, depending on the complexity of the risk being insured, obtaining comprehensive coverage may, historically, have meant purchasing more than one plan.
In the modern age, insurers are able to provide more than one type of coverage under a single insurance plan. Known as a “combined,” “Packaged,” or even “umbrella” insurance product, this type of insurance plans is designed to make the policyholder’s life simple. By combining a range of associated forms of protection together under a single policy contract, Insurance Packages ensure that a policyholder has effective, yet comprehensive coverage at all times.
The main types of Insurance Package encountered in Hong Kong are:
Insurance packages in Hong Kong are generally cheaper than purchasing standalone coverage for each benefit you will be receiving under the policy. Contrasting this, the coverage limits and protections being afforded to you under the plan are generally much lower than a single-product coverage option. However, the utility and convenience of choosing to purchase a packaged insurance product in Hong Kong cannot be understated.
Hong Kong Household Insurance Package
Household insurance packages are very common in Hong Kong and include a number of disparate elements from different areas of insurance.
Under a Combined Household Insurance policy coverage may be provided for property insurance, liability insurance, insurance of the person, and even pecuniary insurance. It should be noted that when we say “property” insurance we actually mean a number of things:
- Coverage for buildings
- Coverage for contents
- Coverage for both contents and buildings
This coverage of property may be offered on a “specified” or “all risks basis.” Generally, building coverage is provided on a specified basis (fire, flood, typhoon, etc.) while contents cover is more normally offered on an “all risks” basis. If the coverage is offered under a “specified” basis, then only specified risks leading to a loss will be covered. However, under a combined household insurance plan with “all risks” coverage, then all loss or damage to your property is covered under the plan unless otherwise excluded.
Household Insurance packages are, essentially, a combination of Fire Insurance and Home Contents plans, with the possible addition of both Personal Accident and Liability benefits.
This type of insurance package in Hong Kong is usually very affordable – primarily due to the standard coverage limits for both contents and premises. Additional coverage by way of increased limits can normally be obtained in return for increased premium payments.
Domestic Helper Insurance Package
Unless you opt to buy a dedicated Employee’s Compensation insurance plan for your maid, its highly likely that the domestic helper insurance policy you purchase in Hong Kong will be a packaged plan. In fact, there are even options ton include domestic helper protection under your Household Insurance package.
At the heart of all combined domestic worker’s insurance plan is cover for your liability towards your employee suffering an accident or injury in the routine course of their employment.
This is known as Employee’s compensation insurance and is mandatory for all individuals and families employing a domestic helper, in any capacity in Hong Kong. However, aside from compensation, there are also employment benefits which may be offered to your domestic helper through a Domestic Helper Insurance package.
- Medical Insurance
- Repatriation Costs
- Personal Accident Cover
- Public Liability Protection
These are all excellent examples of the extended forms of protection that can be found contained in a Maid Insurance policy in Hong Kong. Satisfying both your legal requirement to the Labour Department, and your contractual obligations to your domestic helper, this type of policy is a simple yet effective way to mitigate a host of risks associated with having a helper in your home.
Premiums for Domestic Helper Insurance plans are normally set at a flat rate per helper being employed – more comprehensive plans will be more expensive than policies which provide fewer benefits.
Travel Insurance Packages
Most people will be familiar with Travel Insurance – you may have even purchased this type of insurance recently. However, it may surprise you to learn that travel insurance is actually a packaged bundle of a number of different types of coverage:
- Medical Insurance
- Personal Accident Cover
- Property Protection
- Reimbursement Coverage
- And More!
Travel Insurance is a robust, comprehensive, yet affordable solution to mitigating a large number of diverse risks while you are traveling outside your home country. One of the notable features of travel insurance is that single trip policies (as opposed to annual coverage) will be dependent on the length of your trip – with both the outbound and return dates included as part of your “travel.”
As such, when purchasing a single trip travel insurance plan, you must inform the insurance company exactly about your intended trip itinerary to ensure that all days you are travelling will be covered fully under the plan.
For more information about this type of insurance package please click Hong Kong Travel Insurance.
Commercial Insurance Packages
The final commonly encountered insurance package in Hong Kong is that of a combined commercial insurance policy. (https://hk.ccw-global.com/busi...) Commercial Business packages can be of high value to companies, and represent a cost-effective solution for many SME’s to satisfy their due diligence in relation to risk.
Business insurance packages in Hong Kong can include coverage for:
- Employee’s Compensation Insurance
- Public Liability Insurance
- Office Contents Protection
- Business Interruption Cover
- Directors and Officers Insurance
- And More
Many business insurance packages can be tailored to meet the specific needs of your organization while affording you the flexibility to mitigate a range of risks under the simplicity of a single policy umbrella. By giving your company protection against commonly encountered business risks, commercial insurance packages can be vital for any organization experiencing a loss.
Hong Kong Insurance Package Quotes
As an expert Hong Kong Insurance Broker, CCW Global is able to provide comprehensive insight and unbiased advice to anyone looking to purchase an insurance package in Hong Kong. Our insurance advisors can help you identify the risks you are facing, and will consult with you on a no-risk, no-obligation, no-fee basis to ensure that you have the protection you deserve.
For more information about CCW Global, please Click About us or Contact Us to speak with a broker today. Alternatively, you may complete the short form at the top of this page to request a free quote comparing all the options which best meet your needs.