Expats in Thailand are involved in a wide variety of businesses from hotels, restaurants and tour operations to hi-tech data warehousing, software programming and all points in between. As in any other country, there is a substantial list of financial, legal and bureaucratic requirements to be dealt with in order to operate smoothly, legally and successfully. One consideration that is often misguidedly overlooked is insurance.
Operating a business without addressing the company insurance requirements in Thailand can not only lead to expensive claims against the business and its operators, but also runs the risk of time in prison. With good professional advice, selecting the correct insurance solution does not need to be an additional headache for expats wanting to do business in Thailand.
Public Liability – Public liability claims can be fatal for many businesses, particularly smaller enterprises. Thailand may not be as litigious as other locations around the world but commercial activities involving third parties may still require this type of cover.
General liability – Many product and public liability risks can be covered by general liability insurance, an experienced adviser will ensure that the correct balance is achieved.
Employer liability – In certain circumstances, employees may require cover additional to the state social insurance scheme.
Product Liability – Products assembled or manufactured by a business in Thailand may require the company to hold product liability insurance. The size of the business and the markets where the products are supplied to will be important factors in the amount of cover required.
Building and contents cover – The lack of building and contents cover can be catastrophic for businesses in the event of unforeseen misfortunes.
Keyman (or keyperson) insurance for expat employer and vital local employees – Essential personnel with significant influence over the success and profitability of the business can, and often should, be covered by keyperson insurance.
Medical cover as an addition to company insurance requirements – Medical insurance for key personnel is often seen as a requirement and for many employees, especially expat staff, is considered an attractive benefit.
One of the more comprehensive online resources for expats considering setting up a business in Thailand is the Thailand Board of Investment website, www.boi.go.th; a worthwhile starting point for research into doing business in the Kingdom.
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