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Protecting SMEs against risk

SMEs play a dynamic role, contributing to almost half of Singapore's GDP, but one in seven small firms remain uninsured.

Singapore's economy is buoyed by the hard work of small and medium-sized enterprises. However, recent research has shown that as many as one in seven smaller Singaporean SMEs - firms with between five and 20 staff or revenue of less than S$1 million - still do not have any business insurance.

SMALL and medium-sized enterprises (SMEs) make up 99 per cent of all businesses in Singapore, employ 70 per cent of the country's total workforce and contribute to nearly half of its Gross Domestic Product. These numbers highlight the integral role that SMEs combine to play in Singapore's...

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