Security Bond & Medical Insurance for WP/S-Pass
What is a Security Bond?
A security bond is a binding pledge to pay the government if either you or your worker breaks the law, Work Permit conditions or security bond conditions. The bond is in the form of a banker’s or insurer’s guarantee.
You must buy a $5,000 security bond for each non-Malaysian Work Permit holder you employ.
To issue from a bank, you need to put $5,000 into a bank deposit and pledge it as a collateral during the duration of the bond. Fees are chargeable too.
To issue from an insurer, you will “borrow” a $5,000 security bond from the insurer by paying a one-time insurance premium.
Besides the Security Bond, you will also need a Foreign Worker Medical Insurance(FWMI) for your migrant worker.
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Other Related SME Insurance Policies
Employee Benefits
Group Hospitalisation Plan, GP Clinic, Dental Clinic Coverage.
Mandatory Insurance
Work Injury Compensation Insurance & Foreign Worker Medical Insurance.
Group Travel Insurance
Group Travel Insurance, Group Personal Accident.
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We can also help to issue a Letter of Guarantee to the hospital for your worker’s upcoming admission. Talk with us to understand more. Alternatively you may use our Live Chat function on the right corner.
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