Make fire insurance mandatory for small businesses

Some of the stallholders affected by the market blaze in Jurong West Street 41 did not have insurance to cover their losses ("Stallholders gripped by uncertainty / Not all stallholders covered by insurance"; last Thursday).

There are substantial financial losses due to the fire, which has destroyed their goods and belongings.

To restart their business, stallholders need capital they may not have.

Some are also concerned about the costs of the construction of the temporary market.

I suggest that it be made mandatory even for small businesses to purchase fire insurance. A cheaper alternative could be to consider group insurance.

Lim Tong Wah

A version of this article appeared in the print edition of The Straits Times on October 18, 2016, with the headline 'Make fire insurance mandatory for small businesses'. Print Edition | Subscribe