Professional indemnity insurance is an important type of business insurance, especially for businesses that give advice or provide a professional service to clients. It can cover compensation claims if a business is sued by a client for making a mistake that leads to financial loss.
Getting a handle on the necessary business insurance plans a firm needs can be challenging. As a result, we have consolidated a handy guide for small businesses out there detailing the important coverage plans to buy in Singapore. If your business provides consultation services, having a professional indemnity insurance set up is an essential part of your business insurance coverage.
Some good examples of these professions in the commercial sector are health professionals, real estate agents, accountants, management consultancies or law firms.
As firms in the services sector manage client expectations on the daily, having professional indemnity insurance set in place can cover legal expenses that arise out of negligent services or advice. The coverage could also include compensation claims if your clients incur financial losses due to errors or misrepresentation on your part.
For specific sectors such as:
We are able to design tailor-made solutions regarding any insurance that is needed and specific risks on these sectors.
This can be a bit tricky to understand. Over here, we design professional indemnity insurance cover levels to fit your business and your industry. It can be difficult to determine the coverage you need, so a good place to start is to give us a call to guide you through the process as we work on tailor-made solutions for your business.