Professional Indemnity Insurance: Coverage For Your Business
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 held liable by a client for making a mistake that leads to financial loss.
Do I Need Professional Indemnity Insurance?
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 detailing 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, especially if you have sole proprietorship. If you are self-employed or a freelancer, you will likely appreciate the protection and coverage afforded by a professional indemnity insurance in the event you are held legally liable.
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 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:
- Financial institutions: banks, financial services, private equity firms and asset managers.
- Industries like airline or space providers, CMT (communication, media, technology), and IT consultancy or services providers (application, IaaS, Paas, SaaS).
- As well as people who are self-employed or freelancers in the above industries,
We are able to design solutions tailored to specific risks dominant in different sectors.
How Much Professional Indemnity Insurance Do I Need?
This can be a bit tricky to understand. Over here, we design professional indemnity insurance to fit your business and your industry. It can be difficult to determine the coverage and legal protection you need. A good place to start is to give us a call to guide you through the process as we work on a tailor-made solution for your business.
What happens next?
- If you are interested in acquiring professional indemnity insurance, get in touch with our Business Insurance Team. We will get back to you within 1 business day and arrange a time to talk or meet.
- A member of our team will meet with you to discuss what might work best for your company. We will take into account all information and use our international network of global insurers to tailor a bespoke package that suits the requirements of your growing business.
- After you have signed onto a policy with us, we will service your account using our award-winning brokerage services.
Frequently Asked Questions About Professional Indemnity Insurance
Is professional indemnity insurance legally required in Singapore?
Practitioners in certain industries such as lawyers and estate agents are legally required to seek coverage under professional indemnity insurance. You are advised to find out the mandatory requirements concerning your profession from the relevant industry regulatory body. Those who have sole proprietorship over a business might also have different needs or requirements. Alternatively, you may seek guidance from our team of experts at Expat Insurance.
Can my employer pay for my professional indemnity insurance?
It is not mandatory for employers in Singapore to provide professional indemnity insurance. However, this may be added into the employee insurance coverage within your benefits package. Please speak to your employer if you are unsure.
Where can I buy professional indemnity insurance in Singapore?
If you want to purchase professional indemnity insurance for yourself, you may get in touch with our team and we will connect you to an appropriate provider from our international network of insurers.
DO YOU NEED TO TALK TO SOMEONE ABOUT PROFESSIONAL INDEMNITY INSURANCE?
Give us all on +65 6439 8026 or leave us a message below and we will get back to you as quickly as we can!