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.
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:
We are able to design solutions tailored to specific risks dominant in different sectors.
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.
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.
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.
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.