SME Insurance Packages

SME Business Insurance in Singapore

As a small business owner, insurance probably isn’t the first thing on your mind. Perhaps you think it's not necessary, or you don’t know where to start. Or maybe you simply can’t afford it at this point of your business.

So, if you have just started a small business and you’re not sure of the SME insurance requirements, you’ve come to the right place. We have put together a checklist below that will help guide you through what you need when it comes to small business insurance plans, both to safeguard your business as it grows and help you attract and retain existing talent by designing employee benefits health solutions to suit your needs. If this sounds like what you are after, give us a call today and we can get you started.

Why Is Business Insurance Important For SMEs in Singapore?

Small businesses, otherwise known as SMEs, are integral to economies. Protecting SMEs is crucial to avoid any hampering of operations, growth and success - both individually and for the economy as a whole.

It’s estimated that almost 1 in 10 smaller SMEs do not hold any business insurance at all. These start-ups are a vital part of the economy here in Singapore, so having business protection insurance helps to safeguard the business and the economy. Meanwhile, more than half of all Singaporean SMEs operate with only the most basic and mandated levels of business insurance. Whilst SMEs expect difficult times as they grow, many do not hold any business protection insurance coverage for the specific risks and issues that could affect their businesses. Contact our specialists and we can assess your protection needs.

What Are The Insurance Requirements For Small Businesses?

Running a small business in Singapore can be challenging. One part of making that process easier is to secure the SME insurance requirements for a successful start.

The Expat Insurance team has partnered with some of the world’s leading providers to put together the necessary business insurance packages for SMEs in Singapore. We want to help you focus on the important parts - growing the business without worrying about the business protection plans in place for an SME.

We have a comprehensive overview of the small business insurance plans that you should consider acquiring as you go about starting a venture in Singapore. If employees are travelling a fair bit, securing travel business insurance is advisable to protect them whilst they are on the move.

These are the basics you will need to get you started. From here, our team will assess your business and suggest other products to include in your SME insurance package. Likewise, for organisations with a considerable size of employees, our Employee Benefits solutions experts will tailor group insurance packages to suit your company's needs. They will help you out with small business insurance plans that protect both your business and employees. Let your business insurance advisor know if you would like group insurance for your Singapore team.

If you would like some help getting started, send us your details in our online form and one of our Business Insurance team members will get in touch to talk to you about the insurance requirements for small businesses here in Singapore.

What Do SME Insurance Packages In Singapore Include?

While these aren’t compulsory business insurance packages, they are strongly advised. These SME insurance packages combine a range of essential cover to provide your business with affordable but comprehensive cover. As your business grows, we can review and reassess your policy to make suitable recommendations. They provide comprehensive yet affordable coverage for SMEs.

Depending on what your business specialises in, the SME insurance packages will differ. Generally, they will include a main coverage in full limit and sub-limit or additional coverage such as:

Directors and Officers Insurance helps ensure that any decisions you make as a business owner or director are protected.
Professional Indemnity Insurance is one of the most important forms of coverage that a business should have prior to starting out.
Cyber Liability and Data Protection Insurance is a non-negotiable for any business that operates online - a more than common occurrence these days. Learn more about what is required to protect your businesses’ and clients’ data. Other types of coverage like thefts, EPL, personal accidents or threats could be granted depending on business and insurer provider.

These are the basics you will need to get you started. From here, our team will assess your business and suggest other products to include in your SME insurance package in Singapore for sufficient coverage.

Next Steps

Planning on procuring business protection insurance for your team? Simply send in your enquiries to our Business Insurance team to secure a quote and consultation. With access to over 30 international insurance providers, we can design a bespoke plan that meets all the insurance requirements for small businesses and more - using the details you’ve provided us. Available to respond to all your queries, our award-winning brokerage is committed to providing you with the best.

What happens from here?

Send in your enquiries to our Business Insurance team.

One of our experts will get back to you to talk to you about your specific business needs and requirements.
With access to over 30 international insurance providers and some of the biggest names in the industry, we can then package together a bespoke plan that meets all the insurance requirements for small businesses using the details that you have given us.
We will also bring you through understanding the business insurance and be available for any questions you may have.
Our award-winning brokerage is committed to providing you with the best policy and advice throughout.

If you are running a small business in Singapore and are contemplating several insurance plans, get in touch with our team today.

Frequently Asked Questions About SME Packages

What are SME insurance packages?

SME insurance packages are designed to protect small medium enterprises from commercial risks that could occur during operations. These policies cover common risks under one umbrella. A good SME package will shield your business from risks, allowing growth and development. At Expat Insurance, we offer expert guidance so you can pick the insurance you need and the level of cover required.

What do SME insurance packages cover?

These packages differ in coverage depending on what your business specialises in. Typically, SME insurance packages include DIrectors’ and Officers’, Professional Indemnity, and Cyber Liability and Data Protection Insurance. Of course, these are only the basics. It’s recommended to consult an advisor when considering other elements such as theft and personal accidents. Our expert consultants can give you advice on the types of insurance recommended and level of cover required.

Where can I purchase SME insurance packages in Singapore?

Having good business insurance coverage is essential to any successful long-term strategy. Procuring your SME package is easily managed with our extensive network of insurance providers. Get in touch with the team at Expat Insurance Singapore to find out more.