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What insurance do I need for my small business in Singapore?

Posted on June 6, 2019 in ,

So, you have just started a small business here in Singapore.

Your business has been registered (Congratulations! That’s the hard bit!) and you need to get all of the details in place.

The team at Expat Insurance in Singapore is here to help you through the next tricky bit, getting the right business insurance in place to protect you and your teams.

If you just want to have a chat to us about this, give us a call here and we will happily help. If you would like to know more, read ahead.

The type of insurance that you will need to cover you and your employees can differ depending on the industry.

It is imperative that you get some business insurance policies set in place, but where do you start?

We understand that this can be daunting, so we have put together a list of the three most important business insurance policies to get and an explanation of why you need them here in Singapore.

Get in touch today if you would like to talk to anyone about getting started.

Directors and Officers Insurance (D & O Insurance)

D & O insurance is a policy set in place that protects the head of a company against any claims or investigations made against them while they are in charge.

Sally, owner of a small coffee shop franchise in Singapore believed that D&O policies are only for large corporations, but we advised her that all business no matter what size, should have this in place to protect the management and the business.

The most common D & O claims brought against leaders are things like discrimination or wrongful dismissal, but it also covers HR issues that only apply to one person rather than the whole company or instances where there has been a misuse of company funds.

These are all real scenarios that could impact Sally and her business and highlighting the importance for her to have the right policy in place.

If you need more information on this, read our page on Directors and Officers Insurance or leave your details here to talk with one of our consultants.

Professional Indemnity Insurance (PI Insurance)

This type of cover is particularly important if your business gives advice or provides a professional service to clients in exchange for payment.

Professional indemnity insurance can cover any reparations that need to be made if there has been a mistake on behalf of the business that results in a loss of revenue for the client.

Nick, Co-Founder of a Media Sales Agency said “having the right insurance in place for our business was always going to be important especially as we’re working with some major brands.

Professional indemnity insurance generally covers the costs of any legal claims that may arise from a service or advice that is found to be negligent.

Understanding just how much PI insurance that you will need can vary depending on the service that you are providing, and our team is here to help you with that.

If you would like to know a bit more about professional indemnity insurance read up on it here.

When you are ready to talk about this further, give us a call and our team will be in touch within one working day to help you with the next step.

Cyber Liability and Data Protection Insurance

Stories about hacking and serious data breaches have become common place in today’s media.

Everyone who owns any piece of tech (which let’s face it, is everyone) is aware that the information and data on their computers, clouds and devices need to be protected by some security measures.

If you are the owner of a small business, it is highly likely that you will be in possession of other people’s data and information.

This information, as well as your own, needs to be safe and secure.

If your business experiences a cyber-attack and this information is corrupted, lost or leaked, then you could really find yourself in some hot water.

Cyber risk and data protection insurance will cover you and your business in case any of this happens.

It will help you in the following ways:

  • By recovering the costs for claims that may arise from any serious data breaches
  • Help to pay for any PR that may be needed to minimize the impact of the damage made by the breach
  • Look after any of the costs required to recover any assets and data lost
  • Recoup any financial losses that occur while the breach is being investigated.

Given the digital climate that every business operates in these days, cyber liability and data protection insurance is a must.

Call our team today to talk about this further.  

These policies are the bare minimum that’s recommended when you are starting out.

Everyone is different, so please reach out to our team and have a chat to them about the nature of your business so that we can craft a bespoke package that suits your needs exactly.

Best of luck with your new business and remember that we are always here to help you.

If you would like to print this out for your reference, just click here and download the PDF version.

 

 

 

 

 

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