Areas Singapore SMEs commonly review
Work injury compensation (WICA) insurance is generally required by law for employees who do manual work or earn $2,600 a month or less.
Medical insurance and a security bond are generally required for Work Permit and S Pass holders.
Motor third-party cover is required by law to drive a vehicle for the business.
Commercial leases usually require public liability cover, and your landlord's policy will not cover your fit-out, stock, or liability.
Clients often require professional indemnity by contract. It is written on a claims-made basis, so timing matters.
Property or fire cover for your assets is worth reviewing. Watch for underinsurance and the average clause.
Handling personal data or selling online carries cyber exposure and a PDPA breach-notification duty. This is not mandatory insurance, but it is a real exposure.
Your licence regime may carry its own insurance or bond conditions, separate from general business cover.
As a private limited company serving clients under contract, directors may want to review directors and officers (D&O) exposure.
Covarage is a technology platform. We are not an insurer, an insurance broker or a financial adviser, and we are not licensed or registered by the Monetary Authority of Singapore. We do not advise on, recommend, rank, compare or arrange insurance, and we never handle premium or claims. This is general information, not financial advice. Where you ask us to, we introduce you to a licensed insurance intermediary, who provides all advice.
