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Service Providers Insurance

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Who Needs Service Providers Insurance?

If your business provides either a professional service, or a personal service, you need this class of insurance to protect yourself from major legal liabilities.
Popular examples of professional service providers include (but are not limited to):
– Accountants
– Architects
– Construction contractors
– Construction-related, e.g. electricians, dormitory providers
– Interior design & renovation
– PR/Marketing firms
– Financial services, e.g. real estate brokers/agents, financial advisors, hedge funds 
– Lawyers
– Healthcare clinics, e.g. GPs, specialists, TCM, chiropractors
– Surveyors
– Logistics

 

Popular examples of personal service providers include (but are not limited to):

– Spas
– Nail & Hair Salons
– Gyms
– Massage therapists
– Car wash operators
 

Why Do Service Providers Need Insurance?

Your service business is exposed to many risks everyday that jeopardise profits and smooth operations. Service businesses are also particularly vulnerable to major legal liabilities to their clients. 
Damage to business property: A water pipe could burst in your ceiling, or a fire could break out at night, severely damaging your business premises. 
Directors & Officers lawsuits: Your personal assets (like your house & car) could be legally exposed if you have lawsuits filed personally against you as a company Director or Officer.
Negligence-related lawsuits: You could be sued for negligence if you make any errors or omissions while performing a service for clients and they suffer damages.
 
Employee fraud / theft: Your employees could steal money from you, and commit other kinds of financial fraud. As much as all business owners would like to trust their workers, 35% of businesses in SIngapore have experienced employee fraud.
Injuries to customers: Third-parties like clients or business partners might slip and fall in your store or office, suffering injuries. You can be held liable for personal injury damages. 
Injuries to workers: Your workers might injure themselves while working. Singapore law allows employees to make Work Injury Claims against employers.
Non-payment of trade receivables: Some of your customers might default on payments to you for goods sold or services rendered.
Having comprehensive insurance is a fantastic investment into making sure your business profits are never affected by such common business threats.

What Insurance Do Service Providers Need?

Professional indemnity/Product liability would probably top off as their main insurance coverage that every SP companies would need to purchase. By the nature of their business, companies are engaging their customers by offering product or legal advice, consultation, or general auxiliary services such as building management, cleaning, accounting, etc
Professional liability insurance (PLI) is a form of liability insurance which helps protect professional advice- and service-providing individuals and companies from bearing the full cost of defending against a negligence claim made by a client, and damages awarded in such a civil lawsuit.Product liability is to insure against damages or death caused to 3rd parties through the use of product, due to performance or functional failure, which may lead of costly lawsuits or penalties associated with failure to comply to either regulatory requirements or social/ enterprise guidelines.
There is foreign exchange risk between purchase & sale of goods, storage cost of inventories, liquidity risk when inventories are not sold off, distribution cost in transporting goods from warehouse to consumers, credit risk when buyers default on their credit payments…
Bankers & financial institutions are more willing to grant favourable trade facilities when the borrower has a robust credit management system. Without it, any incidents of loss or default in receivables collection could lead to possible bankruptcy of the company, should trade facilities be cancelled or reduced. As such, insurance protection is fundamental to its solvency & growth

Top Recommended Insurance For Service Providers

  • Fantastic all-in-one solution to many common business risks.
  • Covers property, fire, group PA, public liability, business interruption, money, fidelity guarantee, and much more. It’s very broad.
  • Very popular among SME owners!
  • Protects you from legal liability if your employees get injured or sick.
  • Pays for employee medical fees for injuries or illness.
  • Compulsory by law for workers performing manual labour, or any worker earning less than $1,600/month.
  • Very common insurance bought by SMEs.
  • Protects you from legal liability if you damage property or injure someone due to your business.
  • Pays for lawyer fees and damages if you get sued.
  • Very common insurance bought by SME owners.
  • Protects you against legal liability from professional negligence.
  • Pays for lawyer fees and legal damages against lawsuits.
  • Absolute life-saver if your company gets sued in future.
  • Protects personal assets of Directors & Officers from legal exposure. 
  • Pays for lawyer fees and legal damages for lawsuits that personally sue Directors & Officers.
  • Extremely important if you’re a company Director/Officer because your personal assets can be seized by successful legal plaintiffs.

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