| Coverage | Explanation | Importance for accountants |
| Professional Indemnity Insurance | Protects you from lawsuits related to accounting work | Critical |
| Commercial Property Insurance | Protects your business premises against property damage, e.g. fire, explosions, certain types of water damage, etc. | Critical |
| Public Liability Insurance | Protects you against liability to third-parties for property damage or injuries. E.g. clients slipping & falling in your office due to you negligently leaving the floor wet. | Critical |
| Work Injury Compensation Insurance (WICA Insurance) | Protects your employees if they suffer work-related injuries/sickness. | Legally required for all manual workers (e.g. fitness trainers), or workers who earn <$2,600/month  |
| Business Interruption Insurance | Provides cash benefit if you cannot operate your consulting business due to covered reasons, e.g. fire at your office. | Very good to have |
| Cyber Insurance | Protects you if you suffer a cyber attack. Covers IT restoration costs, data breach liability, PDPA liability, and more. | Very good to have |
Commercial Property Insurance: If you rent an office, you’ll need to protect your premises. Commercial Property policies cover a very broad range of damage, including fire, certain types of water damage, explosions, and more.
This policy will cover your property, such as: renovations, electronic equipment like computers, fixtures & fittings, furniture like chairs and tables, , and other miscellaneous property.
Public Liability Insurance:Â With an office, you may entertain many clients coming in and going out of your business premises every day. If any of your clients get injured due to your negligence (e.g. slipping in your office due to a wet puddle), you could suffer a personal injury lawsuit. A Public Liability policy will protect you if you get sued for causing injuries or property damage to others. It covers legal costs like lawyer’s costs (which can be massive), and settlements/damages that you may need to pay.
Work Injury Compensation Insurance (WICA Insurance): MOM requires businesses to carry this insurance for every manual worker, and all workers who get paid $2,600/month and less. It’s highly advisable to purchase this for accounting staff, even if most work is office-based. If your employees travel to meet clients, and they get injured on the way, Singapore law requires you to compensate these employees for their medical expenses.
WICA Insurance covers work-related medical expenses for injuries, or sickness. This includes Covid-19 infections due to work.
Business Interruption Insurance: This covers your operating expenses if you can’t run your accounting business, due to a covered reason – for instance, if a fire damages your office premises. This is a great cover to have, because it helps you to pay for costs like rent, salaries, and other overhead while you can’t generate revenue.
Cyber Insurance: Very useful for clients to cover themselves against the cost of cyber breaches. Covers the cost of restoring IT systems after a breach, data liability, and business interruption costs if you can’t run your business due to a breach.
