Bookkeepers Insurance in Singapore

Client sues you for mistakes in bookkeeping work:

You’re engaged to prepare the books for a large company. Your client uses the books prepared by you to conduct fundraising activities. Several weeks later, your client comes back angrily, stating that they lost several fundraising deals because the investors discovered errors in their books. These errors were made by you. Your client files a legal claim against you, alleging negligence. They demand compensation for the losses they suffered as a result of the failed fundraising. You have a Professional Indemnity Insurance policy, so the insurance company steps in to defend you. The lawsuit ends up being settled out of court for $270,000. The insurance company pays for these costs for you.

Cyber breach exposes private client data:

You wake up one day to find all your work files have been deleted.  dozens of missed phone calls and text messages. Your clients are frantically trying to reach you, demanding an explanation as to why their confidential financial information was leaked on the internet. You later discover that you’ve been hit by a cyber breach. Your clients’ private financial data is being sold on the Dark Web. Your clients file a lawsuit against you for this leaked data. 

Since you have Cyber Insurance, the insurer would pay for your legal defense costs. The insurer would also pay for an IT consultant to assist with recovering your data. 

Employee injured while working: On a workday, one of your employees was struck by a car while on the way to his lunch break. He suffers a fracture on his arm. Your employee has to undergo surgery to stabilise his injured arm. He was also given 4 weeks of medical leave by the hospital. His medical bill ends up being $10,000. Since you purchased WICA Insurance, the insurance company will pay for your worker’s medical costs and his lost wages.