Professional Services Insurance

Coverage

Explanation

Importance for professional services

Professional Indemnity Insurance

Protects you from lawsuits related to professional 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.

Good to have

Cyber Insurance

Protects you if you suffer a cyber attack. Covers IT restoration costs, data breach liability, PDPA liability, and more.

Good to have