Employment Agency Insurance in Singapore

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Employment agencies play an important role in helping other businesses with their manpower needs. However, there are some major risks that employment agencies need to protect themselves against. For instance, employment agencies are prone to their employees suffering work-related injuries/sickness. With Provide, we help you get broad & affordable insurance to protect your company. 

What insurance do employment agencies need?

Employment agencies should protect themselves against a few major risks. If you rent an office space, or own one, then you should cover that space with Commercial Property Insurance – this covers you against risks like fire, water damage, and burglary. If you deploy your workers to other people’s businesses, then Public Liability Insurance will be critical. This will cover you if your worker ends up damaging someone else’s property, or injuring someone else.

You’ll need to carry Work Injury Compensation Insurance. This is particularly important If you outsource your workers, especially ones who perform manual work. If your workers happen to be cashiers, or roles that require them to handle money, then it’s a good idea to also carry Fidelity Guarantee Insurance. This protects you if your outsourced worker ends up stealing from your client, or even stealing from your business.

It’s also a good idea to carry Professional Indemnity Insurance, which can help cover you against lawsuits related to any kind of professional manpower-related advice that you provide to clients. 

Employment Agency Security BondRequired by MOM to obtain employment agency license. Bond amount varies between $20,000 to $60,000.Legally required
Work Injury Compensation Insurance (WICA Insurance)Protects your employees if they suffer work-related injuries/sickness.

Legally required for manual workers, or workers who earn <$2,600/month

Critical for all other workers

Public Liability InsuranceProtects you against liability to third-parties for property damage or injuries.Critical
Commercial Property InsuranceProtects your commercial property against major risks, e.g. fire, explosions, certain types of water damage, etc.Critical if you rent/own a commercial property.
Fidelity Guarantee InsuranceProtects you if your employees steal or commit fraud against your client’s businesses, or against your own businessGood to have
Professional Indemnity InsuranceProtects you against liability for professional advice you provideGood to have

How much coverage do I need?

  • Employment Agency Security Bond: $20,000 to $60,000, depending on the type of license you’re applying for, and the number of demerit points you have

  • Work Injury Compensation Insurance: You must have a minimum of $45,000 coverage for medical expenses, per worker. This is an MOM requirement.

  • Public Liability Insurance: If your annual revenue is under $3 million/year, consider taking $500,000 coverage. If your revenue is under $5 million/year, $1 million coverage is a good option. If your revenue is under $10 million/year, consider having a minimum of $2 million coverage.

  • Commercial Property Insurance: You should calculate the amount of business equipment, contents, and renovations that you’ll need to cover. Minimum coverage amounts are $100,000 for basic offices, and can go up to $5 million (or more) for larger commercial spaces. 

  • Fidelity Guarantee Insurance: Consider $5,000 to $10,000 coverage for every employee who handles cash or payments.

  • Professional Indemnity Insurance: $500,000 coverage is the minimum that you should carry to adequately cover liability expenses.

What are some claims examples for Employment Agency Insurance?

Claim Example 1: Worker Injured

A Malaysian worker was hired by an employment agency. He was deployed to work as a goods packer in a warehouse. The worker suffered a hernia (a type of back injury) due to repeatedly lifting heavy goods. Since this was a work-related injury, the employment agency had to compensate the worker $25,000 for his medical bills. Because the employment agency had Work Injury Compensation Insurance, the company did not pay anything out-of-pocket.

Claim Example 2: Cashier Steals From Client

An employment agency deployed several cashiers to a supermarket client. One of cashiers was discovered to have stolen almost $2,000 from the supermarket’s cash registers. Although the cashier was arrested, she was unable to pay back the amount which she had stolen. The supermarket therefore demanded compensation from the employment agency, arguing that as the cashier’s ultimate employer, the employment agency was vicariously liable for her actions. Fortunately, the employment agency had Fidelity Guarantee Insurance, which covered liability from fraud/theft committed against other parties by one’s workers. The insurance company settled the claim for $2,000.

Claim Example 3: Worker Damages Client Property

An employment agency deployed a worker to a cleaning services company. The worker was on a cleaning job at a client’s house. He accidentally broke the client’s antique vase, which cost $7,000. The client demanded compensation from the employment agency. Since the employment agency had Public Liability Insurance, the $7,000 compensation was covered by the insurance company.

How much does Employment Agency Insurance cost?

Employment Agency Insurance is highly affordable. Most agency owners are able to obtain comprehensive coverage starting from $19-$30/month onwards.



Employment Agency Security Bond

From a one-time premium of $900

Work Injury Compensation Insurance (WICA Insurance)

From $5/month, per worker

Public Liability Insurance

From $9/month

Commercial Property Insurance

From $12/month

Fidelity Guarantee Insurance

From $2/month

Professional Indemnity Insurance

From $42/month

What are the benefits of using Provide for Employment Agency Insurance?

  • Save up to 25% on your premiums

  • Save time with our convenient online platform to get quotes

  • Expert insurance team with 20+ years experience serving both SMEs and large multinational firms

  • Available by phone 7 days/week

Get Employment Agency Insurance, from $19/month. Speak with our experts today!

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