Lawyers Insurance in Singapore

Client sues you for advice that causes them losses:

You are working on a highly complex lawsuit for a large MNC. You provide professional advice on your client’s legal case, what legal strategies to employ, and other professional advice related to the legal action. 3 months after your advice has been implemented, your client loses the case. The MNC then initiates legal action against you, claiming your professional advice was negligent. 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 $500,000. The insurance company pays for these costs for you.

Cyber breach exposes confidential data, destroys IT systems:

A cyber breach hits your law practice. Confidential data on multiple lawsuits that you’ve worked on, including patents, trade secrets, and other highly private legal information is leaked. Your clients file a lawsuit against you, seeking damages for this leaked data. On your end, you’re also in trouble because all your work has been deleted by the breach. 

Cyber Insurance would pay for your legal defense costs. Cyber Insurance would also cover the cost of hiring an IT consultant to restore your deleted documents. 

Employee injured at work: One of your employees was travelling to meet a client. While crossing a road, your employee was struck by a car. He suffers a fracture and lacerations. Your employee ends up having to undergo a surgery to install screws and plates to treat his injury. Your employee was also provided with 5 weeks of medical leave. His medical bill is $8,000. Under Singapore’s WICA regulations, you must compensate your employee for his medical bills and lost wages while on medical leave. If you don’t do this, you can be jailed and/or fined. Since you purchased WICA Insurance, the insurance company will pay for your worker’s medical costs and his lost wages.