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Get Singapore's best Startup Insurance. Crafted for founders, by founders.
Provide is the quickest & easiest way for founders to insure their startups. Get comprehensive cover against business lawsuits, director lawsuits, employee injuries, & more. We understand the nuanced risks that startups face. Mitigating these risks is made more challenging by the fact that startups tend to have limited resources. We’ll get you broad yet affordable coverage to effectively address your risk exposures. With our help, you’ll achieve hyperscale growth with peace of mind.
What insurance do startups need?
Importance for startups
Protects you from lawsuits related to consulting work
Protects your board directors (e.g. founders & VCs) from personal lawsuits
Protects you if you suffer a cyber attack. Covers IT restoration costs, data breach liability, PDPA liability, and more.
Protects your business premises against property damage, e.g. fire, explosions, certain types of water damage, etc.
Critical if you rent commercial spaces
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.
Good to have
Protects your employees if they suffer work-related injuries/sickness.
Legally required for all manual workers, or workers who earn <$2,600/month
Critical for all other worker types
Provides cash benefit if you cannot operate your consulting business due to covered reasons, e.g. fire at your office.
Good to have
What are some claims examples for startups?
Lawsuit against your startup and board directors : You make serious errors in a project for one of your clients. Your error causes the client to suffer serious delays, which in turn causes them to suffer large losses. Your client files a lawsuit against your corporate entity, and another lawsuit personally targeting your Board of Directors. Since you have Professional Indemnity Insurance, the lawsuit against your company is covered. With Directors & Officers Liability Insurance, your directors are also covered from the lawsuit targeting them.
Employee injured while working: Your cook was in the kitchen. The floor was wet. As he was moving between stations, he slips. He suffers a fracture on his arm from the fall. His arm gets placed in a cast. His medical bills are $4,000. He is placed on MC for 4 weeks. Under WICA laws, you must pay his $4,000 medical bill, plus his salary while he’s on MC due to his work-related injury. WICA Insurance would pay for his medical bills, and his lost wages.
How much coverage do I need for my startup?
Professional Indemnity Insurance: Coverage depends on several factors, like your stage of growth, what kinds of products/services you offer, and which countries you operate in. Generally, startups should have no less than $500,000 coverage. This is the bare minimum you’ll need to weather a lawsuit. Startups with more sizeable revenue (e.g. ARR of $10 to $20 million, and more) will need to consider higher coverage amounts. At this revenue range, $3-5 million is usually a fair starting point.
Directors & Officers Liability Insurance: If you raise a funding round, your VC will likely ask for Directors & Officers Liability Insurance to protect them. Startups should have no less than $500,000 coverage. For star
Commercial Property Insurance: If you have an office or other commercial space, consider at least $100,000 coverage.
Public Liability Insurance: Carry at least $250,000 to $500,000 coverage.
Work Injury Compensation Insurance: MOM legally requires manual workers and workers who earn $2,600/month or less to be insured. You should go beyond this to insure all your employees. This is because employers are legally responsible for compensating employees for work-related injuries/illnesses, including Covid-19. If you’re strapped for resources, the last thing you need is a hefty medical bill!
Speak with us for a more detailed assessment of how much coverage you’ll need.
How much does Startup Insurance cost?
Coverage amount (example)
From $19/month, for a comprehensive Startup Insurance Package deal
$10 million common law annual limit
$45,000 medical expenses cover per worker
Why use Provide for Startup Insurance?
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- Save up to 25% on premiums, with comprehensive protection
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