business risks
Business
Business Risks
What we cover
A complete view of your business’s insurable exposures — so nothing falls through the gaps between policies.
Property & Casualty Risks
Financial Risks
Professional Indemnity
Cover built around your business
Fire and Special Perils
What it covers: Damage to your premises, contents, stock, and business property arising from fire and a schedule of named perils. Coverage typically extends to lightning, explosion, impact damage, storm, flood, subsidence, and riot — with additional perils available by endorsement.
Sum insured should reflect full reinstatement value, not market value, to avoid underinsurance at the time of a claim.
Property All Risks / Equipment All Risks
What it covers: Physical damage to your plant, equipment, and machinery from sudden and unforeseen causes — including mechanical or electrical breakdown — whether or not the cause can be specifically identified.
Indemnity typically includes:
- Repair or replacement cost following accidental physical damage
- Revenue loss arising directly from equipment breakdown
Key information underwriters will ask for:
- Frequency and records of preventive maintenance
- Operator qualifications and authorisation controls
- Asset age, replacement value, and any manufacturer warranties in force
Consequential Loss (Business Interruption)
What it covers: When physical damage — fire, explosion, flooding — forces your operations to halt, the resulting loss of revenue and the fixed costs that keep running can quickly exceed the cost of the damage itself. Business Interruption cover steps in to bridge that gap.
Typical indemnifiable losses include:
- Gross profit lost during the period your business cannot operate normally
- Fixed operating costs that continue regardless of trading activity
- Additional costs incurred to minimise the interruption period, such as temporary premises or professional fees
- Payroll for retained staff during the shutdown period
Public Liability
What it covers: Your legal liability to compensate third parties — members of the public, visitors, contractors, or neighbouring businesses — for accidental bodily injury or unintentional damage to their property arising from your business operations or your premises.
Covers both compensation payable to the claimant and the legal costs of defending or settling the claim.
Sum insured should reflect full reinstatement value, not market value, to avoid underinsurance at the time of a claim.
Work Injury Compensation
What it covers: Compensation payable to employees — and their dependants — for work-related injury, illness, or death under the Work Injury Compensation Act (WICA). Mandatory for all employees doing non-clerical work in Singapore; best practice for all other roles.
WICA provides a faster, lower-cost route to compensation than civil litigation — benefiting both employees and employers.
Benefits payable under a WICA claim:
- Medical treatment expenses up to statutory limits
- Paid medical leave during recovery
- Lump-sum compensation for permanent incapacity, scaled to degree of disability
- Death benefit to dependants in the event of a fatal accident
Money Insurance
What it covers: When physical damage — fire, explosion, flooding — forces your operations to halt, the resulting loss of revenue and the fixed costs that keep running can quickly exceed the cost of the damage itself. Business Interruption cover steps in to bridge that gap.
Typical indemnifiable losses include:
- Gross profit lost during the period your business cannot operate normally
- Fixed operating costs that continue regardless of trading activity
- Additional costs incurred to minimise the interruption period, such as temporary premises or professional fees
- Payroll for retained staff during the shutdown period
Fidelity Guarantee
What it covers: Financial losses your business sustains as a direct result of dishonesty or fraudulent acts committed by your own employees — including theft of cash, stock, or assets, and deliberate falsification of records for personal gain.
Particularly important for businesses where employees have access to cash, inventory, or financial systems with limited oversight.
Product Liability
What it covers: Your legal liability as a manufacturer, distributor, or retailer for bodily injury or property damage caused to third parties by a defect in a product you have supplied. The policy responds regardless of where the defect originated in the supply chain, subject to applicable limits.
Underwriters will assess product type, markets supplied, volume, and your quality control processes when pricing this cover.
Product Recall
What it covers: The direct costs of withdrawing a product from the market — including consumer notification, retrieval logistics, disposal, and replacement — when a safety issue requires removal from shelves. Typically purchased by food and beverage manufacturers, pharmaceutical companies, toy makers, and electronics producers.
Covered costs generally include:
- Consumer and retailer notification expenses
- Logistics of physically retrieving affected product
- Safe disposal of withdrawn stock
Contamination Product Insurance
What it covers: The costs and liabilities arising from an accidental product contamination event or a government-mandated recall — covering both the financial losses to your business and your liability to consumers who may have been affected.
Covered scenarios typically include:
- Accidental contamination of a product during manufacture or packaging
- Regulatory recall triggered by a safety authority
- Malicious product tampering by third parties
- Product extortion threats
Environmental Liability
What it covers: Third-party claims, emergency response costs, and regulatory penalties arising from sudden or gradual pollution events connected to your business operations. For industries handling chemicals, waste, or heavy equipment, this cover addresses an exposure that standard public liability policies typically exclude.
Covered losses typically include:
- Third-party bodily injury and property damage arising from pollution
- Emergency containment and remediation costs
- Legal defence costs and regulatory fines where insurable
- Environmental damage requiring third-party remediation
Plate Glass
What it covers: Accidental breakage of fixed glass panels — shopfronts, internal partitions, display cases, and signage — including the cost of boarding up and emergency propping while replacement glass is sourced and fitted.
Cover typically includes:
- Full replacement value of the damaged glass up to the insured sum
- Removal of broken fragments and debris
- Boarding-up and temporary protection costs
Professional Indemnity
What it covers: Legal defence costs and any damages payable to clients who have suffered a financial loss they attribute to an error, omission, or act of negligence in the professional services your firm provided. Claims can arise years after the work was completed, making retroactive cover an important consideration.
Professions for whom PI cover is essential:
- Accountants and auditors
- Architects and engineers
- Management and IT consultants
- Legal practitioners
- Healthcare professionals and medical clinics
- Technology firms and software developers
- Recruitment and employment agencies
- Education and training providers
Covered losses typically include:
- Legal defence and representation costs
- Damages and out-of-court settlement amounts
- Intellectual property infringement claims
- Defamation arising from professional activities
Cyber Insurance
What it covers: First-party losses and third-party liabilities arising from a cyber incident — whether a targeted attack, ransomware deployment, accidental data breach by an employee, or system failure. As businesses become more digitally dependent, cyber has become one of the most consequential uninsured exposures for organisations of every size.
Covered events typically include:
- Business interruption and revenue loss following a cyber incident
- Ransomware response and negotiation costs
- Malicious hacking and deliberate system intrusion
- Accidental data leakage or employee error
- Third-party liability for breach of customer data
- Regulatory investigation costs and notification expenses
Cover parameters can be tailored to reflect your organisation’s specific technology infrastructure, data volumes, and regulatory environment.
Directors and Officers Liability
What it covers: The personal financial exposure of directors and officers when they are held personally liable for decisions made in their management roles — including regulatory investigations, shareholder actions, employment claims, and allegations of mismanagement.
D&O cover protects both the individuals and, where applicable, the company itself, ensuring that the cost of defending or settling such claims does not fall personally on those running the business.
Covered losses typically include:
- Legal representation and defence costs
- Damages awarded or negotiated settlement
- Data protection and privacy breach defence
- Regulatory investigation costs and civil penalty defence
- Retired director run-off coverage
Prospectus Liability (IPO)
What it covers: Companies preparing for an initial public offering face a specific and concentrated window of liability — any misstatement or omission in the prospectus can expose the company, its directors, and the underwriting banks to significant claims from investors.
IPO liability cover is designed to protect all parties involved in the offer process during this heightened exposure period.
The policy responds to claims arising from:
- Alleged misstatements or omissions in the offer prospectus
- Claims against directors, officers, and underwriters named in the document
Motor Fleet Insurance
What it covers: Comprehensive or third-party motor insurance for your company’s vehicle fleet — from a handful of company cars to a large fleet of commercial vehicles. Fleet policies are typically more efficient than insuring vehicles individually and can incorporate usage-based underwriting for businesses with strong safety records.
Standard fleet policy benefits include:
- 24-hour accident and claims assistance hotline
- Accidental loss or damage to insured vehicles
- Third-party bodily injury and property damage liability
- Personal accident cover for named drivers and passengers
- Strike, riot, and civil commotion cover
- Third-party property damage and legal liability
- Legal costs of defending motor accident claims
Marine Insurance
What it covers: Physical loss or damage to goods in transit — whether by sea, air, or overland — from the point of origin to the final destination. Marine cargo insurance protects the commercial value of your shipments against the many risks that can occur in an international logistics chain.
For businesses that import or export regularly, open cover policies provide automatic, continuous protection without the need to arrange individual shipment declarations each time.
Coverage is available for:
- Marine cargo in transit
- Vessels and hull coverage
- Marine liability arising from cargo operations
Contractor's All Risk
What it covers: All-risks protection for the physical works at a construction site — together with third-party liability coverage for injury or damage caused to others in connection with the project. CAR is the standard insurance requirement on most construction and civil engineering contracts in Singapore.
Three core sections of cover:
- Material Damage — physical loss of or damage to the contract works from any cause not specifically excluded, including unforeseen site conditions
- Third Party Liability — your legal liability for accidental bodily injury or property damage to parties not connected with the contract
- Workmen Compensation — injury benefits for workers on site, typically required at 10–25% of the contract value as a minimum sum insured