Business insurance in Singapore

Singapore companies typically carry between three and eight commercial insurance covers. Two are mandatory under Singapore law — WICA insurance and foreign worker medical insurance. The rest are required by landlord leases, professional licensing authorities (MAS, Law Society, ISCA, BOA, PEB, SMC), customer contracts or tender conditions — or are taken voluntarily to manage business risk.

This page lists every cover type we compare. Click through to a category for clause-level summaries from the wordings published by Singapore commercial insurers. For indicative annual premium ranges by cover, see the business insurance cost guide.

Liability cover

9 cover types

Public Liability Insurance

Covers your business against legal liability for third-party injury or property damage arising from your operations or premises. Typically required by landlords, NEA / LTA / URA licensing, and many tender contracts.

Who needs it
F&B operators, event organisers, contractors, gyms, retailers, clinics, schools, anyone the public visits or whose operations could damage third-party property.
Typical premium range
From S$300/yr for low-risk offices to S$5,000+/yr for high-footfall F&B and event venues.

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Professional Indemnity Insurance

Covers legal liability arising from professional negligence, errors and omissions in advice or services. Required under MAS, Law Society, ISCA, BOA, PEB and SMC licence conditions for regulated professionals.

Who needs it
Financial advisers, lawyers, accountants, architects, engineers, doctors, consultants, IT services firms, marketing agencies.
Typical premium range
From S$800/yr for small consultancies to S$25,000+/yr for medium law and accounting firms.

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Directors & Officers Liability Insurance

Protects the personal assets of company directors and officers against claims arising from decisions made in their corporate capacity. Often triggered by fundraising, IPO, VCC formation or family-office structuring.

Who needs it
Listed companies, VCC fund directors, family-office boards, startup boards with institutional investors, charities and IPCs with governance boards.
Typical premium range
From S$2,500/yr for early-stage startups to S$50,000+/yr for listed-company boards.

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Employers Liability Insurance

Covers liability to employees for injury or illness arising from employment, beyond what WICA provides. Often bundled into a commercial package policy.

Who needs it
Employers with non-manual staff earning above the WICA statutory threshold, professional services firms.
Typical premium range
From S$200/yr as an add-on to a package policy.

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Cyber Liability Insurance

Covers first- and third-party losses from cyber incidents — ransomware, data breach, business interruption, PDPC fines, regulatory investigation costs. See cyberinsurance.com.sg for full clause-level comparison.

Who needs it
Any business handling personal data under PDPA, holding payment card data, or dependent on IT systems for revenue.
Typical premium range
From S$1,500/yr for small SMEs to S$50,000+/yr for larger data-rich businesses.

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Product Liability Insurance

Covers legal liability for third-party injury or property damage caused by defective products you manufacture, distribute, import or sell. Critical for manufacturers, importers and exporters — especially those reaching the US, Canada, EU or Australia markets.

Who needs it
Manufacturers, importers, distributors, F&B operators, electronics and electrical-goods sellers, pharmaceutical and medical-device companies, cosmetics suppliers, online sellers and private-label brands.
Typical premium range
From S$800/yr for domestic-only distribution to S$25,000+/yr for US-bound consumer-product manufacturers.

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Medical Malpractice Insurance

Professional indemnity for medical and dental practitioners covering negligence in clinical care. Required by SMC, SDC, MOH licence conditions. Underwritten by SMA Indemnity (mutual for SMA members), Beazley, Markel, Newline and Lloyd’s syndicates.

Who needs it
Registered medical practitioners, dentists, allied health professionals, clinics, hospitals.
Typical premium range
From S$2,000/yr for low-risk GPs to S$50,000+/yr for high-risk specialties (obstetrics, neurosurgery, cosmetic surgery).

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Commercial Crime / Fidelity Guarantee

Covers loss from employee dishonesty, third-party fraud, computer-systems fraud, funds-transfer fraud, social engineering. Critical for fintech, payment service providers, family offices and financial institutions.

Who needs it
Banks, MAS-licensed PSPs, fintech firms, family offices, charities, any business holding client funds or moving money.
Typical premium range
From S$3,000/yr for SMEs to S$50,000+/yr for licensed PSPs.

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Errors and Omissions (E&O) Insurance

Specialised professional indemnity for technology, SaaS, IT consultancies and digital agencies covering errors in software, integration failures, data loss. Often combined with cyber liability.

Who needs it
IT consultancies, SaaS providers, digital agencies, technology integrators, cloud service providers.
Typical premium range
From S$1,500/yr for small dev shops to S$25,000+/yr for established SaaS players.

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Workforce & people cover

8 cover types

Work Injury Compensation Insurance (WICA) Mandatory

Mandatory under the Work Injury Compensation Act 2019 for all manual workers and non-manual workers earning S$2,600 or less per month. Covers medical expenses, lost wages and lump-sum compensation for work-related injury or disease.

Who needs it
Every employer of manual workers or lower-earning non-manual workers, plus every household with a foreign domestic worker.
Typical premium range
From S$80/yr per worker for low-risk roles to S$1,000+/yr per worker for construction.

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Foreign Worker Medical Insurance Mandatory

MOM-required medical insurance for every Work Permit and S Pass holder, with a minimum annual coverage of S$60,000 for inpatient care and day surgery. Most employers also bundle WICA.

Who needs it
Every employer of Work Permit and S Pass holders — construction, manufacturing, F&B, marine, conservancy, domestic helpers.
Typical premium range
From S$120/yr per worker.

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Group Medical & Health Insurance

Employee health benefit plans covering hospitalisation, outpatient GP and specialist consults, dental, and optional extras. Increasingly expected by knowledge workers as part of remuneration.

Who needs it
Professional services firms, tech companies, family offices, any business competing for talent.
Typical premium range
From S$400/yr per employee for basic hospitalisation to S$3,000+/yr per employee for executive plans.

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Keyman Insurance

Life and critical illness cover on a key employee or founder, with the business as beneficiary. Protects the business against the financial impact of losing a person critical to operations or financing covenants.

Who needs it
Founder-dependent SMEs, businesses with bank covenants tied to key personnel, partnerships where buyout funding depends on a partner remaining.
Typical premium range
Premiums vary widely by sum insured, age and health of the insured.

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Corporate Travel Insurance

Annual or per-trip insurance for employees travelling on business. Medical, emergency evacuation, trip cancellation, baggage, kidnap and political-evacuation extensions for higher-risk regions.

Who needs it
Any business with employees travelling cross-border, especially professional services, consultancies, trading firms, NGOs operating regionally.
Typical premium range
From S$100/yr per employee for standard business travel to S$2,000+/yr per employee for high-risk-region executives.

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Group Personal Accident Insurance

Lump-sum compensation for death or permanent disablement from accidental cause, paid to the employee or estate. Typically a multiple of annual salary. Bundled with group medical or sold standalone.

Who needs it
Any employer extending workforce-protection benefits, especially employers of field staff, drivers, manual workers and senior executives.
Typical premium range
From S$50/yr per employee for office staff to S$500+/yr per employee for high-risk trades.

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Group Term Life Insurance

Lump-sum death benefit paid to the employee’s nominee, typically a multiple of annual salary (1x to 4x). Underwritten by AIA, Great Eastern, Income, Manulife, Prudential, Singlife and others. Often paired with group medical for talent retention.

Who needs it
Employers offering competitive benefit packages, especially in professional services, technology, financial services.
Typical premium range
From S$30/yr per employee for sum insured of 1x salary; higher for older workforces.

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Group Hospital and Surgical (GHS)

The core inpatient and day-surgery section of a group medical plan. Tiered by ward class (restructured A, private standard, private deluxe). Co-ordinates with MediShield Life and Integrated Shield Plans.

Who needs it
Any employer providing employee medical benefits to Singapore citizens and PR staff.
Typical premium range
From S$300/yr per employee for restructured-ward cover to S$3,000+/yr per employee for private-deluxe with EMM.

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Property & assets cover

9 cover types

Fire Insurance

Covers loss or damage to commercial buildings and contents caused by fire, lightning and limited additional perils. Required by most landlords for commercial tenants in Singapore.

Who needs it
Any commercial tenant under a Singapore landlord lease, owner-occupiers of commercial property.
Typical premium range
From S$150/yr for small offices.

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Property All Risk (PAR / IAR) Insurance

Broader cover than fire insurance — protects against all sudden and accidental physical loss or damage to commercial property, including water damage, accidental damage, theft and impact, subject to named exclusions.

Who needs it
Larger businesses with valuable plant and equipment, warehouses, manufacturing facilities, owner-occupiers.
Typical premium range
Premium varies by sum insured and trade.

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Marine Cargo Insurance

Covers loss or damage to goods in transit by sea, air, road or rail. Critical for any Singapore-based importer, exporter or freight forwarder given Singapore's role as a regional shipping and logistics hub.

Who needs it
Importers, exporters, freight forwarders, e-commerce operators shipping international.
Typical premium range
Typically charged as a rate on cargo value declared per shipment or annually.

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Contractors All Risk (CAR) Insurance

Covers physical loss or damage to construction works, materials and plant, plus third-party liability arising from the construction project. Often required by main contractors and BCA tender categories.

Who needs it
Main contractors, sub-contractors, M&E specialists, developers, owners requiring contractor cover.
Typical premium range
Premium is typically a rate on the contract sum, varies by project type.

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Business Interruption Insurance

Covers loss of gross profit, fixed costs and additional expenses while the business cannot trade following an insured physical-damage event. Pays the cash gap between the incident and full trade recovery.

Who needs it
Any business where rent, payroll and supplier commitments continue during a closure — retail, F&B, manufacturing, professional services.
Typical premium range
Priced as a percentage of declared gross profit; varies by trade and indemnity period.

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Machinery Breakdown Insurance

Covers sudden and accidental physical damage to plant, machinery, and electrical equipment from mechanical or electrical breakdown. Critical for manufacturers, data centres, hotels, hospitals, marine operators. HSB (Munich Re) is the global specialist.

Who needs it
Manufacturers, data-centre operators, hotels with central plant, hospitals, marine operators, any business reliant on continuous mechanical equipment.
Typical premium range
Premium varies by sum insured and plant type.

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Goods in Transit Insurance

Covers loss or damage to goods while being transported by road, rail or inland waterway within Singapore or across borders. Distinct from marine cargo (which covers international sea/air shipments).

Who needs it
Domestic distributors, couriers, hauliers, retailers moving stock between outlets, e-commerce operators with own delivery fleets.
Typical premium range
Rate per S$1,000 of cargo value declared; varies by route and cargo type.

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Marine Hull Insurance

Physical loss and damage cover for vessels — hull, machinery, freight at risk and protection-and-indemnity (P&I). Critical for SG ship-owners, charterers and offshore operators using the Maritime and Port Authority of Singapore registry.

Who needs it
Ship-owners on the MPA Singapore registry, bareboat charterers, offshore-supply operators, harbour-craft owners, yacht owners.
Typical premium range
Rated as percentage of hull insured value.

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Fine Art and Specie Insurance

Specialist all-risk cover for high-value art, antiques, collectibles, gold and bullion, and high-value goods in storage or transit. Standard cover for SG galleries, family-office collections, jewellery wholesalers and HNW private clients.

Who needs it
Galleries, art dealers, auction houses, family-office collections, jewellery retailers and wholesalers, HNW private clients, bullion vault operators.
Typical premium range
Rate per S$1,000 of insured value.

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Sector-specific cover

6 cover types

F&B and Restaurant Insurance

Package policies tailored to restaurants, cafes, bars and central kitchens — combining public liability, fire, contents, money, business interruption and product liability for food.

Who needs it
Restaurants, cafes, bars, hawkers operating under an F&B licence, central kitchens.
Typical premium range
From S$800/yr for small cafes to S$10,000+/yr for full-service restaurants.

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Construction Insurance

Umbrella term covering Contractors All Risk, Erection All Risk, Workmen Compensation, public liability, plant and machinery cover, and surety bonds for the construction sector.

Who needs it
Main contractors, sub-contractors, M&E specialists, builders.
Typical premium range
Project-specific, rated on contract sum and project risk.

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Trade Credit Insurance

Protects against non-payment of trade receivables by domestic and overseas customers. Underwritten in Singapore by Atradius, Coface, Allianz Trade (Euler Hermes) and a small number of Lloyd's syndicates.

Who needs it
Exporters, wholesalers, manufacturers selling on open-account credit terms.
Typical premium range
Typically charged as a percentage of insured turnover.

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Event Insurance

Short-term policies for one-off events covering cancellation, public liability, equipment and adverse weather. Required by many Singapore venues and STB-registered events.

Who needs it
Event organisers, conference operators, wedding planners, exhibition organisers.
Typical premium range
Priced per event, from a few hundred dollars upward.

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Performance & Surety Bonds

Guarantees from insurers to project employers securing the contractor’s performance of the contract. Required by HDB, JTC, BCA, SG Customs, URA, and most private main contracts. Issued by AIG Surety, Chubb Surety, Tokio Marine, MSIG, Sompo and bank-issued alternatives.

Who needs it
Main contractors, sub-contractors, importers facing SG Customs bond requirements, suppliers on government tenders.
Typical premium range
0.5–1.5 percent of bond amount per annum for standard credit profiles.

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Aviation Insurance Singapore

Cover for aircraft hull, third-party liability, passenger liability and operator liability across SG general aviation, charter, drone operations and supporting MRO businesses. Specialist underwriting by Global Aerospace, Allianz Aerospace, AIG and Tokio Marine.

Who needs it
General aviation operators, charter providers, drone enterprise operators, ATO flight schools, MRO and ground-handling businesses, helicopter operators.
Typical premium range
Highly variable by hull value, type rating and exposure.

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