Business insurance cost in Singapore
There is no single price for business insurance in Singapore — it depends on the cover and on your business. The ranges below are indicative annual premiums by cover type. Your actual premium is set by your revenue, headcount and payroll, industry risk class, the limits and excess you choose, and your claims history.
Indicative annual premiums by cover
Ranges are indicative starting points for SMEs and are not quotes. Statutory covers are marked — these may be required by law, licence or contract. Figures are general market guidance, not an offer of cover.
Liability cover
| Cover | Indicative annual premium | Statutory |
|---|---|---|
| Public Liability Insurance | From S$300/yr for low-risk offices to S$5,000+/yr for high-footfall F&B and event venues. | Optional |
| Professional Indemnity Insurance | From S$800/yr for small consultancies to S$25,000+/yr for medium law and accounting firms. | Optional |
| Directors & Officers Liability Insurance | From S$2,500/yr for early-stage startups to S$50,000+/yr for listed-company boards. | Optional |
| Employers Liability Insurance | From S$200/yr as an add-on to a package policy. | Optional |
| Cyber Liability Insurance | From S$1,500/yr for small SMEs to S$50,000+/yr for larger data-rich businesses. | Optional |
| Product Liability Insurance | From S$800/yr for domestic-only distribution to S$25,000+/yr for US-bound consumer-product manufacturers. | Optional |
| Medical Malpractice Insurance | From S$2,000/yr for low-risk GPs to S$50,000+/yr for high-risk specialties (obstetrics, neurosurgery, cosmetic surgery). | Optional |
| Commercial Crime / Fidelity Guarantee | From S$3,000/yr for SMEs to S$50,000+/yr for licensed PSPs. | Optional |
| Errors and Omissions (E&O) Insurance | From S$1,500/yr for small dev shops to S$25,000+/yr for established SaaS players. | Optional |
Workforce & people cover
| Cover | Indicative annual premium | Statutory |
|---|---|---|
| Work Injury Compensation Insurance (WICA) | From S$80/yr per worker for low-risk roles to S$1,000+/yr per worker for construction. | May be required |
| Foreign Worker Medical Insurance | From S$120/yr per worker. | May be required |
| Group Medical & Health Insurance | From S$400/yr per employee for basic hospitalisation to S$3,000+/yr per employee for executive plans. | Optional |
| Keyman Insurance | Premiums vary widely by sum insured, age and health of the insured. | Optional |
| Corporate Travel Insurance | From S$100/yr per employee for standard business travel to S$2,000+/yr per employee for high-risk-region executives. | Optional |
| Group Personal Accident Insurance | From S$50/yr per employee for office staff to S$500+/yr per employee for high-risk trades. | Optional |
| Group Term Life Insurance | From S$30/yr per employee for sum insured of 1x salary; higher for older workforces. | Optional |
| Group Hospital and Surgical (GHS) | From S$300/yr per employee for restructured-ward cover to S$3,000+/yr per employee for private-deluxe with EMM. | Optional |
Property & assets cover
| Cover | Indicative annual premium | Statutory |
|---|---|---|
| Fire Insurance | From S$150/yr for small offices. | Optional |
| Property All Risk (PAR / IAR) Insurance | Premium varies by sum insured and trade. | Optional |
| Marine Cargo Insurance | Typically charged as a rate on cargo value declared per shipment or annually. | Optional |
| Contractors All Risk (CAR) Insurance | Premium is typically a rate on the contract sum, varies by project type. | Optional |
| Business Interruption Insurance | Priced as a percentage of declared gross profit; varies by trade and indemnity period. | Optional |
| Machinery Breakdown Insurance | Premium varies by sum insured and plant type. | Optional |
| Goods in Transit Insurance | Rate per S$1,000 of cargo value declared; varies by route and cargo type. | Optional |
| Marine Hull Insurance | Rated as percentage of hull insured value. | Optional |
| Fine Art and Specie Insurance | Rate per S$1,000 of insured value. | Optional |
Sector-specific cover
| Cover | Indicative annual premium | Statutory |
|---|---|---|
| F&B and Restaurant Insurance | From S$800/yr for small cafes to S$10,000+/yr for full-service restaurants. | Optional |
| Construction Insurance | Project-specific, rated on contract sum and project risk. | Optional |
| Trade Credit Insurance | Typically charged as a percentage of insured turnover. | Optional |
| Event Insurance | Priced per event, from a few hundred dollars upward. | Optional |
| Performance & Surety Bonds | 0.5–1.5 percent of bond amount per annum for standard credit profiles. | Optional |
| Aviation Insurance Singapore | Highly variable by hull value, type rating and exposure. | Optional |
What drives your premium
- Revenue / turnover — higher turnover usually means greater exposure and a higher premium for liability and professional covers.
- Headcount and payroll — work injury compensation is rated per employee against payroll and occupation class.
- Industry risk class — construction, F&B and healthcare carry different base rates from professional-services offices.
- Cover limit and sub-limits — a higher indemnity limit raises the premium; landlords and tenders often dictate a minimum limit.
- Excess / deductible — accepting a higher excess lowers the premium.
- Claims history — a clean record and documented risk-management measures reduce the rate.
- Bundling — packaging several covers into one SME policy usually costs less than buying each separately and closes gaps between policies.
For the regulatory background to statutory covers, see work injury compensation, and the full list of covers on the business insurance hub.
Frequently asked questions
How much does business insurance cost in Singapore?
There is no single price — it depends on the cover and on your business. Premiums are driven by your revenue, headcount and payroll, your industry risk class, the cover limits and excess you choose, and your claims history. Work injury compensation is priced per employee against payroll; liability and property covers are priced on exposure. The table on this page shows indicative annual ranges by cover. Many SMEs bundle several covers into a single package policy, which usually costs less than buying each cover separately.
What determines my business insurance premium?
The main factors are: annual revenue or turnover; number of employees and total payroll (especially for work injury compensation); your industry and its risk class; the sum insured, cover limit and any sub-limits; the excess or deductible you accept; your claims history; and any optional extensions. A higher limit or a lower excess raises the premium; a clean claims record and a well-managed risk profile lower it.
Is business insurance tax-deductible in Singapore?
Insurance premiums incurred wholly and exclusively in the production of trade or business income are generally deductible for Singapore income tax. Treatment can vary by cover and circumstance, so confirm with your accountant or with IRAS for your specific situation.
How can I reduce my business insurance cost?
Bundle related covers into a single SME package rather than buying each separately; set cover limits to your actual exposure rather than over-insuring; accept a higher excess where you can absorb small losses; maintain a clean claims history and document your risk-management measures; and review your policy annually as your business changes. Avoid under-insuring to save on premium — a sum insured below the true value can lead to proportional reduction of any claim.