Industries / IT & Technology
IT & Technology Company Insurance in Singapore
Technology firms carry less physical risk and more contractual and data risk. The main exposures are professional liability (a project failure or defect causing a client financial loss), cyber liability (a breach of your own or a client’s systems and data), and management liability as the company raises capital and adds a board.
Essential cover
Professional / technology liability for a failure, error or defect in your software or services that causes a client financial loss — frequently required by enterprise client contracts.
First- and third-party cover for data breaches, ransomware and system outages, including PDPA notification and remediation costs.
Mandatory under the Work Injury Compensation Act 2019 for eligible employees, including office-based staff at or below the salary threshold.
Commonly added
Protects founders and directors personally as the company raises funding and a board forms; investors often require it before a round.
Third-party injury or property damage at your office or at client sites.
Cushions the business against the loss of a founder or critical technical lead.
What is statutory vs contractual
Work injury compensation (WICA) is statutory for eligible staff. Professional indemnity / errors and omissions and cyber liability are not imposed by statute but are commonly required by enterprise client contracts and by investors as a condition of doing business or funding.
For indicative premium ranges by cover, see the business insurance cost guide, or browse every cover on the business insurance hub.
Frequently asked questions
What insurance does a software or IT company need in Singapore?
The core covers are professional indemnity / errors and omissions (for a defect or failure causing a client loss), cyber liability (for data breaches and system outages, including PDPA costs), and work injury compensation for eligible staff. Funded companies usually add directors and officers liability.
Do startups in Singapore need directors and officers insurance?
It is not compulsory, but investors frequently require it before or at a funding round, because it protects the personal assets of founders and directors against claims arising from management decisions. Many Singapore startups put it in place at their first institutional round.
What is the difference between professional indemnity and cyber insurance?
Professional indemnity / errors and omissions covers a client’s financial loss from a defect or failure in your work. Cyber liability covers the breach itself — data loss, ransomware, business interruption and PDPA notification and remediation. Technology firms typically need both because the exposures overlap but do not duplicate.