Protect Your Business with Professional Indemnity Insurance in Singapor

What is Professional Indemnity Insurance?

Professional indemnity insurance (also known as PI insurance) is a form of business liability insurance that provides protection when a client alleges that your professional advice, service, or design caused them financial harm. It is specifically tailored for service-based professions where expertise, advice, or opinions are the core offering.

Here’s what professional indemnity insurance in Singapore typically covers:

• • Negligent advice: If a client suffers losses due to advice that you provided, such as a financial consultant recommending the wrong investment product.
  • Professional errors or omissions: Mistakes in reports, calculations, or services that lead to a client’s financial damage.
  • Breach of duty: Failing to fulfil a professional obligation, such as a lawyer missing a court deadline.
  • Defamation: Inadvertent libel or slander while carrying out professional duties.
  • Loss of documents: Misplacement or destruction of important client documents.
  • Intellectual property infringement: Unintentional use of copyrighted materials or designs.

Who Is This For?

This type of insurance is especially relevant for:

• • Real estate agents and agencies
  • Lawyers and legal consultants
  • Engineers, architects, and surveyors
  • Accountants and auditors
  • IT professionals, software developers, and tech consultants
  • Marketing agencies and media professionals
  • Management and business consultants

In many cases, professional indemnity insurance in Singapore is a regulatory requirement before professional licenses can be issued or renewed.

Benefits of Our Professional Indemnity Insurance Policy

AWG Insurance provides professional indemnity insurance in Singapore that professionals trust. Our policies are comprehensive, flexible, and backed by strong relationships with top insurers.

Highlights of our coverage include:

• Broad definition of “insured” – Includes the business entity, current and former partners/directors, employees, and contractors.
• Worldwide territorial coverage – Protects your firm when services rendered in Singapore are used overseas.
• Retroactive coverage – Covers prior work performed before the start of your current policy (if disclosed).
• Legal representation costs – Covers expenses incurred from legal representation, even during investigations.
• Emergency legal defence – Immediate funding support when urgent legal action is needed.
• Mitigation costs – Covers expenses to help resolve a potential claim before it escalates.
• Advancement of legal expenses – Costs are paid as they are incurred, instead of being reimbursed after the case is resolved.

These features ensure that even in the event of a complex claim, you are not left to shoulder the burden alone.

Optional Policy Extensions

Tailor your professional indemnity insurance in Singapore with value-added add-ons designed for deeper protection:

• Fraud and Dishonesty: Covers you if an employee’s fraudulent acts lead to a client’s loss and subsequently a claim against your firm.
• Previous Business Cover: Extend protection to services rendered in a previous company where you may still be held liable.
• Automatic Reinstatement of Sum Insured: Once a claim is paid, your policy limit is automatically restored to its full value for future claims.
• Loss of Documents: Reimbursement for costs related to recovering or replacing lost or damaged client records.
• Joint Venture Liability: Protection against liabilities arising from joint ventures undertaken with other firms.

These extensions are especially important for businesses operating in high-risk environments or managing large client portfolios. Need tailored advice? Talk to the best insurance broker in Singapore.