Public Liability Insurance

This insurance indemnifies you against your legal liability due to negligence, in respect of accidental bodily injury to third parties and/or accidental loss and/or damage to property belonging to third party arising in connection with your business anywhere in Singapore or specific place of business.

Legal cost and expenses incurred with the written consent of the Insurer is also covered. 

 

Imagine if someone slip and fell at your shopfront while you are operating your business, you may be liable for all the medical fees incurred from such injuries. In another scenario, your trading stock unfortunately caused a fire at your warehouse unit and the fire spread to a neighbouring unit damaging the contents therein.

If without a Public Liability insurance, you are most likely to have to pay out from your own pockets all compensation demanded by your neighbours. Such legal and settlement expenses of a single lawsuit could drive a business into bankruptcy.

Product Liability Insurance

A manufacturer may be held liable for bodily injury or damage to property of others caused by defective products. The cover under this policy operates in respect of liabilities arising out of the use of specific product. 

Professional Liability Insurance

Professionals such as doctors, lawyers, architects, consultants and realtors should consider carrying professional liability insurance. Types of professional liability insurance include malpractice insurance for those in the medical profession, and error and omissions cover for business professionals.

In some cases, professional liability insurance is mandatory. Error and omissions insurnace protects business professionals whose clients could claim damages as a result of the business professional's faulty performance.