FINANCIAL RISKS & GUARANTEES
Professional Indemnity Insurance
Professional indemnity insurance in Singapore is essential for any professional or company offering advice, consultancy, or technical services. A single mistake, oversight, or miscommunication could result in a dissatisfied client filing a legal claim, potentially costing you thousands in legal fees and reputational damage.
At AWG Insurance, we help professionals safeguard their livelihoods with customised professional indemnity insurance plans. Our policies are designed to protect you against claims of negligence, errors, or omissions that result in a client’s financial loss. Whether you are a self-employed consultant or part of a large firm, we ensure your business is protected from unexpected legal and financial exposure.
APPLICATION
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Additional Information
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.
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Enhanced Coverage
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.
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Documents Required
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Applicable To
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.
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Case Study
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