Consultants Insurance in Singapore

Consultants should have the following covers to adequately protect themselves:



Importance for consultants

Professional Indemnity Insurance

Protects you from lawsuits related to consulting work


Commercial Property Insurance

Protects your business premises against property damage, e.g. fire, explosions, certain types of water damage, etc.

Critical only if you rent an office

Public Liability Insurance

Protects you against liability to third-parties for property damage or injuries.

E.g. clients slipping & falling in your office due to you negligently leaving the floor wet.

Very good to have

Work Injury Compensation Insurance (WICA Insurance)

Protects your employees if they suffer work-related injuries/sickness.

Legally required for all workers who earn <$2,600/month, and for all manual workers

Business Interruption Insurance

Provides cash benefit if you cannot operate your consulting business due to covered reasons, e.g. fire at your office.

Very good to have

Cyber Insurance

Protects you if you suffer a cyber attack. Covers IT restoration costs, data breach liability, PDPA liability, and more.

Good to have

Professional Indemnity Insurance: The first and foremost policy that all consultants should have is Professional Indemnity Insurance. Consultants carry significant liability from their professional advice. Whether it’s strategic advice on M&A, advising clients on corporate strategy, technology issues, or other matters, you can be held liable if your advice causes the client to suffer losses. Professional Indemnity Insurance covers your legal fees and the cost of damages/settlements.

Commercial Property Insurance: If you have an office, it’s a good idea to protect it from fire, water damage, and other major risks. This policy can protect your computers and other electronic equipment. Also, if you have documents stored there that end up being damaged, this policy can cover that as well.

Public Liability Insurance: If you travel to meet clients, or if you meet clients in your office, then you should consider getting Public Liability cover. If you accidentally damage other people’s property or cause injuries while running your business, you can be held liable. Public Liability Insurance covers you for legal costs like settlements/damages, and lawyer’s fees. This type of insurance is also sometimes requested for in contracts.

Work Injury Compensation Insurance (WICA Insurance): WICA Insurance covers work-related injuries and illnesses, including Covid-19 infections. MOM requires WICA insurance for all workers who earn below $2,600/month, and all manual workers. Even if your employees don’t meet these legal requirements, it’s still a good idea to purchase WICA insurance for them. This is because employers are liable to pay for all work-related injuries/sickness suffered by employees. WICA Insurance will cover these expensive costs for you.

Business Interruption Insurance: This covers your operating expenses if you can’t run your dance studio, due to a covered reason – for instance, if a fire destroys your premises. This is a great cover to have, because it helps you to pay for costs like rent, salaries, and other overhead while you can’t generate revenue.

Cyber Insurance: This is a very useful cover for consultants. It protects you from the costs of cyber breaches. It pays for IT restoration costs. It also covers liability costs if confidential data, like customer information, gets exposed.