Get Professional Indemnity Insurance Singapore

PII protects estate agents and salespersons, who can be held legally liable for claims arising from wrongful acts (such as negligent acts, errors, and omissions or breaches of professional duty) committed during the performance of professional services.

Professional indemnity insurance covers the policyholder for the costs of legal action made against them in respect of financial loss which occurs due to the negligence, error, or omission in professional advice or services provided by your business.

For most businesses professional indemnity insurance can cost anywhere from $100 to $300 a month. On average, a professional indemnity insurance policy costs $1500 per year.

These are some examples of the types of claims which could arise: Failure to provide promised services. Being negligent in rendering its professional services. Providing shoddy, incomplete, or incorrect work. Making mistakes or oversights. Accidental omissions.

Professional indemnity insurance protects you against claims for loss or damage made by clients or third parties as a result of the impact of negligent services you provided or negligent advice you offered. Compensation claims can be brought against you even if you provided a service or offered advice for free.

It is not mandatory for employers in Singapore to provide professional indemnity insurance. However, this may be added into the employee insurance coverage within your benefits package. Please speak to your employer if you are unsure.

Professional Indemnity Insurance can provide cover in the event of a breach of contract, or a mistake from professional services provided, such as a mistake made in the course of providing professional services or advice, or recommendations to a client.

Professional indemnity insurance covers the cost of compensating clients for loss or damage resulting from negligent services or advice provided by a business or an individual.