Insurance packages for SME

Fire &
Perils Protection

Income Loss
Compensation

Disasters & Debris Removal

Simplified Management

Combines multiple coverages into a single policy, reducing administrative burden.

Comprehensive Coverage

Includes All-Risks insurance with sub-limits for plate glass and theft, Consequential Loss coverage, and free rental expense coverage.

Wide Standard Cover

Covers property damage, theft of cash, employee dishonesty, public liability, workers’ injury compensation, and goods in transit.

Work Injury Compensation (WIC)

Covers up to 25 employees under the WIC Insurance as part of the SMECare package.

Employee Protection

For a wide range of properties, including  commercial offices and industrial buildings.

Additional Benefits

Includes coverage for accidental miscarriage, food poisoning, and motorcycling accidents.

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Frequently Asked Questions (FAQ)

Q1: What types of insurance are essential for SMEs in Singapore?

A: SMEs should consider several key types of insurance to safeguard their operations: 
– Property Insurance
– Protects buildings, equipment, and inventory from fire, theft, and natural disasters. 
– Liability Insurance
– Covers legal claims related to injury, property damage, or business negligence. 
– Business Interruption Insurance – Provides income support when operations are halted due to insured events. 
– Work Injury Compensation Insurance (WICA)
– Mandatory for employees under certain categories, covering medical costs and lost wages. 
– Cyber Insurance
– Shields businesses from data breaches and cyberattacks. 
– Product Liability Insurance
– Critical for manufacturers and exporters selling to risk-sensitive markets.

Q2: How do I determine the right insurance coverage for my SME?

A: Start by assessing your business risks based on industry, workforce, and asset exposure. Work with insurance advisors to design a package that aligns with your current operations and anticipated growth.

Q3: Are industry-specific insurance packages available?

A: Yes. Insurers in Singapore offer tailored packages for sectors like retail, F&B, logistics, manufacturing, and healthcare—designed to meet sector-specific regulatory and operational risks.

Q4: Is insurance mandatory for SMEs in Singapore?

A: Not all insurance is mandatory, but Work Injury Compensation Insurance is legally required for certain employee types. Landlords, investors, and clients may also require proof of insurance to proceed with contracts.

Q5: Can I customize my SME insurance package?

A: Absolutely. Most insurers offer modular or bundled packages, allowing businesses to select only the coverages they need and scale as they grow.

Q6: What are the benefits of bundling insurance policies?

A: Bundled policies offer cost savings, reduce paperwork, and ensure seamless coverage across business risks. This is ideal for SMEs managing tight resources.

Q7: How can I prevent my SME from being underinsured?

A: Regularly review and update your policies to reflect changes in assets, staffing, and business operations. An insurance broker or advisor can help reassess your needs annually.

Q8: How does cyber insurance benefit SMEs?

A: Cyber insurance provides coverage for data breaches, ransomware, and online fraud. It also often includes access to forensic experts, legal counsel, and crisis PR—critical support for SMEs with limited in-house resources.

Q9: How do I handle claims if an incident occurs?

A: Contact your insurer immediately, submit all required documents, and follow their claims process. Keeping clear records and photos of the incident can help expedite the settlement.