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Most Singapore companies are legally required to hold one business insurance policy: work injury compensation insurance for the staff MOM names. Everything else is your choice, unless a lease or client contract demands it. This page separates the two. We read the MOM and MAS pages on .
What insurance must a Singapore company have?
| Policy | Status | Source |
|---|---|---|
| Work injury compensation insurance | Compulsory for all manual employees and non-manual employees earning S$2,600 or less a month | MOM |
| Medical insurance for Work Permit holders | Compulsory, at least S$60,000 a year per worker, paid by the employer | MOM |
| Public liability, property, cyber, professional indemnity, directors and officers | Optional unless a contract says otherwise | Your own contracts |
The first two apply once you have the relevant staff. The third row is a decision about risk. Our workplace injury insurance page covers the penalty, which MOM sets at up to S$10,000, up to 12 months in jail, or both.
Which optional policies do people usually consider?
We describe what each is for. We do not quote prices because we did not read any provider rate card.
- Public liability: claims from a customer or visitor who is hurt or whose property is damaged because of your business. Shops, event firms, contractors and anyone with visitors on site think about this first.
- Professional indemnity: claims that your advice or service caused a client a loss. Consultants, designers and agencies are the usual buyers.
- Property or contents: your equipment, stock and fit-out if there is a fire, flood or theft.
- Cyber: costs after a data leak or system attack. If you hold customer data, read the PDPA page first, because breach duties exist whether or not you are insured.
- Directors and officers: claims against directors over how the company was run. This matters more once you have outside investors.
Insurance does not remove a legal duty. A policy may pay a claim, but it does not stand in for the work injury cover MOM requires.
When do contracts force the choice?
Landlords, malls, event venues and large clients often write a minimum cover into the agreement. Read the clause before you sign, note the sum and the policy type asked for, and send it to the broker. This is the most common reason a small firm buys public liability, so the paper trail should come from your own contracts, not a general list.
How do you pick a licensed provider?
MAS regulates insurers and insurance brokers in Singapore. Its Financial Institutions Directory is the official place to confirm an insurer or broker is licensed or registered. Check there first. Then ask for:
- Quotes from at least two insurers, with limits, excess and exclusions in writing.
- A statement that the work injury policy follows MOM's compulsory terms and is from a designated insurer.
- The claims process and who to call.
- Renewal terms, so you are not surprised next year.
For a new company, tell the broker your trade, headcount, turnover and any imported or foreign staff. A mismatch between what you declare and what you do can cause a claim to be disputed.
What does insurance cost?
Not published by any official body we read, so we give no range. Premiums depend on the business and the cover. Compare written quotes, and pay attention to the exclusions list as much as the price.
Where does insurance sit in company set-up?
After registration and a bank account, before your first hire. See setting up a company in Singapore for the order, and hiring a foreign employee if you plan to bring in work pass holders. Insurance premiums are a business cost, so tell your accountant how you want them booked.
Independent guide, not an insurer or MAS
SingaporeCompanySetupGuide.com is an independent guide. We are not an insurer, a broker, MOM or MAS. Partners pay us when we pass a request to them. Use the quote form on this page and a suitable provider will contact you, with no commitment to buy.
Sources
- MOM, Work injury compensation insurance, https://www.mom.gov.sg/workplace-safety-and-health/work-injury-compensation/work-injury-compensation-insurance (compulsory groups, S$2,600 limit, penalty)
- MOM, Medical insurance for migrant workers, https://www.mom.gov.sg/passes-and-permits/work-permit-for-foreign-worker/sector-specific-rules/medical-insurance (S$60,000 minimum)
- MAS, Insurance regulation, https://www.mas.gov.sg/regulation/insurance (regulation of insurers and brokers, Financial Institutions Directory)
