FBC board member Niina Tippin blogs about the importance of business insurance in Singapore 


Once again, it has been a busy autumn for Finnish Business Council. The events that we are organizing or co-hosting are in full swing and the planning of events has already started for 2020. I was just looking back to the past events and realized how many small businesses or start-up companies we reach through our events and communication. New Nordic companies are arriving in the country in increasing numbers, thanks to the Nordic Innovation house and the Innovation House Singapore. However, many of the founders and company leaders think that once the company is registered and the office is set up, you are good to go. Not quite! You need to make sure that your business is protected properly. But perhaps you don’t know where to start?

I reached out to my colleague Fabien Goutoulli, Head of Property, Casualty and Specialty lines at Expat Insurance to find out what are the most important business insurance policies that you need to have in place to mitigate risk whilst running your business in Singapore.

These were Fabien’s top three tips:

  1. Directors and Officers Insurance (D & O Insurance)

D & O insurance is a policy set in place that protects the head of a company against any claims or investigations made against them while they are in charge.

The most common D & O claims brought against leaders are things like discrimination or wrongful dismissal, but it also covers HR issues that only apply to one person rather than the whole company or instances where there has been a misuse of company funds.

  • Professional Indemnity Insurance (PI Insurance)

This type of cover is particularly important if your business gives advice or provides a professional service to clients in exchange for payment.

Professional indemnity insurance can cover any reparations that need to be made if there has been a mistake on behalf of the business that results in a loss of revenue for the client.

Professional indemnity insurance generally covers the costs of any legal claims that may arise from a service or advice that is found to be negligent.

Understanding just how much PI insurance that you will need can vary depending on the service that you are providing.

  • Cyber Liability and Data Protection Insurance

Stories about hacking and serious data breaches have become common place in today’s media. Everyone who owns any piece of tech (which let’s face it, is everyone) is aware that the information and data on their computers, clouds and devices need to be protected by some security measures.

If you are the owner of a small business, it is highly likely that you will be in possession of other people’s data and information. And this information, as well as your own, needs to be safe and secure.

If your business experiences a cyber-attack and this information is corrupted, lost or leaked, then you could really find yourself in some hot water. Cyber risk and data protection insurance will cover you and your business in case any of this happens.

Given the digital climate that every business operates these days, cyber liability and data protection insurance is a must.

As Fabien puts it: “these three are the bare minimum of policies that you should start with.” As the type of insurance that you will need to cover you and your employees can differ depending on the industry, it is important to understand what your business requires to be fully up and running first. “The usual misconception is that business insurance is expensive, but it doesn’t have to be. We can make it cost-effective and grow it as your business grows.”

You are working hard to ensure your business grows so make sure that have sufficient coverage to keep going if something unexpected happens.


Niina Tippin is a member of FBC board and has been living in Singapore since 2016. She works as the Private Client Manager at Expat Insurance, an award-winning insurance brokerage and advisory service for global professionals.  As well as Business Insurance, Expat Insurance can advise you on Health Insurance, Life & Critical Illness, Home & Contents, Travel and Employee Benefits.