Professional indemnity insurance is a commercial policy designed to protect business owners, self-employed, and freelancers in case a client claim the service rendered were inadequate. If you own a business in Singapore that provides professional services or give advice that could be sued if the recipient is not happy, having professional indemnity insurance is crucial. Good examples of businesses that need to have this type of insurance in Singapore include consultancy firms, law firms, real estate agents, financial intuitions, and health professionals. If you are looking for a reputable company that offers professional indemnity insurance in Singapore at an affordable price, look no further than EXPAT insurance. For more information about professional indemnity insurance offered by EXPAT insurance in Singapore, visit https://expatinsurance.com.sg/professional-indemnity/. In this article, we will discuss the benefits of having professional indemnity insurance in Singapore.
- It protects your business against lawsuits
One of the main benefits of having professional indemnity insurance is that it helps to protect your business against potential lawsuits in case one of your clients sues your business for an error. You don’t have to worry about financial loss because all defense cost such as the cost of filing legal papers, court costs, lawyer fees, and more will be catered for by the insurer. Having professional indemnity insurance will shield your business against any legal repercussions from error and omission claims.
- It increases your credibility
Besides shielding your business from financial loss, having professional indemnity insurance will also boost your business credibility. If you own a business in Singapore, then you know that reputation matters a lot in the service industry. Having this insurance will assure investors and clients that whatever services you offer, if some issues irises, professional indemnity insurance is there to provide all the necessary support. This will enhance your brand image and goodwill because it makes your clients and investors know that you are accountable. As a result, they will be more comfortable doing business with you.
- Peace of mind
Having professional business insurance means that you will render your services in Singapore in peace. You don’t have to worry about incurring huge financial losses in case your business is sued. You will render your services will greater confidence and efficiency because you know your business is protected from any financial loss as a result of legal lawsuits. The fact that your business will be cushioned from any financial loss will give you peace of mind. It will also save you valuable time.
If you are looking for a reputable insurance provider in Singapore who will give you the best professional indemnity insurance for your business, then you won’t regret it when you choose EXPAT insurance. They are flexible, meaning they will offer a professional indemnity insurance plan that will suit your business needs. Their professional indemnity insurance will cover your business against all legal costs and losses for a claim of alleged negligence acts, errors or omissions, defense costs, court judgment awards, loss of documents, fees and expenses, and more. Don’t harm your business and its reputation just because you don’t have good professional indemnity insurance. Call EXPAT insurance today to get your professional indemnity insurance.