Introducing a Faster, Easier Way to Get Insured
At Riskguard we understand that running an SME in Singapore requires focus and efficiency. That’s why we’re excited to offer the all-new B.Spoke for SMEs – a first-of-its-kind solution designed to streamline your business insurance.
Directors’ & Officers’ Liability (D&O)
Protects your company’s senior people against claims which can arise from managing the company.
Professional Indemnity (PI)
Protects your business and its people against claims which can arise from giving professional advice or providing services.
Public Liability
Protects your business and its people against claims for bodily injury and property damage incurred on your premises and/or out of your operations within the territorial scope.
How will it benefit your business
Cost-Effective
Designed for SME businesses like yours at an attractive price.
Save Time
No more lengthy application forms or waiting for quotes. We can get you covered quickly and efficiently.
Tailored Limits
Select the amount of cover (SGD 1 million, 3 million, or 5 million) you want for each coverage, ensuring you have the right level of protection for your business and its people. Note that cover is aggregated based on the highest limit selected.
Flexible Coverage
Choose the coverages (D&O, PI and PL) that best suit your needs. While D&O or PI are mandatory, you can select additional coverages for a truly customised policy.
FAQs
What is Directors and Officers Liability (D&O) insurance?
An insurance policy that covers directors and officers of companies against liabilities arising from things they do in their capacity as directors and officers.
Who does a D&O insurance policy cover?
Current, future, and past directors and officers of a company and its subsidiaries.
Who can buy D&O insurance?
• Private companies
• Public companies
• Not-for-profit organisations
Why buy D&O insurance?
- Power comes with risk
Directors and officers are empowered to make critical decisions for the company, which leaves them vulnerable to allegations of wrongdoing from a variety of sources, from shareholders to regulators, to employees. - Corporate governance standards are now more stringent
With greater regulatory scrutiny on corporate governance, directors and officers are now held to more exacting standards, which can translate into substantial exposures to liability for decisions made. - Allegations are free to make, but costly to defend
Even directors and officers who carry out their duties competently can still face allegations of wrongdoing. Significant costs can be incurred defending directors and officers against even groundless allegations. - Financial protection against heavy legal costs
Lawsuits can be expensive – where a claim is made against a director or officer, D&O insurance would cover their legal costs, protecting their personal assets from exhaustion. - Peace of mind and business continuity
Navigating today’s complex risk environment is difficult – even the most competent and experienced directors and officers can make mistakes. With D&O insurance, they can enjoy peace of mind that if they do make mistakes, they will be protected from the consequences.
Who can take action?
Shareholders/ activist investors – where there is poor company performance, misrepresentation and inadequate or inaccurate disclosure, mismanagement or breach of fiduciary duties.
Regulators – for failure to comply with applicable regulations or laws in the conduct of the company’s business, or breaches of a director’s or officer’s statutory duties.
Employees – for employment-related disputes arising from discrimination, harassment, or wrongful termination.
Competitors – for unfair competition or trade practices or infringement of their intellectual property rights.
Creditors – when a company is insolvent.
What are the key coverages in D&O Insurance provided by Berkley?
- Legal costs defending claims made against directors and officers
- Legal representation expenses for investigations involving directors and officers
- Awards of damages, civil fines or penalties
- Out of court settlements
- Employment practices liability
- Cover for securities-related claims against the company
- Bail bond costs
- Costs of engaging public relations/crisis management firms to respond in a crisis
- Cover for expenses where personal assets cannot be used
- Costs for derivative investigations
- Costs for extradition proceedings
- Cover for personal tax liability due to an organisation’s insolvency
- Lifetime run-off cover for retired directors and officers
- Costs incurred to mitigate loss
- Costs for occupational health and safety claims and investigations
- Outside directorship liability
- Costs for dawn raids, regulatory self-disclosures and internal investigations ordered by regulators
- Prosecution and reputation costs
What is Professional Liability (PI) insurance?
An insurance policy that covers businesses and individuals against liabilities arising from things they do in their professional business practice.
Who does a PI insurance policy cover?
Who can PI insurance?
- Corporate secretaries and service providers
- Accountants/ auditors
- Business/ management consultants
- Advertising/ marketing/ public relations consultants
- HR consultants/ employment agencies
- IT/ technology consultants
- Software developers
- Designers (web designers, graphic designers)
- Allied health professionals (counsellors, psychologists)
- Educational institutions/ private schools
- Charities/ religious organisations/ professional associations
- Investment/ fund managers
Why buy PI insurance?
- Contractual requirements
Many large companies and government departments often insist that the service provider they work with produces proof of the PI insurance they carry, before being onboarded. - Human errors are inevitable
Navigating today’s complex risk environment is difficult – even the most competent and experienced professionals can make mistakes. With PI insurance, professionals can enjoy peace of mind that if they do make mistakes they will be protected from the consequences. - Allegations are free to make, but costly to defend
Even professionals who carry out their duties competently can still face allegations of wrongdoing. Significant costs can be incurred defending professionals against even groundless allegations. - Financial protection against heavy legal costs
Lawsuits can be expensive – where a claim is made against a professional, PI insurance would cover their legal costs, protecting the organisation’s assets and the personal assets of the people who work for it from exhaustion.
What are some examples of how professionals can be sued?
- If you are an accountant:
• You misread the latest accounting rule on the treatment of sale of assets, resulting in a significant error being made in the preparation of some financial statements.
• Your client then manages to secure a deal using those financial statements.
• The deal is called off after the error is discovered, causing financial loss to your client who takes legal action against your firm. - If you are a graphic designer:
• You are asked to design gift bags that will hold four bottles of liquid.
• The gift bags you design are unable to withstand the weight of the bottles and tear apart.
• Your client loses money and takes legal action against your firm.
What are the key coverages in PI insurance provided by Berkley?
- Legal costs defending claims made against professionals
- Legal representation expenses for cooperating with investigations
- Awards of damages, civil fines or penalties
- Out of court settlements
- Court attendance costs
- Breach of privacy
- Claim preparation costs
- Consultants cover
- Costs of engaging public relations/crisis management firms to respond in a crisis
- Defamation, libel and slander
- Costs for extradition proceedings
- Infringement of copyright or patents
- Loss of documents
- Costs incurred to mitigate loss
Ready to Streamline Your Business Protection?
Let us help you gain the peace of mind and protection for your business needs to thrive in today’s ever- changing environment. Contact us today to learn more!