Insurance Singapore

Educational articles on Singapore Insurance


General Insurance


Broadly speaking, general insurance is an umbrella term that refers to all forms of insurance other than life insurance.  It provides financial protection for individuals and businesses from financial loss resulting in the happening of a particular event.  In the United States, it is often referred to as property and casualty insurance while in Europe, it is referred to as non life insurance.  There are many kinds of different general insurance policies that are available on the market.  As an example, individuals and businesses use general insurance to protect their properties such as offices, houses and warehouses from the financial consequences of damage or liability to third parties.

Here are some examples of the kinds of general insurance policies that are available in Singapore:

  • Property (All Risks) Insurance is also known as Industrial or Commercial Property Insurance.  Insurance covers financial losses related to your property caused by fires, accidents and theft.  Despite the term All Risks, not all risks are covered and policies will contain exclusions depending on the insurer that you are dealing with.
  • Erection (All Risks) Insurance covers you while the property is being installed and critics seemed against the financial consequences of accidents that can happen during the process of installation.
  • Car Insurance is one of the important categories of general insurance and is required by law before you can take your car out on Singapore roads.  There are plenty of options for cover but the basic insurance cover covers damage to third-party property and vehicles as well as medical expenses for injuries sustained in an accident.
  • Liability insurance is designed to provide cover for legal expenses as well as any amounts that need to be paid out in terms of liabilities.

The principal kinds of liability insurance:

  • Comprehensive General Liability (also known as Public Liability Insurance) provides cover for companies and businesses against liabilities arising out of accidents or damage to third parties caused by the negligence of employees.
  • Product Liability Insurance protects companies and businesses from the consequences of liabilities that arise out of injury or damage to third parties.  This injury or damage should have been caused by usage of the company’s products.
  • Professional Liability Insurance is intended to cover professionals such as lawyers and accountants and other service professionals and is sometimes mandatorily required by law. The professional is protected against the financial consequences of giving wrong or negligent advice to the client.
  • Management Liability Insurance (also known as Director’s and Officer’s Liability Insurance) is intended to protect directors of companies from personal liability arising out of the breach of their duties towards shareholders, employees or other stakeholders.

Money Insurance is intended to protect the business against loss of money in transit by factors such as theft.  The policy will also protect the business against theft from a locked drawer, a safe or by armed robbery.

Fidelity Insurance covers a business for any losses of money or goods as a result of fraud or dishonesty by an employee.  The money or goods may belong to the employer or the employer may be responsible for them.

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