Considering setting up new business. is there a must buy insurance?

If you have a physical store, you may wish to purchase fire insurance.

Here's a useful guide on the 4 types of compulsory insurance for Singapore businesses.

Summary:

1. WICA Insurance: Legally required for workers performign manual labour, or those who earn below $2,100/month (will increase to $2,600/month next year). Pays for work-related injuries/sickness, including work-related Covid-19 infections.

2. Commercial Property Insurance: Often required by landlords when signing rental agreements to protect their properties. They don't want you accidentally starting a fire and burning their whole building down, without the means to compensate them for it.

3. Public Liability Insurance: Often required by landlords when signing rental agreements to protect their properties. This is important when you're doing renovations, because you may accidentally damage neighbouring properties.

4. Shipping Insurance (if you deliver goods): If you deliver goods under CIF terms (Cost, Insurance, Freight), then you must bear tthe cost of shipping insurance.