Insurance for startups?

Here are the essential startup insurance covers that founders should have:

1. Professional Indemnity:** **Covers your business against lawsuits related to mistakes in the professional advice or services you offer. If your startup offers B2B professional services (e.g. a SaaS startup), you will commonly encounter client contracts that request you to carry this coverage. It’s most common when providing services to enterprises, but quite common when selling to other startups/SMBs too.
2. D&O Insurance: Covers your board directors and company officers (e.g. C-Suite) against lawsuits personally targeting them. If you obtain venture funding, you will almost always be required to carry this to protect the investors sitting on your board. It will be a part of your term sheet requirements.
3. Commercial Property Coverage: (if you have an office or other business premises): Covers your business premises against physical damage from risks like fire, explosions, some kinds of water damage, etc. Most landlords will ask you to carry this cover as part of your lease requirement.
4. Work Injury Compensation Insurance: Covers your business against liability related to employee work-related injuries/diseases. Mandatory in Singapore for manual workers, or workers earning equal to or under SGD $2,600/month.
5. Public Liability Coverage: Covers your business against lawsuits related to property damage or personal injuries caused to third-parties (e.g. clients slipping and falling while in your premises, you injuring others while conducting your business outdoors, damaging property while performing hardware installations, etc.).