True professionals know that mistakes will happen

Good leaders always have a Plan B

No one is perfect, yet clients expect perfection. 

Working in a globalised business community brings an increased threat of litigation. To safeguard your business’ future prosperity, it is crucial to take firm control of your risk management.  Having robust insurance in place is a strategic imperative. 

Howden presents a structured, comprehensive offering to protect SMEs against everyday risks of modern business, helping you steer the ship confidently without worrying about what’s around the corner. 
 

The SME suite

Three types of protection in one simple, cost effective bundle

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    Errors and omissions cover

    Errors and omissions insurance to protect you from the fallout of mistakes in client work

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    Directors and officers insurance

    Covers the cost of official investigations and legal actions arising from directors’ mismanaging company affairs

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    Cyber breach response cover

    Provides an emergency proactive response team and covers financial fallout from a cyber attack


 

Three policies to safeguard your business


Professional indemnity cover

If you provide advice or a professional service, every client is a potential lawsuit.   

Professional indemnity insurance (PI) is there for you to cover the cost of fallout from errors and omissions – essentially, when you make a mistake, miscalculate or miss something altogether.  

As well as this, good professional indemnity cover will include:


•    Lost documents (in various formats)
•    Accidentally sharing/publicising confidential information about clients
•    Saying or writing something which is considered defamatory
•    Unintentional use of third party intellectual property
•    Dishonest acts by your employees


If you are sued or investigated (or both) PI will:


•    Covers costs associated with regulatory hearings, including defence costs
•    Pay any damages or settlements


You could be held liable for any errors in the the advice you give. Just one unsatisfied client can mean devastating financial consequences. 


Directors and officers cover: protect your family from your business 

Any allegation made by a third party against a director or officer, no matter how frivolous, needs to be vigorously defended in order to protect your reputation. 


D&O insurance is there to pay for costs relating to mounting a defence, and any damages or settlements relating to claims arising from;


•    employment practices liability claims
•    Failure to comply with regulations
•    Disgruntled shareholders
•    Misrepresentation of company assets
•    Misuse of company funds


Shared culpability is how the legal system views directors and officers of an organisation - even non-executive directors can be held liable for the actions of other directors. Which means you could end up fighting a court battle over something your colleague did, even if you didn’t know.

Directors and officers can be held liable for their own actions and in-actions – and the actions of their co-directors.  

Cyber insurance. To understand it is to love it.

Cyber of the least understood insurance policies on the market. In fact, many people cite their main reason not for buying as they don’t understand it. That’s because its fundamentally different to more traditional policies. 

For example, if you buy property insurance and a flood happens, you sort out the damage yourself, pick up the bill and hope that the insurance company will pay you back eventually. That is, it works on a reimbursement basis. 

Cyber insurance is different. 

When the hack happens, we mobilise all the relevant expertise you need to get the problem sorted fast. That means IT trouble-shooters, breach forensics, specialist lawyers, media handlers, the works.

We lay on the specific talent you need to get you out of problems caused by:


•    Malware 
•    Denial of service (DDOS)
•    Operational error
•    Employee sabotage
•    Data loss/ unauthorised access
•    Electronic media content 
•    Breach of local or foreign privacy law e.g. GDPR 

This list in not exhaustive, for full further details, please drop us a line. 

The average cost of a SME cyber breach is S$165k to S$349k

The fallout: cyber insurance has got all it covered

cyber policies offer cover for: 

  • Emergency incident response
  • Loss of income
  • Costs of extortion
  • Costs of restoring your data
  • Legal defence fees and damages

Key reasons cyber cover is essential for businesses large and small 


1. Everyone makes mistakes, even smart people can do irrational things when it comes to protecting an organisation’s data.
2. Cyber criminals are always finding new ways to trick your employees into helping them (sometimes inadvertently, sometimes not) 
3. Rogue employees – a large proportion of hacks and breaches are committed by disgruntled members of staff 
 

I want a quote

Take 1 minute to tell us a few details and we get you a cost effective quote

Take 1 minute to tell us your needs - we'll get back to you asap

Step 1: Five quick questions

1. Policy requested
Tick these boxes to indicate which combination of the three policies you are interested in
2. Annual turnover in Singapore dollars?
3. Total consolidated asset size in Singapore dollars
4. Policy level in Singapore dollars?
Many supplier/client contracts specify that you must be insured up to a certain amount. Or perhaps you just want what is industry standard for your professsion. If so, tell us this amount here to aid speedy processing of your quote. 

If you are unsure what your policy limit should be, simply tick "I'm not sure." Your broker can explain your options and help you decide the right policy for you, depending on the nature of your business. 

For example, if you work with big companies or business internationally, you are  at greater risk of being sued for a larger amount. Perhaps you do business in places like USA, Australia and China, which have high rates of litigation. Or maybe you operate in a sector/supply chain where lawsuits are especially prominent. To secure the most cost effective, robust cover, tell your broker the details and let us do the rest.  
 
5. What sector do you work in??
5. What sector do you work in?

Step 2: Tell us your details

What's your name?
Can we contact you with insurance offers and risk insights?
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