In Singapore, some industries have legal requirements for professional indemnity insurance and this includes that for accounting.
Unsurprising given that accountants professional indemnity insurance is typically the most important insurance policy a CPA (certified public accountant) and any other type of accountant can purchase to protect their firm.
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Given the immense importance of accounting for many clients and the potential for huge financial repercussions when errors are made, this is an industry that is highly susceptible to clients suing.
Read more about Accountants Professional Indemnity:
The following are some other businesses / industries where professional indemnity insurance is important or a legal requirement:
- Engineers and other construction-related professionals
- Property managers, real estate agents and agencies
- Employment agencies
- IT/Technology consultants
- Website developers and digital marketers
- Multimedia companies;
- Doctors, surgeons, TCMs, and other medical providers
- Accountants/ auditors
- Designers (web designers, graphic designers, and interior designers)
- Beauticians and plastic surgeons
- Marketing experts
- Teachers and tutors
- Physical sports instructors (MMA, Yoga, dancing, etc.)
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