Frequently asked questions

It depends on your business. Some types of coverage — like Work Injury Compensation (WICA) — are mandatory by law for all employers. Others, like public liability or cyber insurance, aren't legally required but are strongly recommended to protect your business from financial losses due to lawsuits, data breaches, property damage, or employee claims.

Going direct means you only see one insurer's products and pricing. A broker like TRS compares options across 18+ insurers to find the best fit and price for your specific needs. We also provide claims advocacy, policy reviews, and ongoing support — services you won't get going direct. Our brokerage fee is built into the premium, so using a broker doesn't cost you more.

We work with SMEs across all major industries in Singapore, including construction and engineering, food and beverage, logistics, technology and startups, retail and e-commerce, manufacturing, and professional services. Each industry has different risk profiles, and we tailor our recommendations accordingly.

Our core market is Singapore, but many of the insurers we work with offer regional coverage across APAC. If your business operates in multiple countries, we can help arrange policies that cover your regional exposure. Talk to us about your specific needs.

Costs vary widely depending on the type of coverage, your industry, number of employees, revenue, and claims history. For example, a basic WICA policy for a 10-person office team might cost a few hundred dollars a year, while WICA for construction workers will be significantly higher due to the risk profile. The best way to find out is to get quotes — which we provide free of charge from multiple insurers.

Yes, and it's often a smart move. Bundling policies — for example, combining WICA, public liability, and business all risk — can simplify administration and sometimes unlock better pricing. Your TRS account manager can advise on the best combination for your business.

No. Brokers are paid a commission by the insurer, which is already factored into the premium. In most cases, brokers can actually negotiate better rates than you'd get going direct because of volume relationships and market access. You get more service for the same — or often lower — price.

We typically deliver quotes within 24 hours of receiving your details. Once you select a policy, most insurers can issue cover within 1–3 business days. For straightforward products like WICA or public liability, it can be even faster.

Absolutely. Renewal is one of the best times to review your coverage. We'll assess your current policies, compare them against the broader market, and let you know if there's a better deal or if your coverage needs have changed. There's no cost or obligation to switch.

At a minimum, we'll need your company name, industry, number of employees, and what type of coverage you're looking for. For more accurate quotes, it helps to have your company UEN, annual revenue, and details of any existing policies. Our intake process takes about 2 minutes.

WICA stands for Work Injury Compensation Act. It requires all employers in Singapore to compensate employees for injuries or diseases arising from work. If you have employees — including foreign workers — you are legally obligated to have WICA coverage. The Ministry of Manpower (MOM) enforces this, and non-compliance can result in fines or prosecution.

Yes. WICA coverage is mandatory for all employees in Singapore, including foreign workers on Work Permits and S Passes. For certain industries like construction and marine, MOM also requires medical insurance with a minimum coverage of $15,000 per year for Work Permit holders. We help employers ensure full compliance.

You contact your dedicated TRS account manager. We guide you through the documentation, submit the claim on your behalf, and follow up with the insurer until it's resolved. You don't have to deal with the insurer directly — that's what we're here for.

Professional indemnity (PI) insurance protects your business if a client claims that your professional advice, service, or work caused them a financial loss. It's essential for consultancies, IT firms, architects, engineers, accountants, and any business that provides advice or services. Some clients and government contracts in Singapore require PI coverage as a condition of engagement.

Cyber insurance covers financial losses from cyber incidents like data breaches, ransomware attacks, and business interruption caused by system failures. It typically includes first-party costs (forensic investigation, data recovery, notification expenses) and third-party liability (regulatory fines, legal defence, customer claims). With Singapore's PDPA imposing fines up to $1 million for data breaches, cyber insurance is increasingly essential for businesses of all sizes.