Singlife and Circles Group Join Forces to Launch Business Liability Coverage and Cyber Insurance for SMEs

This exclusive partnership will provide comprehensive protection against legal liabilities and cyber incidents

Leading homegrown financial services company Singlife today announces the launch of Singlife - Circle Complete and Singlife - Circle Cyber for small and medium-sized enterprises (SMEs). These expand its suite of insurance solutions for the business community.

The products will be distributed by Singlife and underwritten by Circles Group, a global specialty digital underwriter and insurance solutions provider specialising in niche and emerging risk markets.

Singlife - Circle Complete is a first-in-market insurance solution that brings together essential business liability coverage under a single policy. SMEs can also select the coverage most relevant to their needs, creating a customised and flexible plan that evolves alongside their business.

Key features of Singlife - Circle Complete:

·       Professional indemnity: Coverage for legal defence and compensation related to claims of negligent professional services

·       Directors and officers: Safeguards company leaders from personal loss arising from decisions made in their roles

·       Crime insurance: Coverage for losses from fraud, theft, forgery, and other business-related crimes

·       Employment practices liability: Coverage for employee claims of discrimination, harassment, wrongful termination etc.

·       Legal representation expenses: Coverage for the cost of responding to official investigations or regulatory inquiries.

·       Public relations expenses: Coverage for costs related to the hiring of external consultants to manage business reputation.

Singlife - Circle Cyber is an insurance solution designed to help protect SMEs against cyberattacks and minimise the financial fallout when such incidents occur. Beyond financial protection, Circle Cyber includes practical support such as a complimentary vulnerability scan and round-the-clock incident response services. This helps SMEs identify weaknesses early, respond quickly to threats and recover without needing extensive in-house expertise and resources.

Key features of Singlife - Circle Cyber:

·       First party coverage: Direct losses from cyberattacks or IT failures

·       Third party coverage: Liabilities arising from data breaches or compromised information

·       Business interruption loss: Coverage for income lost during operational downtime

·       Telephone hacking and transfer fund fraud: Coverage for losses arising from unauthorised calls and fraudulent transactions

·       24/7 incident response: Round-the-clock expert support to mitigate cyber incidents

Alvino Kor, Senior Vice President, General Insurance, Singlife said: “At Singlife, we are committed to supporting the growth and resilience of our business community. With Singlife - Circle Complete and Singlife - Circle Cyber, we are giving SMEs the protection they need to tackle the complex challenges of running a business. These give SMEs the confidence to protect their people, assets and reputation even without the deep resources and expertise of larger companies.”

Kenneth Tan, Co-Regional Director Asia Pacific of Financial Lines, Circles Group said: “There is a massive gap in offerings and there are limitations for SMEs in Singapore, to manage legal liabilities and cyber incidents in-house. We are excited to be partnering with Singlife to offer digital insurance solutions tailored towards business owners and individuals of SMEs in Singapore to mitigate these challenges. This partnership also demonstrates Circles Group’s relevance and capabilities to bring yet another specialty capacity to enhance our partners’ product offerings in the region and beyond.”

Together, Singlife - Circle Complete and Singlife - Circle Cyber provide SMEs with comprehensive safeguards against business and cyber risks, so SME owners can focus on growing and maintaining business continuity with peace of mind.

Product terms and conditions apply.

More information can be found on Singlife’s website at Singlife - Circle Complete and Singlife - Circle Cyber.