Compare the Best Foreign Worker Bonds in Singapore
We partner with business insurance specialists to help you compare and find the best foreign worker security bonds.
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What are Foreign Worker Bonds?
Foreign Worker Bonds are financial guarantees required by the Ministry of Manpower (MOM) for employers who hire certain groups of Work Permit holders, such as construction, marine, or manufacturing workers from approved source countries. These bonds – usually valued at S$5,000 per worker – serve to ensure that employers meet their obligations, including timely repatriation, salary payments, and compliance with employment laws.
If an employer breaches MOM regulations (e.g. if a worker goes missing or is not repatriated), the government can forfeit the bond. To manage this risk, many employers purchase Foreign Worker Bond Insurance, which covers the payout to MOM if the bond is called, reducing the employer’s financial exposure.
Why Foreign Worker Bond Insurance?
Reduce Financial Risk
Foreign Worker Bond Insurance protects your business from having to pay the full S$5,000 upfront for each worker if the bond is forfeited due to a breach of MOM regulations.
Stay Compliant
It ensures you're meeting the Ministry of Manpower’s requirement to secure a bond for each foreign worker, helping you avoid legal issues or penalties.
Free Up Cash Flow
Instead of locking up large sums of money in bond deposits, foreign worker bond insurance allows you to maintain liquidity and use your capital for day-to-day operations or business growth.
Who should get foreign worker bond insurance?
Construction Companies
These firms often employ large numbers of foreign workers for manual labour, making the upfront cost of S$5,000 per worker financially straining. Bond insurance helps them manage this cost efficiently while remaining compliant with MOM regulations.
Marine and Shipyard Businesses
Due to the labour-intensive nature of shipbuilding and repair, these companies rely heavily on foreign manpower. Foreign Worker Bond Insurance reduces their financial exposure in case of bond forfeitures and supports smoother workforce management.
Manufacturing Firms
From electronics to precision engineering, manufacturing companies often hire foreign workers in bulk for factory operations. Bond insurance enables them to protect cash flow while ensuring they meet all regulatory obligations tied to hiring foreign labour.
Best Foreign Worker Bonds in Singapore
AIG Foreign Worker Bond
Tokio Marine Foreign Worker Bond
MSIG Foreign Worker Bond
Income Foreign Worker Bond
Liberty Insurance Foreign Worker Bond
China Taiping Foreign Worker Bond
How to apply for a comparison session?
Step 1
Submit a request for a quote with Corporate Cover. Based on your request, we will match you with one of our MAS-licensed partners.
Step 2
Our partners will obtain quotations from the respective insurers and help you compare based on price, features, and suitability.
Step 3
Once you've found the perfect foreign worker bond policy, feel free to purchase it from a friend, directly from the insurer, or from our partners!
Why do I need foreign worker bond insurance?
You need foreign worker bond insurance to meet the Ministry of Manpower’s (MOM) requirement of a S$5,000 security deposit for each non-Malaysian work permit holder—without having to lock up that amount in cash. This insurance acts as a guarantee to MOM, protecting you financially if you or your worker breaches any work permit or bond conditions. It also helps improve your cash flow, as you avoid large upfront deposits, allowing you to use that capital to run or grow your business.
Is foreign worker bond same as security bond?
Yes, in Singapore, a foreign worker bond is essentially the same as a security bond.
Both refer to the S$5,000 financial guarantee required by the Ministry of Manpower (MOM) for each non-Malaysian work permit holder. This bond ensures that employers comply with all MOM regulations—such as paying salaries on time and repatriating workers when required.
Employers can choose to provide this bond in cash or through a foreign worker bond insurance, which is a more cash-efficient option.
Where to buy security bond for foreign workers?
You can buy a security bond for foreign workers through our trusted brokers, who work with multiple insurers to help you find the best deal. Instead of going to just one provider, our brokers compare options across the market—ensuring you get the most competitive rates and the right coverage for your business needs. This not only saves you time but also helps you maximise value and maintain compliance with MOM regulations effortlessly.
Do I have to pay back the insurance bond if my employee defaults?
Yes, you may still be required to repay the insurer if your foreign worker breaches MOM conditions and the bond is called.
Foreign worker bond insurance works like a guarantee—the insurer pays MOM the S$5,000 on your behalf if the bond is forfeited. However, under the counter-indemnity clause, you’ll need to reimburse the insurer for that amount, unless your policy includes special waivers.
This is why it’s important to understand the terms of your bond insurance and ensure you comply with all MOM requirements to avoid any penalties.
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Why you should get your foreign worker security bond with Corporate Cover
Reduce Upfront Costs and Improve Cash Flow
With Corporate Cover, you won’t need to tie up S$5,000 per worker in cash. Our bond solutions help free up your working capital so you can invest more in operations, hiring, or growth.
Best Rates from Multiple Insurers
Our brokers work with a panel of trusted insurers and compare quotes on your behalf, helping you secure the most cost-effective foreign worker bond insurance—without the hassle of shopping around yourself.
Fast, Hassle-Free Support
Our experienced team handles the paperwork and ensures your bond is processed smoothly and on time. From application to renewal, we’ve got your back so you can focus on running your business.