Business package insurance explained
Business package insurance with WICA
What adding work injury compensation (WICA) for all staff does to a business package's price today, for 29 typical small businesses. Wages are taken as S$30,000 a year for each staff member.
With and without WICA
| Business | Lowest a year | Cheapest insurer | With WICA |
|---|---|---|---|
| Cafe5 staff, S$100,000 of contents | S$218.00 | HL Assurance | S$463.25 |
| Restaurant10 staff, S$150,000 of contents | S$299.75 | HL Assurance | S$790.25 |
| Fast food outlet8 staff, S$100,000 of contents | S$218.00 | HL Assurance | S$610.40 |
| Bakery4 staff, S$75,000 of contents | S$218.00 | HL Assurance | S$348.80 |
| Takeaway kitchen3 staff, S$75,000 of contents | S$272.50 | Great American | S$397.70 |
| Hawker stall2 staff, S$75,000 of contents | S$212.23 | Etiqa | S$260.10 |
| Caterer6 staff, S$100,000 of contents | S$218.00 | HL Assurance | S$512.30 |
| Pub or bar6 staff, S$150,000 of contents | S$632.20 | EQ Insurance | S$828.40 |
| Clothing shop3 staff, S$150,000 of contents | S$299.75 | HL Assurance | S$397.85 |
| Minimart5 staff, S$200,000 of contents | S$381.50 | HL Assurance | S$545.00 |
| Florist2 staff, S$75,000 of contents | S$218.00 | HL Assurance | S$283.40 |
| Pharmacy4 staff, S$200,000 of contents | S$381.50 | HL Assurance | S$512.30 |
| Optical shop3 staff, S$150,000 of contents | S$299.75 | HL Assurance | S$397.85 |
| Furniture shop4 staff, S$300,000 of contents | S$545.00 | HL Assurance | S$675.80 |
| Computer shop3 staff, S$150,000 of contents | S$299.75 | HL Assurance | S$397.85 |
| Medical clinic6 staff, S$150,000 of contents | S$286.13 | HL Assurance | S$416.93 |
| Dental clinic8 staff, S$200,000 of contents | S$354.25 | HL Assurance | S$528.65 |
| Hair salon4 staff, S$75,000 of contents | S$218.00 | HL Assurance | S$348.80 |
| Beauty salon5 staff, S$100,000 of contents | S$218.00 | HL Assurance | S$381.50 |
| Gym6 staff, S$150,000 of contents | S$280.80 | Etiqa | S$316.08 |
| Laundry3 staff, S$75,000 of contents | S$218.00 | HL Assurance | S$316.10 |
| Photography studio2 staff, S$100,000 of contents | S$218.00 | HL Assurance | S$283.40 |
| Printing shop3 staff, S$100,000 of contents | S$218.00 | HL Assurance | S$316.10 |
| Tuition centre6 staff, S$75,000 of contents | S$276.11 | Etiqa | S$319.26 |
| Music school4 staff, S$75,000 of contents | S$272.50 | EQ Insurance | S$319.26 |
| Accounting firm5 staff, S$75,000 of contents | S$381.50 | HL Assurance | S$381.50 |
| IT company10 staff, S$100,000 of contents | S$490.50 | HL Assurance | S$490.50 |
| Office10 staff, S$75,000 of contents | S$490.50 | HL Assurance | S$490.50 |
| Trading company3 staff, S$100,000 of contents | S$872.00 | HL Assurance | S$970.10 |
Allianz quotes its Smart SME package live from its own site, so it is not priced on this page: see it with your own answers on our business package page, or press Ask Shenton to arrange. Every typical business · Price your own business.
How these prices are worked out
Each price is worked out from the insurer’s own published rates: the tables swept off Etiqa’s, HL Assurance’s and MSIG’s online quotes, Income’s sampled online prices, and the premium tables on Sompo’s, EQ’s, Tokio Marine’s and Great American’s application forms. We check them against the insurers every week. GST is included. Each business rents its premises (no building cover) unless the page says otherwise; with WICA, wages are taken as S$30,000 a year for each staff member. Allianz quotes its package live, so it is not on these pages. Shenton Brokers is an insurance broker in Singapore. Every business is in a CSV file, updated daily.
Questions people ask
Do I need WICA?
Compulsory for all employees doing manual work, and for non-manual employees earning up to S$2,600 a month. Our work injury compensation page prices the packages with WICA for all your staff.
How much does WICA add to a business package?
For the businesses on our pages, S$0.00 to S$490.50 a year on the lowest price, GST included; the middle is S$98.10.
How does each insurer price WICA?
Each its own way: Sompo, EQ, Great American and Income on the wages (Income at its office-staff rate); Tokio Marine per head; Etiqa's BOSS plans with WICA include up to 3 employees in the price. A plan whose WICA does not cover every staff member is not counted as the lowest price on our pages.
How do I buy it?
Buy Now takes you to the insurer’s own site, where you buy with your company’s real details and the insurer issues the policy. Sompo, EQ, Tokio Marine and Great American take an application form instead: Apply Now sends your details to us, and we get the form, help you fill it in and place the cover. Ask Shenton to arrange sends us the plan you picked and we arrange it for you.