For your business
Business package insurance
Property, liability and the everyday risks of running a shop, office, clinic or F&B outlet, in one policy.
- Fire and extended perils on your contents, stock and renovations
- Public liability for injury or damage to third parties
- Burglary and theft, money on the premises and in transit
What it covers
- Fire and extended perils on your contents, stock and renovations
- Public liability for injury or damage to third parties
- Burglary and theft, money on the premises and in transit
- Business interruption after an insured loss
- Glass, signage and electronic equipment
Who needs it
- Retail shops and F&B outlets
- Offices, clinics and studios
- Any tenant whose lease requires fire and liability cover
What a business package is
A business package, sometimes sold as an "SME package" or "office package", puts the covers a small business needs into one policy with one renewal date. It usually includes fire and extended perils on your contents, public liability, burglary, money, glass and business interruption. Most insurers let you add more, such as employer's liability, fidelity guarantee and electronic equipment.
The instant prices, and ours
The prices above are Allianz's Smart SME, Etiqa's BOSS, HL Assurance's Business Protect360, Income's SmartBiz 360, MSIG's SUMO, Sompo's Spectra, EQ's Business Package, Tokio Marine's Business Suites and Great American's GREAT Enterprise Insurance Package PLUS, each from the insurer's own online rates for companies of up to 25 people. They need only your business activity, headcount and the sums to insure — no contact details. Buying happens on the insurer's site and the insurer issues the policy (Sompo's Spectra, EQ's Business Package, Tokio Marine's Business Suites and Great American's EIP PLUS are bought with an application form rather than online). Other insurers on our panel write business packages too, but only through a broker: send the enquiry and we'll quote them for you.
What we need to quote
- What the business does, and its address
- The sum insured for contents, stock and renovations
- Whether you own or rent the premises, and what the lease requires
- Yearly turnover and number of staff
- Any claims in the last three years
Before you choose
- Public liability limits are often set by your landlord or a contract. S$1 million is common. Shopping malls and public bodies may ask for S$2 million or more.
- Business interruption pays the profit you lose while you can't trade after a fire or flood. Pick an indemnity period long enough to rebuild and refit.
- Underinsurance cuts a claim in proportion. Insure contents for what they would cost to replace new.