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Business package insurance

Income vs EQ Insurance business package insurance

Income and EQ Insurance side by side on the same typical small businesses, renting their premises and without WICA, from their published rates.

By , Writer · Prices as of 12 Nov 2026, GST included.

Which is cheaper

Of the 12 typical businesses both price on our pages, Income was cheaper on 3, EQ Insurance on 9. Your own business can change the order.

Price on each business

Each insurer's cheapest plan, a year, GST included. Open a business for every insurer's plan and its Apply Now or Buy Now.
BusinessIncomeEQ Insurance
Cafe5 staffS$450.00SmartBiz 360 EssentialS$381.50EQ Business Food & Beverage (Restaurant)
Restaurant10 staffS$450.00SmartBiz 360 EssentialS$449.50EQ Business Food & Beverage (Restaurant)
Fast food outlet8 staffS$450.00SmartBiz 360 EssentialS$381.50EQ Business Food & Beverage (Restaurant)
Bakery4 staffS$300.00SmartBiz 360 EssentialS$339.20EQ Business Food & Beverage (Take-Away)
Takeaway kitchen3 staffS$450.00SmartBiz 360 EssentialS$339.20EQ Business Food & Beverage (Take-Away)
Hawker stall2 staffS$450.00SmartBiz 360 EssentialS$271.00EQ Business Food & Beverage (Stall)
Clothing shop3 staffS$300.00SmartBiz 360 EssentialS$307.80EQ Business Retail
Florist2 staffS$300.00SmartBiz 360 EssentialS$239.80EQ Business Retail
Optical shop3 staffS$300.00SmartBiz 360 EssentialS$307.80EQ Business Retail
Hair salon4 staffS$350.00SmartBiz 360 EssentialS$272.50EQ Business Service
Beauty salon5 staffS$350.00SmartBiz 360 EssentialS$272.50EQ Business Service
Music school4 staffS$320.00SmartBiz 360 EssentialS$272.50EQ Business Service

Both plans for a cafe

Income's and EQ Insurance's cheapest plans for a cafe with 5 staff: a year, GST included.
InsurerA yearValue scorePublic liabilityContents and stockBusiness interruption
EQ InsuranceEQ Business Food & Beverage (Restaurant)S$381.5042S$500,000S$100,000Included
IncomeSmartBiz 360 EssentialBuy NowS$450.0040S$1,000,000S$100,000Included

Questions people ask

Is Income or EQ Insurance cheaper for business package insurance?

Of the 12 typical businesses both price on our pages, Income was cheaper on 3, EQ Insurance on 9. Your own business can change the order.

How does Income's cover compare with EQ Insurance's?

For a cafe with 5 staff: Income SmartBiz 360 Essential has public liability of S$1,000,000 and S$100,000 of contents, with business interruption; EQ Insurance EQ Business Food & Beverage (Restaurant) has S$500,000 and S$100,000, with business interruption.

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.