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Business package insurance

Income vs MSIG business package insurance

Income and MSIG 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 6, MSIG on 6. Neither is cheaper overall. 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.
BusinessIncomeMSIG
Cafe5 staffS$450.00SmartBiz 360 EssentialS$408.36SUMO
Restaurant10 staffS$450.00SmartBiz 360 EssentialS$490.11SUMO
Fast food outlet8 staffS$450.00SmartBiz 360 EssentialS$408.36SUMO
Bakery4 staffS$300.00SmartBiz 360 EssentialS$333.06SUMO
Takeaway kitchen3 staffS$450.00SmartBiz 360 EssentialS$408.36SUMO
Caterer6 staffS$450.00SmartBiz 360 EssentialS$408.36SUMO
Clothing shop3 staffS$300.00SmartBiz 360 EssentialS$398.46SUMO
Florist2 staffS$300.00SmartBiz 360 EssentialS$333.06SUMO
Optical shop3 staffS$300.00SmartBiz 360 EssentialS$398.46SUMO
Computer shop3 staffS$300.00SmartBiz 360 EssentialS$398.46SUMO
Hair salon4 staffS$350.00SmartBiz 360 EssentialS$333.06SUMO
Beauty salon5 staffS$350.00SmartBiz 360 EssentialS$333.06SUMO

Both plans for a cafe

Income's and MSIG's cheapest plans for a cafe with 5 staff: a year, GST included.
InsurerA yearValue scorePublic liabilityContents and stockBusiness interruption
MSIGSUMOBuy NowS$408.3646S$1,000,000S$100,000Included
IncomeSmartBiz 360 EssentialBuy NowS$450.0040S$1,000,000S$100,000Included

Questions people ask

Is Income or MSIG cheaper for business package insurance?

Of the 12 typical businesses both price on our pages, Income was cheaper on 6, MSIG on 6. Neither is cheaper overall. Your own business can change the order.

How does Income's cover compare with MSIG'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; MSIG SUMO has S$1,000,000 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.