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Business package insurance

Income vs Sompo business package insurance

Income and Sompo 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 10 typical businesses both price on our pages, Income was cheaper on 0, Sompo on 10. 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.
BusinessIncomeSompo
Cafe5 staffS$450.00SmartBiz 360 EssentialS$389.40Spectra Food and Beverage
Restaurant10 staffS$450.00SmartBiz 360 EssentialS$389.40Spectra Food and Beverage
Fast food outlet8 staffS$450.00SmartBiz 360 EssentialS$389.40Spectra Food and Beverage
Bakery4 staffS$300.00SmartBiz 360 EssentialS$272.77Spectra Retail
Caterer6 staffS$450.00SmartBiz 360 EssentialS$389.40Spectra Food and Beverage
Florist2 staffS$300.00SmartBiz 360 EssentialS$272.77Spectra Retail
Medical clinic6 staffS$330.00SmartBiz 360 PremierS$295.66Spectra Service
Hair salon4 staffS$350.00SmartBiz 360 EssentialS$295.66Spectra Service
Beauty salon5 staffS$350.00SmartBiz 360 EssentialS$295.66Spectra Service
Gym6 staffS$350.00SmartBiz 360 EssentialS$295.66Spectra Service

Both plans for a cafe

Income's and Sompo's cheapest plans for a cafe with 5 staff: a year, GST included.
InsurerA yearValue scorePublic liabilityContents and stockBusiness interruption
SompoSpectra Food and BeverageS$389.4065S$1,000,000S$150,000Included
IncomeSmartBiz 360 EssentialBuy NowS$450.0040S$1,000,000S$100,000Included

Questions people ask

Is Income or Sompo cheaper for business package insurance?

Of the 10 typical businesses both price on our pages, Income was cheaper on 0, Sompo on 10. Your own business can change the order.

How does Income's cover compare with Sompo'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; Sompo Spectra Food and Beverage has S$1,000,000 and S$150,000, 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.