Work injury compensation insurance

Income vs MSIG WICA insurance

Income and MSIG side by side on the same typical employers, as business packages with WICA for all staff, from their published rates.

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

Which is cheaper

Of the 4 typical employers both are shown for on our pages, Income was cheaper on 0, MSIG on 4. Your own business can change the order.

HL Assurance is our one featured insurer for work injury compensation: you buy it through our Buy Now link. As on our work injury compensation page, a package from another insurer priced below HL Assurance’s is not shown, and a package whose WICA would leave a staff member out is not shown either.

Price for each employer

Each insurer's cheapest package with WICA for all staff, a year, GST included. Open an employer for every insurer's package and its Apply Now or Buy Now.
Employer	Income	MSIG
Office20 staff	S$730.04SmartBiz 360 Premier	S$726.17SUMO
Office20 staff, S$60,000 each	S$1,150.07SmartBiz 360 Essential	S$726.17SUMO
Minimart3 staff	S$434.99SmartBiz 360 Essential	S$333.06SUMO
Minimart3 staff, S$60,000 each	S$569.97SmartBiz 360 Essential	S$333.06SUMO

Both packages for a professional services office with 20 staff

Income's and MSIG's cheapest packages with WICA for a professional services office with 20 staff: a year, GST included.
Insurer	A year	Value score	Of which WICA	Public liability	Contents and stock
MSIGSUMOBuy Now	S$726.17	40	About S$442.60	S$1,000,000	S$100,000
IncomeSmartBiz 360 PremierBuy Now	S$730.04	50	About S$480.04	S$1,500,000	S$150,000

Questions people ask

Is Income or MSIG cheaper for WICA?

Of the 4 typical employers both are shown for on our pages, Income was cheaper on 0, MSIG on 4. Your own business can change the order.

How much of each price is WICA?

For a professional services office with 20 staff: Income about s$480.04 of S$730.04; MSIG about s$442.60 of S$726.17.

How do I buy it?

Buy Now takes you to the insurer’s own site, where you buy the package with WICA 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.