Business package insurance
Does business package insurance cover business interruption?
On most packages. 7 of the 8 insurers we price include business interruption, as a fixed daily sum of S$100 to S$500 after damage to your premises, which some pay for up to 100 days; 1 sells it only as an option. On these plans it is a set sum a day, not your actual lost profit.
The figures
- Insurers compared: 8.
- Insurers whose plans include it: 7.
- Insurers that sell it as an optional extra: 1.
- Cheapest plan from an insurer that covers it, for a cafe with 5 staff and S$100,000 of contents and stock, renting its premises: HL Assurance Business Protect360, S$218.00 a year.
What each insurer says
| Insurer | Covered? | What its details say | A year |
|---|---|---|---|
| HL AssuranceYesBusiness Protect360, S$218.00Buy Now | Yes | Business Protect360: daily cash benefit S$250 a dayHL Assurance’s quote: a cash benefit of at least S$250 a day, for up to 100 days. | S$218.00 |
| EtiqaYesBOSS Standard Suite, S$368.99Buy Now | Yes | BOSS Standard Suite: business interruption S$200 a day | S$368.99 |
| EQ InsuranceYesEQ Business Food & Beverage (Restaurant), S$381.50 | Yes | EQ Business Food & Beverage (Restaurant): business interruption S$200 a day | S$381.50 |
| SompoYesSpectra Food and Beverage, S$389.40 | Yes | Spectra Food and Beverage: business interruption S$200 a day | S$389.40 |
| MSIGYesSUMO, S$408.36Buy Now | Yes | SUMO: money and business interruption included | S$408.36 |
| IncomeYesSmartBiz 360 Essential, S$450.00Buy Now | Yes | SmartBiz 360 Essential: business interruption S$250 a daySmartBiz 360 Premier: business interruption S$500 a day | S$450.00 |
| Tokio MarineYesTM Dining Suite, S$545.00 | Yes | TM Dining Suite: business interruption S$250 a dayTokio Marine’s form: 1% a day of a S$25,000 sum, for up to 100 days; it takes up to S$35,000 in all. | S$545.00 |
| Great AmericanOptional add-onEIP PLUS F&B, S$272.50 | Optional add-on | Optional on Great American’s form, not in the price here: a daily cash benefit when the business is interrupted by physical loss or damage to the insured property, S$200 to S$500 a day, up to 100 days. | S$272.50 |
All prices include 9% GST. A dash means no price on this page. Each insurer's policy wording is the final word on what is covered.
Allianz quotes its Smart SME package live from its own site, so it is not priced on this page: see it with your own answers on our business package page, or press Ask Shenton to arrange.
See every insurer's price for your own business, or ask us to arrange the cover.
Compare business package insuranceQuestions people ask
Does business package insurance cover business interruption?
On most packages. 7 of the 8 insurers we price include business interruption, as a fixed daily sum of S$100 to S$500 after damage to your premises, which some pay for up to 100 days; 1 sells it only as an option. On these plans it is a set sum a day, not your actual lost profit.
Where do these answers come from?
From what we hold of each insurer's plans: the benefits in our rate tables and the insurers' own brochures and application forms, for 8 insurers. Where an insurer's details do not say, we say so. The policy wording is the final word on what is covered.
Which plan is cheapest?
For a cafe with 5 staff and S$100,000 of contents and stock, renting its premises, HL Assurance Business Protect360 is the cheapest plan from an insurer that covers it, at S$218.00 a year today, GST included.