Business package insurance
Does business package insurance include personal accident cover for the owners?
On many packages. 6 of the 8 insurers we price include personal accident cover for one or two owners or directors (1 of them only on some packages); 1 sells it as an option; 1 does not mention it in the details we hold. The sums are small, S$30,000 to S$50,000 a person where given, so it does not replace a personal accident policy.
The figures
- Insurers compared: 8.
- Insurers whose plans include it: 6, 1 of them with limits.
- Insurers that sell it as an optional extra: 1.
- Insurers whose details we hold do not say: 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 |
|---|---|---|---|
| EQ InsuranceYesEQ Business Food & Beverage (Restaurant), S$381.50 | Yes | EQ’s form: personal accident for up to 2 proprietors, partners or directors; up to 4 people with extra premium. | S$381.50 |
| SompoYesSpectra Food and Beverage, S$389.40 | Yes | Sompo’s form: the basic cover includes personal accident for up to 2 proprietors, partners, directors or office employees. The form does not give the sum in the details we hold. | S$389.40 |
| MSIGYesSUMO, S$408.36Buy Now | Yes | SUMO’s base plan includes personal accident, as MSIG’s quote lists it. The sum is not in the details we hold. | S$408.36 |
| IncomeYesSmartBiz 360 Essential, S$450.00Buy Now | Yes | SmartBiz 360 Essential: personal accident for 1 director, S$50,000 eachSmartBiz 360 Premier: personal accident for 2 directors, S$50,000 each | S$450.00 |
| Tokio MarineYesTM Dining Suite, S$545.00 | Yes | Tokio Marine’s form: personal accident for 2 owners or partners, S$30,000 each, in every suite. | S$545.00 |
| HL AssuranceYes, with limitsBusiness Protect360, S$218.00Buy Now | Yes, with limits | Only HL Assurance’s Office package includes it (1 person, S$50,000); this business is priced as its Food and Beverage package, whose base covers do not. | S$218.00 |
| Great AmericanOptional add-onEIP PLUS F&B, S$272.50 | Optional add-on | Optional group personal accident on Great American’s form, not in the price here: a lump sum on accidental death or permanent disablement, S$50,000 per person, up to 25 people. | S$272.50 |
| EtiqaNot statedBOSS Standard Suite, S$368.99Buy Now | Not stated | The details we hold for this plan do not mention it. | S$368.99 |
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 include personal accident cover for the owners?
On many packages. 6 of the 8 insurers we price include personal accident cover for one or two owners or directors (1 of them only on some packages); 1 sells it as an option; 1 does not mention it in the details we hold. The sums are small, S$30,000 to S$50,000 a person where given, so it does not replace a personal accident policy.
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.