Business package insurance
Does business package insurance include work injury compensation (WICA)?
Sometimes. 3 insurers include work injury compensation for a few employees in the package; 5 sell it as an option priced on wages or headcount. WICA is compulsory for all employees doing manual work and for non-manual employees earning up to S$2,600 a month, so check how many staff each plan covers.
The figures
- Insurers compared: 8.
- Insurers whose plans include it: 3, 3 of them with limits.
- Insurers that sell it as an optional extra: 5.
- 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: Etiqa BOSS Standard Suite, S$368.99 a year.
- Our WICA page prices every package with work injury compensation for all staff.
What each insurer says
| Insurer | Covered? | What its details say | A year |
|---|---|---|---|
| EtiqaYes, with limitsBOSS Standard Suite, S$368.99Buy Now | Yes, with limits | With employees, Etiqa prices its with-WICA plans: they cover up to 3 employees in the base premium; more are an add-on on Etiqa’s own pages. | S$368.99 |
| MSIGYes, with limitsSUMO, S$408.36Buy Now | Yes, with limits | SUMO’s base plan includes work injury compensation for 5 employees; more are priced per head. | S$408.36 |
| Tokio MarineYes, with limitsTM Dining Suite, S$545.00 | Yes, with limits | Tokio Marine’s suites include WICA for 3 employees; its form prices up to 20. | S$545.00 |
| HL AssuranceOptional add-onBusiness Protect360, S$218.00Buy Now | Optional add-on | WICA is an optional cover on HL Assurance’s quote, priced per employee (only its Office package includes it). | S$218.00 |
| Great AmericanOptional add-onEIP PLUS F&B, S$272.50 | Optional add-on | WICA is an optional section on Great American’s form, priced on total annual wages, up to 25 employees and S$1,000,000 of wages. | S$272.50 |
| EQ InsuranceOptional add-onEQ Business Food & Beverage (Restaurant), S$381.50 | Optional add-on | WICA is optional on EQ’s form, priced on annual wages by job class. | S$381.50 |
| SompoOptional add-onSpectra Food and Beverage, S$389.40 | Optional add-on | WICA is optional on Sompo’s form, priced as a share of annual earnings by job class, up to 25 employees. | S$389.40 |
| IncomeOptional add-onSmartBiz 360 Essential, S$450.00Buy Now | Optional add-on | WICA is an add-on on Income’s funnel, priced on annual wages at the category’s rate. | S$450.00 |
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 work injury compensation (WICA)?
Sometimes. 3 insurers include work injury compensation for a few employees in the package; 5 sell it as an option priced on wages or headcount. WICA is compulsory for all employees doing manual work and for non-manual employees earning up to S$2,600 a month, so check how many staff each plan covers.
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, Etiqa BOSS Standard Suite is the cheapest plan from an insurer that covers it, at S$368.99 a year today, GST included.