Business package insurance explained
How much is business package insurance in Singapore?
What a business package costs today for 29 typical small businesses, renting their premises, from the insurers' published rates; and what WICA and more contents add.
By kind of business
- Food and drink: S$212.23 to S$632.20 a year (8 businesses)
- Shops: S$218.00 to S$545.00 a year (7 businesses)
- Clinics, salons and gyms: S$218.00 to S$354.25 a year (5 businesses)
- Services: S$218.00 a year (3 businesses)
- Tuition and schools: S$272.50 to S$276.11 a year (2 businesses)
- Offices and trading: S$381.50 to S$872.00 a year (4 businesses)
Every typical business
| Business | Lowest a year | Cheapest insurer | With WICA |
|---|---|---|---|
| Cafe5 staff, S$100,000 of contents | S$218.00 | HL Assurance | S$463.25 |
| Restaurant10 staff, S$150,000 of contents | S$299.75 | HL Assurance | S$790.25 |
| Fast food outlet8 staff, S$100,000 of contents | S$218.00 | HL Assurance | S$610.40 |
| Bakery4 staff, S$75,000 of contents | S$218.00 | HL Assurance | S$348.80 |
| Takeaway kitchen3 staff, S$75,000 of contents | S$272.50 | Great American | S$397.70 |
| Hawker stall2 staff, S$75,000 of contents | S$212.23 | Etiqa | S$260.10 |
| Caterer6 staff, S$100,000 of contents | S$218.00 | HL Assurance | S$512.30 |
| Pub or bar6 staff, S$150,000 of contents | S$632.20 | EQ Insurance | S$828.40 |
| Clothing shop3 staff, S$150,000 of contents | S$299.75 | HL Assurance | S$397.85 |
| Minimart5 staff, S$200,000 of contents | S$381.50 | HL Assurance | S$545.00 |
| Florist2 staff, S$75,000 of contents | S$218.00 | HL Assurance | S$283.40 |
| Pharmacy4 staff, S$200,000 of contents | S$381.50 | HL Assurance | S$512.30 |
| Optical shop3 staff, S$150,000 of contents | S$299.75 | HL Assurance | S$397.85 |
| Furniture shop4 staff, S$300,000 of contents | S$545.00 | HL Assurance | S$675.80 |
| Computer shop3 staff, S$150,000 of contents | S$299.75 | HL Assurance | S$397.85 |
| Medical clinic6 staff, S$150,000 of contents | S$286.13 | HL Assurance | S$416.93 |
| Dental clinic8 staff, S$200,000 of contents | S$354.25 | HL Assurance | S$528.65 |
| Hair salon4 staff, S$75,000 of contents | S$218.00 | HL Assurance | S$348.80 |
| Beauty salon5 staff, S$100,000 of contents | S$218.00 | HL Assurance | S$381.50 |
| Gym6 staff, S$150,000 of contents | S$280.80 | Etiqa | S$316.08 |
| Laundry3 staff, S$75,000 of contents | S$218.00 | HL Assurance | S$316.10 |
| Photography studio2 staff, S$100,000 of contents | S$218.00 | HL Assurance | S$283.40 |
| Printing shop3 staff, S$100,000 of contents | S$218.00 | HL Assurance | S$316.10 |
| Tuition centre6 staff, S$75,000 of contents | S$276.11 | Etiqa | S$319.26 |
| Music school4 staff, S$75,000 of contents | S$272.50 | EQ Insurance | S$319.26 |
| Accounting firm5 staff, S$75,000 of contents | S$381.50 | HL Assurance | S$381.50 |
| IT company10 staff, S$100,000 of contents | S$490.50 | HL Assurance | S$490.50 |
| Office10 staff, S$75,000 of contents | S$490.50 | HL Assurance | S$490.50 |
| Trading company3 staff, S$100,000 of contents | S$872.00 | HL Assurance | S$970.10 |
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. Every typical business · Price your own business.
How these prices are worked out
Each price is worked out from the insurer’s own published rates: the tables swept off Etiqa’s, HL Assurance’s and MSIG’s online quotes, Income’s sampled online prices, and the premium tables on Sompo’s, EQ’s, Tokio Marine’s and Great American’s application forms. We check them against the insurers every week. GST is included. Each business rents its premises (no building cover) unless the page says otherwise; with WICA, wages are taken as S$30,000 a year for each staff member. Allianz quotes its package live, so it is not on these pages. Shenton Brokers is an insurance broker in Singapore. Every business is in a CSV file, updated daily.
Questions people ask
How much is business package insurance in Singapore?
For the 29 typical small businesses on our pages, the lowest price today runs from S$212.23 to S$872.00 a year, GST included; the middle is S$280.80.
How much is it for food and drink?
From S$212.23 to S$632.20 a year for the businesses on our pages, on today's published rates.
How much is it for shops?
From S$218.00 to S$545.00 a year for the businesses on our pages, on today's published rates.
How much is it for clinics, salons and gyms?
From S$218.00 to S$354.25 a year for the businesses on our pages, on today's published rates.
How much is it for services?
From S$218.00 a year on today's published rates.
How much is it for tuition and schools?
From S$272.50 to S$276.11 a year for the businesses on our pages, on today's published rates.
How much is it for offices and trading?
From S$381.50 to S$872.00 a year for the businesses on our pages, on today's published rates.
How much does WICA add?
With work injury compensation for all staff (wages of S$30,000 a year each), the lowest price goes up by S$0.00 to S$490.50.
Does insuring more contents cost more?
With twice the contents and stock, the lowest price changes by S$0.00 to S$490.50: most packages include a base sum and charge for more.