Business Insurance for Singapore SMEs (2026)
From mandatory work injury cover to property and liability — 5 SME insurance options compared by an ex-banker.
A single workplace injury claim or customer lawsuit can disrupt cash flow far more than most SME owners expect. Some coverage — like Work Injury Compensation Insurance — is legally required for specific employee groups; the rest is optional but often essential depending on your industry and risk exposure.
Below is a comparison of 5 SME business insurance options in Singapore, followed by a real scenario and a direct line to discuss your coverage needs.
Compare SME Insurance Options Side-by-Side
• Want lowest entry price, already banking with OCBC → OCBC BizProtect Plus
• Small team (under 25 staff), want a simple bundled plan → Allianz Smart SME
• Already banking with UOB, want broker-supported cover → UOB BizCare
• Want broad customisable packages, established insurer → MSIG
• Higher-risk or larger SME wanting strong claims support → Chubb
Ex-banker. Free introduction. No advice fees.
| Provider | Type | Starting Price | WICA Included | Best For |
|---|---|---|---|---|
| OCBC BizProtect Plus | Bank-Bundled Package | From S$14/mo | Yes | Lowest entry price, OCBC customers |
| Allianz Smart SME | Standalone SME Package | Sum insured from S$75,000 | Yes | Businesses with up to 25 employees |
| UOB BizCare | Bank-Bundled Package | Custom (UOB customers) | Yes | UOB Business Banking customers |
| MSIG | Standalone Commercial Insurer | Custom (broker-quoted) | Yes (add-on) | Broad, customisable SME packages |
| Chubb | Standalone Commercial Insurer | Custom (broker-quoted) | Yes (add-on) | Larger or higher-risk SMEs, strong claims support |
Pricing and coverage limits shown are indicative starting points as of June 2026 and vary by industry, claims history, and sum insured. Work Injury Compensation Insurance (WIC) is legally mandatory for specific employee groups under the Work Injury Compensation Act. Always confirm exact terms with the insurer or a licensed broker. This is not insurance advice.
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A Closer Look at Each Provider
One of the most accessible entry points for SME insurance, starting from S$14/month. Covers WICA, fire and content damage, and all-risk protection on stock-in-trade — underwritten by Great Eastern.
Designed specifically for Singapore companies with up to 25 employees, with sum insured ranging from S$75,000 to S$2,000,000 and tailored packages for sectors like F&B, education, and light industry.
Available to UOB Business Banking customers, covering theft, computer security breaches, fraud by employees, and business interruption — underwritten by United Overseas Insurance and protected under SDIC’s Policy Owners’ Protection Scheme.
An established commercial insurer offering broad, customisable SME coverage across property, liability, and employee benefits — typically accessed through a licensed insurance broker or agent for tailored quotes.
A global commercial insurer known for strong claims-handling support, often suited to larger or higher-risk SMEs that need more sophisticated coverage than a standard bundled bank package offers.