Are you a Nigerian business owner looking to protect your goods, shops, and business from unforeseen circumstances? If so, you’ll need to apply for business insurance to help you secure your goods.
Well, In this post, I will provide a step-by-step guide to help you navigate the process of applying for business insurance in Nigeria.
Let’s get started. Check this out: 7 Creative Businesses to Invest 1 Million Naira for 500% Monthly Return on Investment
The List of 6 Best Insurance Companies in Nigeria
1. Custodian and Allied plc
This is a reputable insurance company in Nigeria that offers different insurance services to both individuals and businesses. In most cases, they focus on business insurance alone.
What is their coverage?
Custodian And allied have many coverages. They include general insurance, life insurance, and investment services.
As a shop or business owner, you can take advantage of their business insurance policies which cover your property, liability, and business interruption risks.
When it comes to coverage, this company offers competitive rates for their insurance policies, with rates varying based on the coverage options you choose.
As a shop or business owner, you can rest assured that you will receive comprehensive insurance coverage at a reasonable cost with Custodian and Allied plc.
In addition, they have a group of an active 24/7 customer service team that is readily available to answer any questions or concerns you may have. Learn more by visiting their website today
2. AIICO Insurance plc
Another insurance company on my list in Nigeria is AIICO Insurance. They provide comprehensive insurance solutions to shop owners and businesses.
As a top-tier insurance firm, they are well grounded with different pleasing insurance policies that cater to your business needs.
What are their coverage options?
With attractive coverages, AIICO Insurance plc offers some coverage which includes fire insurance, burglary insurance, machinery breakdown insurance, public liability insurance, and fidelity guarantee insurance.
They also offer marine insurance and aviation insurance for businesses involved in those sectors.
If you are a shop owner or business owner in Nigeria, it is crucial to have insurance coverage to protect your business from potential risks and losses. Consider getting a quote from AIICO Insurance plc to see how they can help safeguard your business.
3. Leadway Assurance Company Limited
This is another reputable insurance company in Nigeria for shop and business owners.
With over 50 years of experience in the insurance industry, Leadway offers different insurance services to meet the needs of customers and businesses.
Coverage Options for Leadway Assurance Company Limited
- Fire and Special Perils Insurance: This covers damage to your property caused by fire, lightning, explosion, storm, flood, and other specified perils.
- Burglary and Housebreaking Insurance: This protects you against losses from theft or attempted theft.
- Business Interruption Insurance: This covers the loss of income and increased costs of operating your business following an insured event, such as a fire or flood.
Leadway Assurance Company Limited provides competitive pricing for its insurance products, with premiums starting at N10,000 per annum for some of its coverage options.
They also offer customized packages for businesses with specific needs. You can visit their website today to get a quote.
4. Linkage Assurance plc
Linkage Assurance is a reliable insurance company that has been providing coverage for businesses in Nigeria for over 25 years.
This company offers different insurance products specifically designed for business owners and shop owners, to provide financial protection against losses that can be incurred due to unforeseen circumstances.
Coverage options of Linkage Assurance PLC
Some of the coverage offered by Linkage Assurance include fire and perils, burglary and housebreaking, goods in transit, machinery breakdown, public liability, and product liability. Let’s take a closer look at each of these coverage options.
- Fire and Perils: This coverage option protects businesses against loss or damage caused by fire, explosion, lightning, and other perils such as floods, windstorms, and earthquakes. Well, this organization only charges rates starting at N10,000 for this coverage.
- Burglary and Housebreaking: This provides financial protection for businesses in the event of loss or damage caused by burglary, theft, or housebreaking. The charge for this type of insurance is N5,000.
- Goods in Transit: This is designed to protect businesses from losses incurred due to damage or loss of goods while they are being transported from one place to another. Linkage Assurance charges rates starting at N5,000 for this coverage.
- Machinery Breakdown: This coverage option provides financial protection for businesses in the event of damage or breakdown of machinery and equipment used for business purposes. The charges rates start at N10,000 for this coverage.
- Public Liability: This coverage option provides financial protection for businesses against claims made by third parties for injuries or damage caused by business operations. Linkage Assurance charges only N15,000 for this coverage.
- Product Liability: This coverage option protects businesses against legal liabilities for injury or damage caused by products they produce or sell. They charge only N10,000- 1,000,000 for this coverage.
In summary, Linkage Assurance is an excellent choice for businesses looking for comprehensive insurance coverage options. With affordable rates and reliable service, they are sure to provide the necessary protection for your business. Visit their website today and get a quote.
5. Standard Alliance Insurance plc
Standard Alliance Insurance is one of the top insurance companies in Nigeria with a strong reputation for providing tailored insurance solutions for businesses of all sizes. Their policies are designed to protect businesses against losses and liabilities arising from unforeseen events.
Coverages for this insurance
- Fire Insurance: This coverage protects businesses against damage or loss caused by fire. The premium rate for this coverage starts from N10,000.
- Burglary Insurance: This coverage protects businesses against losses arising from burglary or theft.
- Public Liability Insurance: This coverage protects businesses against legal liabilities arising from injuries or damages to third-party property. The premium rate for this coverage starts from N20,000.
- Motor Insurance: This coverage provides protection for businesses against loss or damage to vehicles. The premium rate for this coverage depends on the value and type of the vehicle.
- Group Personal Accident Insurance: This coverage provides financial compensation to employees or their families in the event of accidental death, disability, or injury.
The premium rate for this coverage depends on the number of employees and the level of coverage. Are you interested in the company, why not apply for their quote?
6. Zenith General Insurance Limited
Zenith General Insurance Limited is another reputable insurance company in Nigeria that provides coverage for business owners and shop owners. This company has gained a lot of recognition and awards for its outstanding services over the years.
Coverage options for Zenith General Insurance Limited
- Fire and Special Perils Coverage – This coverage protects your business against losses or damage caused by fire, lightning, explosion, riots, strikes, and other related risks. They charge only a rate of N25,000 for this coverage.
- Burglary and Housebreaking Coverage: This coverage protects your business against losses or damage caused by theft, burglary, or housebreaking. The package costs N50,000.
- Public Liability Coverage. This package particularly costs 75,000. It protects your business against claims made by third parties for bodily injury, property damage, or loss caused by your business.
- Business Interruption Coverage: This coverage provides compensation for loss of income or profits resulting from a covered peril, such as fire, flood, or theft. For a start, Zenith insurance costs N100,000 for this coverage.
- Employer’s Liability Coverage: This coverage protects your business against claims made by employees for bodily injury, illness, or disease caused by your business.
If you are looking for a reliable insurance company to protect your business, Zenith General Insurance Limited is a great option to consider.
Who is the leading insurance company in Nigeria?
There are several reputable insurance companies operating in Nigeria, each with its own unique selling points. However, some of the top-performing insurance companies in the country include today.
- Leadway Assurance Company Limited
- AXA Mansard Insurance plc
- AIICO Insurance plc
- Custodian and Allied plc
- Mutual Benefits Assurance plc
- Sovereign Trust Insurance plc
- FBN General Insurance Limited
- Lasaco Assurance plc
- Zenith General Insurance Limited
- NEM Insurance plc
These companies have consistently demonstrated their commitment to providing quality insurance products and services to individuals and businesses across the country.
Which company gives the best insurance?
While each of the six insurance companies listed in this post provides excellent coverage and services for shop and business owners in Nigeria, Leadway Assurance Company Limited stands out as the best insurance provider.
Thanks for reading to this extreme. That’s all about the top 6 Best insurance companies for shop owners and Businesses in Nigeria.
Thanks for reading.