Best Insurance Companies For Shop Owners And Businesses In Nigeria

If you want a powerful guide on the Best Insurance Companies For Shop Owners And Businesses In Nigeria, stop scrolling and read this.

As a Nigerian business owner, one of the best things to do to secure your business is to insure it with the best insurance companies. 

Insurance protects your business against several risks including and not limited to fire, theft, natural disasters, and liability claims. 

It also helps protect your businesses from financial losses resulting from these risks. 

Even though There are several insurance companies in Nigeria that protect your businesses.

However, finding which insurance company is the best might seem like an arduous task; that’s why we are here for you. 

Hence, in this guide, we will analyze the top 8 Best Insurance Companies For Shop Owners And Businesses In Nigeria.

Before then, let’s briefly discuss what to consider when choosing an insurance company for your business. 

What to Consider when Choosing an Insurance Company for Your Business. 

Now that you have had it in mind to insure your business, here are some of the things you should look out for in Best Insurance Companies For Shop Owners And Businesses In Nigeria before employing their services. 

1. Company’s Financial Strength

It is paramount to learn how the insurance company functions when caught up in difficult situations like the economy

Also, you must understand how this can affect your business.

2. Company’s Reputation

Look for reviews about the insurance company on the internet. 

With this, you should be able to find the  company’s track record

And also information about its strengths and skills.

3. Legal Stand

Ensure the Best Insurance Companies For Shop Owners And Businesses In Nigeria you chose are legally accredited and certified by the Nigerian government.

Top 8 Best Insurance Companies For Shop Owners And Businesses In Nigeria

1. Mutual Benefits Assurance Plc

Mutual benefits assurance PLC is one of the renowned insurance companies in Nigeria for business owners.

It is one of the Best Insurance Companies For Shop Owners And Businesses In Nigeria, as it has been operating for more than 2 decades.

It provides the needful insurance services to its prospective customers.

Their services include motor insurance, fire insurance, and housebreaking insurance.

It’s a good choice for shop owners and businesses as it gives 24/7 support to clients.

2. Leadway Assurance Company Limited

Leadway Assurance Company Limited is one of the Best Insurance Companies For Shop Owners And Businesses In Nigeria. 

Operating for over 50 years, it is renowned for providing reliable and efficient insurance services to its clients.

Leadway Assurance services are not limited to fire and special perils insurance, burglary, and housebreaking insurance

Also, they carry out business interruption insurance, employer’s liability insurance, and public liability insurance.

3. Custodian and Allied Insurance Plc

Custodian and Allied Insurance Plc provides comprehensive insurance solutions to businesses. 

Its insurance policies cover including fire, burglary, and liability. 

It also offers group life insurance and employee benefits solutions to businesses. 

4. AIICO Insurance Plc

AIICO Insurance Plc is one of the Best Insurance Companies For Shop Owners And Businesses In Nigeria.

The company has a strong reputation for providing reliable and efficient insurance services to its clients since its 50 of operation. 

It provides customized insurance solutions to meet the specific needs of shop owners and individual businesses.

Their services include fire and special perils insurance, burglary and housebreaking insurance, motor insurance

Also, marine insurance, aviation insurance, public liability insurance, and employer’s liability insurance. 

5. NEM Insurance Plc

In its 24 consecutive years of existence, NEM Insurance Plc has provided reliable services as demanded by businesses. 

Its services include and not limited to motor insurance, marine insurance, fire insurance, and a lot more.

6. Cornerstone Insurance

Cornerstone Insurance Corporation has been one of the Best Insurance Companies For Shop Owners And Businesses In Nigeria since its existence in 1991.

It was eventually listed on the Nigerian Stock Exchange (NSE) in 1997.

And has since stayed committed to putting their clients first and developing solutions that match their needs.

7. AXA Mansard Insurance Plc

AXA Mansard Insurance Plc offers a wide range of insurance products and services to businesses in the country.

It’s been operating for more than 30 years with a strong reputation amongst all others.

Like many others, AXA Mansard Insurance offers insurance products and services like fire and special perils insurance, marine insurance, burglary, and housebreaking insurance

Also, motor insurance, aviation insurance, public liability insurance, and employer’s liability insurance. 

8. Lasaco Assurance Plc

Lasaco Assurance Plc being one of the Best Insurance Companies For Shop Owners And Businesses In Nigeria, was formerly known as Lagos State Assurance Company Limited

It was established on December 20, 1979, in accordance with the Companies Decree of 1968.

And was licensed as an insurer on July 7, 1980, and began operations on August 1, 1980.

Final Note on Best Insurance Companies For Shop Owners And Businesses In Nigeria

Though there are several insurance companies with lots of benefits in Nigeria

However, knowing which is the Best Insurance Companies For Shop Owners And Businesses In Nigeria is essential. 

As a business owner or shop owner, ensure you consider an insurer’s legal stand, reputation, and recognition before you insure your business with them. 

Also, look out for reviews about them on the internet. 

In this guide, we have discussed 8 Best Insurance Companies For Shop Owners And Businesses In Nigeria. 

You can do well to visit their official sites for more information. 

We hope you found the article helpful. 

Frequently Asked Questions On Best Insurance Companies For Shop Owners And Businesses In Nigeria

Which are the Best Insurance Companies For Shop Owners And Businesses In Nigeria?

Choosing the Best Insurance Companies For Shop Owners And Businesses In Nigeria depends on many factors, including your budget and your business’s specific needs.

However, Leadway Assurance Company Limited, Mutual Benefits, AXA Mansard Insurance Plc, Lasaco Assurance, and AIICO Insurance Plc are some of the Best Insurance Companies For Shop Owners And Businesses In Nigeria.

What insurance policy should I get for my business in Nigeria?

The insurance policy that would work for your business depends on the type of business you operate and the specific risks you face. However, ensure to get a reliable insurance policy that covers fire, theft, and public liability.

Are there consequences to not having business insurance in Nigeria?

Not really. However, it leads to irredeemable financial losses if an unexpected event occurs.

What types of insurance should I consider as a shop owner or business in Nigeria?

You should consider insurance companies that offer fire and special perils insurance, burglary, and housebreaking insurance

As well as motor insurance, marine insurance, aviation insurance, public liability insurance, and employer’s liability insurance. 

However, the insurance type that suits your business will solely depend on the nature of your business and the risks that you face.

If I need to make an insurance claim for my shop, what should I do?

If you need to make an insurance claim for your business in Nigeria, contact your insurance company

Then provide them with all of the necessary information and documentation.