Business and Finance

Best Insurance Companies For Shop Owners And Businesses In Nigeria

List of the Best, Legit and Trusted Insurance Companies in Nigeria 2023

Business and shop owners in Nigeria must prioritize getting their businesses insured due to the myriad of risks they face daily. These risks include fire outbreaks, burglaries, natural disasters, and potential lawsuits. Having comprehensive insurance coverage is essential to protect businesses from substantial financial losses resulting from such unforeseen events. In Nigeria, numerous insurance companies cater to businesses and shop owners, offering a range of insurance services.

When selecting the best insurance company, several crucial factors should be considered. Look for insurers with a strong financial standing and a reputation for prompt claims settlement. A diverse portfolio of commercial insurance products, including property, liability, and business interruption coverage, is vital to suit the unique needs of different businesses. 

List of the Best Insurance Companies For Shop Owners And Businesses In Nigeria

Below are five insurance companies in Nigeria, which shop owners and businesses can take coverage to protect their business against future setbacks, which might lead to and inability to bring the business back on its feet, due to financial loss and other complicated circumstances.

Leadway Assurance Company Limited

This is one of the insurance companies taking the lead among others in the country, Leadway Assurance has been in existence for over 50 years, known for its robust reputation in Nigeria, it provides convenient coverage options designed, to address the challenges faced by businesses and shop owners, in terms of protect their business against unforeseen risks and circumstances, such as fire outbreak, burglary, natural disaster, allied perils, e.t.c. Lead Way also offers coverage for liability insurance, which protects the business from legal liabilities or actions.

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AIICO Insurance Plc

AIICO Insurance plc, is another best insurance companies for businesses and shop owners, taking the lead after Leadway Assurance Company Limited, it is a trusted and well-embraced insurance company in Nigeria, it provides its customers with coverages such as; fire insurance, burglary insurance, vehicle insurance, employer’s liability insurance, aviation and marine insurance. As for businesses and shop owners, it offers coverage against; shop breaking, Natural disasters, fire outbreaks, e.t.c

AXA Mansard Insurance Plc

AXA Mansard Insurance Plc is a prominent insurance company in Nigeria, renowned for its top-notch coverage for shop owners and businesses. With over 30 years of experience, the company has earned a strong reputation in the industry. They offer a wide array of insurance products, including fire and special perils insurance, marine insurance, burglary and housebreaking insurance, motor insurance, aviation insurance, public liability insurance, and employer’s liability insurance. Known for its flexibility, AXA Mansard provides tailor-made insurance solutions to cater to the specific requirements of its valued customers.

Cornerstone Insurance Plc

Cornerstone Insurance Plc is a highly trusted Nigerian insurance company, renowned for delivering reliable insurance solutions to businesses of all sizes. With a strong focus on professionalism and service excellence, it has established a solid reputation in the commercial insurance sector. 

Cornerstone Insurance offers a comprehensive range of tailored insurance products for shop owners and businesses, including property insurance to protect premises, inventory, and equipment, liability insurance to cover third-party claims, and business interruption insurance to mitigate financial losses during unexpected interruptions. Their customer-centric approach emphasizes client satisfaction, offering personalized service, prompt claims settlement, and continuous support to policyholders.

NEM Insurance Plc

NEM Insurance Plc, a well-established Nigerian insurance company, is highly regarded for its comprehensive insurance solutions and dedication to customer service. Catering to diverse businesses across industries, NEM Insurance offers a wide range of commercial insurance products. Their property insurance safeguards shop premises, inventory, and equipment from perils like fire, theft, and natural disasters. 

Their liability insurance protects against third-party bodily injury or property damage claims during business operations. For businesses involved in import and export, NEM provides marine insurance, ensuring goods’ safe transportation. The company’s financial strength, experienced underwriting team, and commitment to prompt claims settlement contribute to its esteemed reputation. Personalized service and dedicated support enhance customer satisfaction throughout the claims process.


How much is general liability insurance in Nigeria?

General liability insurance in Nigeria typically ranges from ₦50,000 to ₦200,000 per year. Property insurance prices vary from ₦30,000 to ₦150,000 annually. These costs may fluctuate based on factors such as the size and type of business, coverage limits, and the insurance provider’s terms.

How much does an insurance agent make in Nigeria?

In Nigeria, insurance agents typically earn a monthly salary ranging from 80,392 NGN (minimum) to 328,573 NGN (highest average, actual maximum salary may be higher). The total compensation includes bonuses. However, salaries can vary significantly based on the specific job position and individual performance within the insurance industry.

What is public liability insurance in Nigeria?

Public Liability Insurance in Nigeria is designed to provide coverage to the insured against accidental loss, damage, bodily injury, death, or illness suffered by a third party in relation to the insured’s business activities. This policy safeguards the insured from potential legal liabilities and financial repercussions arising from such incidents involving members of the public.

How much does AXA Mansard pay sales advisors?

AXA Mansard pays sales advisors a monthly salary starting from ₦51,000.00. Additionally, they earn commissions based on sales performance and are eligible for bonuses. After the application process, successful candidates will go through mandatory onboarding training upon joining the team.

What is the minimum tax for insurance companies in Nigeria?

The minimum tax for insurance companies in Nigeria is 0.5% of their gross turnover less franked investment income. For non-life insurance companies, the minimum tax is 0.5% of gross premium, while for life insurance companies, it is 0.5% of gross income. This minimum tax is applicable to ensure a minimum level of taxation for insurance companies.


When it comes to choosing the best insurance company for shop owners and businesses in Nigeria, several critical factors should be considered. Look for insurers with a strong track record of financial stability and reliable claims settlement. A company’s range of commercial insurance products, including property, liability, and business interruption coverage, should cater to your specific needs. Moreover, prioritize insurers with a customer-centric approach, providing personalized service and prompt support to ensure a smooth and hassle-free insurance experience for your business.

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