Best Business insurance companies – The insurance industry in Nigeria is growing at a fast rate. This means that there are more and more companies trying to enter the market, which makes it difficult for consumers to compare different products and services.
There are many companies that offer business insurance. The first thing to keep in mind when choosing a company is its reputation and track record. You want to make sure they have been around long enough to show that they know what they’re doing and can provide quality coverage at a reasonable price.
Top 10 Best Business insurance companies in Nigeria
Best Business insurance companies in Nigeria
Below is a list of top business insurance coverage at affordable prices;
1. Financial Guarantee Company Limited
FGCL is a financial services company based in Nigeria that provides insurance and credit products.
FGCL was established in 2007 by the Financial Services Commission (FSC). The company has its headquarters in Abuja, with branches across the country.
FGCL offers a range of insurance products including motor vehicle insurance, home & personal property insurance and travel medical insurance among others.
2. AIG Nigeria Limited
AIG Nigeria Limited is a Nigerian insurance company established in 1914. It is headquartered in Lagos, Nigeria. It is a member of the African Insurance Federation (AFI).
The company was founded by the Aig Group of Japan and its name stands for “AIG Life Insurance Company Limited”, which means it’s an insurance company that offers life and health insurance products for individuals and businesses respectively.
3. General Insurance Company of Nigeria (GICO)
General Insurance Company of Nigeria (GICO) is a member of the Nigerian Insurance Federation (NIF).
The company was established in 1991, and it has been operating since then. GICO is a public limited company based in Lagos, Nigeria with a network of offices across the country.
The company has been operating in Nigeria since 1991, and it is currently one of the leading insurance companies in the country. GICO is a public limited company based in Lagos, Nigeria with a network of offices across the country.
The company offers comprehensive range of general insurance products including life insurance and motor insurance.
4. Federal Insurance Corporation (FIC)
FIC is a public company, which means it is owned by the federal government.
The Federal Insurance Corporation was established in 1956 to provide life insurance and health insurance to Nigerians and other nationalities living in Nigeria.
FIC also works with other government agencies such as:
- Nigerian Insurance Council (NIC)
- Nigerian Insurance Association (NIA)
Nigerian Insurance Brokers Association (NIBA) Nigerian Institute of Insurance and Financial Management (NIIFM) It is also a member of the International Federation of Insurance Supervisors (IFIS).
FIC’s mission is “to provide affordable protection against death and disability in order to improve the quality of life of Nigerians.
5. African Risk Management Services Limited (ARMS)
African Risk Management Services Limited (ARMS) is a leading insurance company in Nigeria.
ARMS has a wide range of products and services including general business insurance, commercial Property & Casualty Insurance, Professional Indemnity Insurance, Personal Accident & Health Insurance etc.
In addition to these core business lines, ARMS also offers more specialised products such as marine risk management services for oil drilling platforms operating offshore from Nigeria’s territorial waters or those working on any other offshore platform located off shore from Nigerian shores.
The company’s strong reputation for quality service has been built over many years through excellent customer relations which are maintained through regular communication between customers and employees at all levels of management throughout the organization.
Hence providing you with peace-of-mind when choosing an insurer with whom you can trust your business future.
6. Equitable Life Assurance Society Limited (ELAS)
ELAS is a life insurance company in Nigeria. It was established in 1885, making it the oldest life insurance company in Nigeria.
ELAS has over 1,000 branches across the country and over 1,500 employees.
ELAS’s products include:
Whole Life Insurance (WLI) – This is a permanent cover that provides death benefits to your dependents if you die during the policy period; it also offers partial benefits for the spouse on marriage and children after divorce or annulment of marriage.
This type of policy can be carried out by individuals or firms as long as they meet certain requirements set by ELAS.
7. Petros Insurance Company Limited (PICL)
PICL is a Nigerian insurance company that is part of the Petros Group. It’s also a member of the Nigeria Insurance Federation (NIF), which means it’s committed to upholding good business practices and principles.
In addition, PICL has been certified by NIB as an approved provider for their products since 2005.
If you’re looking for something more than your standard coverage options, PICL might be right for you!
8. Federal Life Assurance Corporation (FLAC)
If you’re looking for a company that offers life insurance policies and coverage, Federal Life Assurance Corporation (FLAC) is one of the best options.
Established in 1963, FLAC has been serving Nigerians since then. It’s also part of the Nigerian Institute of Life Insurance (NILI), which is an association made up of life insurers operating in Nigeria.
This means that you can rest assured that your business will be protected if something happens to your employees or customers long as they’re insured by FLAC!
9. Government of the Federal Republic of Nigeria Life Insurance Corporation (GFRI)
The Government of the Federal Republic of Nigeria Life Insurance Corporation (GFRI) is a government-owned life insurance company.
It was established in 1973 and is headquartered in Abuja, Nigeria. The company currently operates over 800 branches across the country.
10. United Services Mutual Life Insurance Society Ltd. (USMALL).
USMALL is a life insurance company. USMALL was established in 1986 and has been operating since then. It’s headquartered in Abuja, the capital of Nigeria. The company has over 1,000 employees and 100 branches across Nigeria.
Conclusion
If you are running a business in Nigeria, it is important to have good insurance coverage. This can help protect your assets and business from unforeseen circumstances.
The best way to find the best business insurance company for your needs is by getting quotes from multiple companies and comparing them against each other.
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