6 Business Insurance Platforms for SMEs

Updated on 24 June 2024

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Business insurance

Business insurance is important for anyone running a business. Whether you are a large organisation or a small to medium enterprise (SME). Business insurance helps you cover your important assets like equipment and helps you in tough situations like an unexpected fire.

Business insurance or commercial insurance, helps protect your business from losses. These can be lawsuits, natural disasters, or accidents. There are many types of business insurance including, property, motor, and employee-related insurance, amongst many others.

When applying for business insurance, there are many factors to consider. Business insurance platforms have underwriters. Underwriters review your business, check and savings accounts, where your business is situated etc to calculate the premium for your coverage.

Let’s look at some of the top business insurance platforms and what they offer SMEs.


Old Mutual back iWyze, is a business insurance platform. The organisation focuses on providing insurance to SMES. iWyze offers different types of coverage such as motor, building, and office content (everyday essentials) insurance.

When applying for insurance at iWyze, you will need the following:

  • Company registration number.
  • ID of business owner.
  • An appointed company decision-maker.

iWyze offers several benefits in its business insurance package. These include:

  • Tailored business insurance for your business.
  • Up to R30 million in cover.
  • 24/7 Office and roadside emergency assistance.
  • Quick quote and sales process.
  • Easy to understand business insurance.

To apply for iWyze business insurance, fill in the form and iWyze will give you a callback.


Santam, a subsidiary of Sanlam, offers business insurance in a range of products. The company offers motor insurance, property insurance and liability cover. Santam has business insurance products that are industry-specific. These include real estate, educational institutions, guesthouses, and SMEs.

To receive a quote from Santam, you can choose to get an online quote or get a call from a Santam consultant.


Investment service company Momentum has a comprehensive business insurance offering. On its package, you can choose the stand-alone business insurance cover or add customised products to your cover.

Momentum offers business car insurance, building combined insurance, office contents insurance, fire insurance, and electronic equipment insurance amongst many others. Add-ons include:

  • Business all-risk insurance.
  • Public liability insurance.
  • Fidelity insurance.
  • Money insurance.
  • Goods-in-transit insurance.
  • Motor traders insurance.
  • Glass insurance.

If you are interested in applying for Momentum Business insurance, simply click ‘request call back’ on the website, fill in the form and a Momentum consultant will get back to you.

1st for Women

First for Women is an insurance company that has a focus on female entrepreneurs. The company offers six types of business insurance coverage.

  • 1st for Business Women – Cover for businesses dealing directly with the public on physical premises e.g. retail stores, coffee shops, hair salons, flower shops etc.
  • 1st for Professional Women – Cover for women who run a business. And women who are part of a registered body such as lawyers, accountants, engineers or consultants.
  • 1st for Executive Women – Protection against risks to your personal life and professional career.
  • Errors and Omissions – Protects against mistakes that could lead to disastrous consequences.
  • Directors and Officers cover – For errors in judgement or reputational loss of the company caused by you.
  • Business Assist – Gives access to a range of benefits including office assist, safe drive, professional advice and more. Included in every First for Women business quote.

The company also offers commercial vehicle insurance, business interruption insurance, and small business insurance. To get a quote from 1st for Women, simply fill in the form and the company will give you a callback.


Local insurance company Bryte has an insurance offering for SMEs. The package is suitable for all SMEs, but the company does have a key focus on businesses in the professional, manufacturing, retail, food and beverage service industries.

Bryte SME insurance is tailored for each business. The company has specialised SME claims handlers who focus on helping small businesses get their claims quickly.

Bryte offers insurance for Property, motor, liability, goods in transit, accounts receivable, and business all risks (for losses relating to tools, equipment etc).

To apply for Bryte business insurance, fill in the form and the company will get back to you.

Budget Insurance

South African insurance provider Budget Insurance has an insurance offering for SMEs. The company offers vehicle, building assets, fire, public liability, and theft cover. The cost of the insurance is dependent on the needs of your business and what type of coverage you choose. There are four factors that affect the price of your cover. These include:

  • Type of business.
  • Size of your business.
  • Number of employees.
  • Location of your business.
  • Your claim history.

The company also provides other kinds of business insurance. These include medical business insurance, errors and omissions insurance, and directors and officers insurance, amongst many others.

To apply for insurance at Budget Insurance, visit the website for an instant quote.

Most of these insurance companies offer packages that are tailored for your business. They also cover a number of business assets that are crucial to your business.

Before applying for insurance, remember there are a number of factors that affect the price of your insurance. These include the location of your business, the industry in which you are in and other factors like equipment and business vehicle.

Insurance is important, and it will ensure your business is covered while you focus on running it.

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