How to Get Business Insurance in the Philippines 2022

Business in the Philippines? You’ve got that right! The country is a perfect hub for entrepreneurs looking to expand their businesses. With its high degree of economic freedom and low double taxation agreement (DTAA), the country is a preferred destination for global companies. Businesses also enjoy more affordable rates, with insurance premiums averaging at just 1% of an establishment’s annual income. In other words, you can have it all as an entrepreneur here. But before you take the plunge and start your business, you’ll need to secure sufficient business insurance first. Read on to learn more about how to get business insurance in the Philippines and protect your business from potential risks.

What is Business Insurance?

Business insurance is a type of insurance that protects your business from risks, such as natural disasters, human errors, and legal disputes. This type of insurance covers all aspects of your business, from the assets you’ve invested in to the buildings you own to the people you employ. It also covers any tools and machinery used for your business.

Types of Business Insurance

It is important to note that the types of business insurance vary from industry to industry. Here, we will discuss some of the most common types of business insurance that most entrepreneurs in the Philippines take out for their businesses. Umbrella Insurance: This type of business insurance covers you against financial losses that are not excluded by other policies. It is usually taken out as a single policy for any company and is more affordable than traditional policies. Property Insurance: This type of policy protects your property from natural disaster risks and fire hazards. General Liability Insurance: Also known as commercial general liability (CGL), this type of policy protects your business if you are at legal fault in causing or contributing to an accident that results in injury or death. Workers’ Compensation Insurance: Businesses should also consider insuring themselves against claims coming from workers who are injured on the job. Workers’ compensation insures employees who suffer workplace injuries or occupational diseases, providing medical and rehabilitation services, among others.

How to get business insurance in the Philippines?

If you’re planning on starting a business in the Philippines, you will need to get insurance. There are many types of insurance you can buy to protect your business, including workers’ compensation, health and safety, and liability. Some companies offer their own additional insurance packages that may include travel protection or data security. You might also want to consider purchasing contingency plans for the company if your plan is cancelled by an insurer due to the company being insolvent or non-performing. Manila is a city where foreign investments are welcomed with open arms, so it’s not difficult for entrepreneurs to secure business insurance in the Philippines. It’s just a matter of taking the first step and getting started! How to Outsource SEO Correctly & Avoid the 5 Most Common Mistakes

Find an insurance provider

The first step to securing business insurance is to find an insurance provider. As mentioned, there are various advantages of doing business in the Philippines as far as business insurance is concerned. But due to its economic freedom and low DTAA, the market for local insurers is relatively small, making it hard to find an affordable policy. To that end, you should start by identifying a reliable partner who can help you get the right coverage for your company, including general liability and property protection.

Negotiate the premium payable

Business owners in the Philippines can achieve business insurance premiums as low as 1% of annual income, but they may not be able to negotiate the policy premium in their favor. This is because Philippine insurers are under no obligation to offer a better rate than what’s found in the country’s existing private insurance market. However, you’re still entitled to ask for a better rate if your company operates in an industry that has government regulations and/or is covered by a DTAA agreement with other countries. If you’re already operating and have already established your business in the Philippines, it might be tough to get a new policy. You should also consider getting business insurance from overseas so you can avoid having too many policies or making too many claims on one policy.


With the constantly fluctuating global economy, the need for business insurance has never been higher. No matter where you are based, you’re likely to be at risk if you do not have it. When you’re planning a project or setting up a business in the Philippines, make sure you get business insurance and take the steps to ensure your business runs smoothly. With this guide, you’ll learn how to get business insurance and how to go about getting it in the Philippines.


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