6 Best insurance companies for startups in Nigeria

Starting a business is a high-risk venture. Certain unforeseen disastrous circumstances may arise along the way, and if precautions are not taken, it could very well lead to bankruptcy. To avoid this, every business owner in Nigeria must insure their startups. 

Insurance is a policy in which a contract is signed between policyholders and an insurance company to protect the policyholder against losses through financial protection or reimbursement. Essentially, a contract is signed between the policyholder and the insurance company, and the policyholder pays a certain amount of money to the insurance company so that if any damage or loss occurs they will be reimbursed. 

Every startup in Nigeria needs to get insured, as it will safeguard from significant losses in case of damage. When looking for an insurance company to safeguard you in Nigeria, the below are among the best. 

Best insurance companies for startups in Nigeria

1. AIICO Insurance PLC

Previously known as the Agency Office of American Life Insurance Company (ALICO), AIICO started its operations as early as 1963. It was a subsidiary of American International Group (AIG), until 1990, when it was acquired by a 60% stake by the Federal Government of Nigeria and was renamed American International Insurance Company Limited (AIICO). 

The company is currently certified as both a general insurance and life assurance company, and it aims to become the leading insurance company in Nigeria. It has achieved this goal by becoming the market leader in Retail Life insurance and retirement services and a market leader in Non-life insurance in Nigeria. 

There are several available options in AIICO Insurance Plc, including: 

  1. The auto-insurance plan: This plan protects you against every kind of vehicle damage including burns, accidental collisions, theft, vandalism, bodily injury, death or damage to 3rd parties or their properties caused by insured vehicles. 
  2. International travel plan: In partnership with AIG South Africa, the AIICO travel insurance plan helps cover the insured over a variety of problems that may occur during the flight including loss of money, loss of baggage, emergency medical expenses, missed/cancelled flights, evacuation and others. 
  3. Home insurance: This plan protects you in the case your home and property are damaged by any unforeseen circumstance or in the case of a lawsuit
  4. Oil and Gas Insurance: This plan protects oil companies against oil risks, construction risks, operational risks, and other issues. 
  5. Agricultural insurance: There are several plans under this scheme including:
  6. Poultry farm insurance provides cover to birds in poultry against death for several reasons
  7. The livestock insurance policy which insures against death to livestock
  8. The fish farm insurance provides cover to fish farmers against the death of fish and destruction of fishponds 
  9. The farm property and produce insurance which covers damage or loss of farm property
  10. The plantation fire insurance covers plantation farms against loss or damage
  11. The multi-perils crop insurance policy insures against damage or loss of crop in the farm
  12. The area yields index – based insurance policy which provides cover against several uncontrolled circumstances that could damage farm produce including bad weather, disease and pest
  13. The weather index insurance provides cover against inadequate or excessive rainfall that could lead to damage to crops

If you’re going into an agricultural-related business, oil and gas industry, automobile industry or any business that requires you to travel frequently, then AIICO Insurance Plc is your plug. 

2. Cornerstone Insurance Plc

Incorporated on 26th July 1991 as a private liability company, Cornerstone Insurance Plc is one of the best insurance companies in Nigeria for startups. They are licensed by the National Insurance Commission (NAICOM) to offer both general and life insurance to their customers.

They are the first insurance company in Nigeria to provide customers with an online platform for their insurance transactions making the whole process of getting insured quick and convenient. 

The insurance plans offered by the company cover several areas including, motor vehicle, marine, aviation, liability to third party, asset protections, engineering, oil and gas, group life, credit life, wealth creation products, team assurance, mortgage protections and Islamic insurance (Takaful). 

3. Universal Insurance

With universal insurance, startups can go about their business with peace of mind as the company insures against various areas to ensure that your company does not go under whenever an unfortunate circumstance occurs.

The company promises efficiency in service delivery and the best insurance plans. They sell eight major lines of insurance including auto, property and commercial. 

4. AXA Mansard Insurance

AXA Mansard Insurance provides several services to its customers including health insurance, investment services, life insurance, property and casualty insurance, motor insurance, and travel insurance. 

The company was incorporated in 1989 as a private limited liability company. It is licensed by the National Insurance Commission of Nigeria (NAICOM) to provide insurance services to individuals and businesses. Its operation in over 60 countries and 107 customers is a testament to the success of the company. 

AXA Mansard Insurance offers several commercial solutions to various small and medium-sized enterprises and corporate organizations. Their plans include a lifesaving plan, instant plan, health plan, retirement savings plan, business and tourism protection plan, auto flex plan, student protection plan, equity income plan, money market plan, easy care plan, and many more. 

5. Lasaco Assurance Plc

As one of the fastest-growing insurance companies in Nigeria, Lasaco Assurance Plc provides some of the best insurance plans to individuals and corporations. The company was incorporated in December 1979 and licensed as an insurer in July 1980. It became a Public Liability Company in 1991 and its shares were listed on the Nigerian Stock Exchange (NSE). 

The services they offer include motor insurance plans, aviation insurance plans, money insurance, householder’s insurance plan, fire and special insurance plan, bond insurance plans, personal accident plans, and professional indemnity insurance. 

6. Leadway Assurance Company

Leadway Assurance Company is an insurance company known for its service efficiency and customer reliability. Since its founding in 1970, the company has earned a reputation for excellence. The company offers personal insurance, business insurance and auto insurance services. 

For startups, they will benefit a lot from the insurance services offered by the company. These plans are designed to cover business owners, staff and their proprietors against losses due to circumstances that may arise in the process of conducting business.

Some of the plans that offer include motor insurance, property insurance, marine insurance, accident policies and SME insurance. They also offer portfolio management, secured credit, bonds, and protections against miscellaneous financial losses. 


When you have a good insurance policy in place, you can run your business in peace knowing that whatever happens, you have protection. Before choosing an insurance company, you must research the insurance companies and their plans to figure out what’s best for you. 

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Habibat Musa

Habibat Musa

Habibat Musa is a content writer with MakeMoney.ng. She writes predominantly on topics related to education, technology and business. She is an English language major.

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