A shop in Nyabugogo flooded during the rainy season. Stock worth RWF 8 million â destroyed. No insurance. The owner had to take a personal loan to restock. Eight million francs of damage that a policy costing RWF 15,000/month would have covered.
Types of business insurance available in Rwanda
Property insurance
Covers your physical assets: shop, equipment, inventory against fire, flood, theft, and natural disasters. Essential for any business with physical stock or premises.
Professional liability (errors and omissions)
Covers claims arising from professional mistakes. Important for consultants, accountants, lawyers, IT providers, architects, and anyone whose advice or work could cause client losses.
Public liability
Covers injuries or damage to third parties on your premises. If a customer slips in your shop and breaks their arm, this covers the medical bills and potential lawsuit.
Workersâ compensation
Covers employees injured on the job. RSSB provides some coverage, but additional private coverage can fill gaps.
Vehicle insurance
If you have business vehicles, third-party insurance is legally required. Comprehensive coverage is recommended for valuable vehicles.
Insurance providers in Rwanda
- SONARWA â the largest, widest product range
- RADIANT Insurance â good SME products
- PRIME Insurance â competitive pricing
- SORAS â established, good for property insurance
- UAP Old Mutual â strong in professional liability
How much does it cost?
Premiums depend on your risk profile, but rough ranges for small businesses:
- Property insurance: 0.5â2% of insured value per year
- Professional liability: RWF 200,000â500,000/year
- Public liability: RWF 100,000â300,000/year
Compare quotes from at least three providers. Use a broker if youâre not sure what coverage you need â their commission comes from the insurer, not you.
Insurance feels like wasted money until you need it. Then itâs the best investment you ever made. Protect the business youâve built.