Why insurance? 

Insurances are safety nets, a way to manage risks of loss. Buying an insurance means transferring the cost of potential loss to the insurance company in exchange for a fee, known as the premium. Commercial insurances – insurances aimed at protecting and providing safety nets to businesses, employers and employees – are crucial in protecting enterprises and companies against risks of business failure. 

What are the types of insurances relevant to companies and business startups in Uganda?

The National Social Security Fund (NSSF) is governed by the revised National Social Security Fund Cap 222 revised Laws of Uganda 2000 where currently employer contributes 10% of gross pay and employee 5% but all remitted by the employer monthly. This is a compulsory saving Scheme, which covers all employees in the private sector, including non-governmental organizations and parastatal bodies that are not covered by the government Pension scheme. It is mandatory that every employer observes the following under the Act: – to register the organization with NSSF when the employer has 5 or more employees; – to register all his employees between the age of 16-55 years as members on the Fund. The procedure takes from 1 to 7 days and is free of cost.

Which offerers are there? What are the best-rated products for young entrepreneurs?

Click here for a directory to insurance companies and insurance brokers in Uganda