How to choose a business insurance broker in Malaysia (2026)
Choose a broker on Bank Negara Malaysia’s list of approved insurance brokers (or approved takaful brokers), who compares quotes from several insurers and helps with claims. Brokers are usually paid by insurer commission, though some charge fees for advisory work. The check that matters most: verify the broker on BNM’s list and ask how they will support you at claim time.
Last updated 31 October 2026 · See the Top 10 business insurance brokers in Malaysia →
Typical costs in Malaysia (2026)
| Item | Typical range / basis |
|---|---|
| Broker fee | Usually included in premium via insurer commission |
| Fire / property cover | Premium based on sum insured |
| Public liability | Premium based on business type and limit |
| Employee benefits (group medical) | Per employee per year |
| Cyber insurance | Premium based on revenue and controls |
Editorial estimates from published rate cards and quotes. Always get written quotes.
Licence or registration to check
Insurance brokers must be approved by Bank Negara Malaysia under the Financial Services Act 2013; takaful brokers under the Islamic Financial Services Act 2013. BNM publishes lists of approved brokers. Check the BNM Financial Consumer Alert list for unlicensed entities.
Checklist before you hire
- On BNM’s approved insurance broker or takaful broker list
- Quotes from several insurers
- Clear explanation of exclusions
- Claims support process
- Annual review of cover and sums insured
- Disclosure of commission or fees
Questions to ask
- Are you on BNM’s approved broker list?
- Which insurers did you approach?
- What are the main exclusions?
- How will you help us with a claim?
- How are you paid?
Red flags
- Not on BNM’s list
- Only one insurer quoted
- Pressure to buy without explaining exclusions
- No claims support
Top-ranked business insurance brokers right now
- Anika Insurance Brokers — Kuala Lumpur, score 36/100
- BIB Insurance Brokers — Kuala Lumpur, score 28/100
- Aon Malaysia — Kuala Lumpur, score 24/100
FAQ
Broker or agent?
An agent represents one insurer; a broker can compare several.
What cover does an SME need?
Often fire, public liability, employee benefits and, where relevant, cyber and professional indemnity.
Is takaful available for businesses?
Yes, through takaful operators and approved takaful brokers.
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