Business insurance in Suriname
Three types of insurance are required by law for most businesses: third-party cover for every motor vehicle, accident insurance for your employees and basic health insurance for your staff. Everything else is voluntary, but a fire, burglary or claim can bankrupt a small business in one go. Insure mainly what you cannot carry yourself, and insure it for its real value, preferably in the currency you paid for it in.
On this page (12)
- Required: WAM third-party cover for every vehicle on public roads; accident insurance for all employees from their first working day; basic health insurance for employees. Premiums and the split are in Employer costs.
- Almost always sensible: fire and contents, general liability, burglary and theft, and business interruption cover if you depend on one location.
- By sector: transport (cargo, goods in transit), workshops (machinery breakdown), service providers (professional indemnity), data-heavy businesses (cyber).
- Agriculture: there is no broad offer of crop or livestock insurance in Suriname. Insure buildings, machinery and stock, and build your own buffer.
- Supervision: the Central Bank (CBvS), still under a 1968 law. A new Insurance Supervision Act, also covering intermediaries, is before parliament.
- Claims: limit the damage, take photos, file a police report for theft and notify the insurer right away. Check every year whether your sums insured still match the exchange rate.
Mandatory insurance
| Insurance | Who | What to know |
|---|---|---|
| Motor third party (WAM) | Every motor vehicle on public roads: cars, buses, trucks, motorbikes, including company vehicles | Covers damage you cause to others with the vehicle, not your own vehicle. Report a sale or end of use within the term in your policy (at Assuria, for example, 8 days) |
| Accident insurance (Accident Regulation 1947) | All employees, from the first working day | Premium paid entirely by the employer. Covers workplace accidents, including on the way to and from work. A new Accident Regulation is before parliament; see New laws and rules |
| Basic health insurance (BZV) | All employees | Employer and employee share the premium; the insurer sets the amount. See Employer costs and Hiring staff |
Customers, banks and landlords may also require insurance. For a secured loan a bank almost always asks for fire insurance on the building, with the bank as beneficiary (see Business financing). Government tenders and oil, gas and mining companies often require contractors to carry liability insurance with a minimum amount and sometimes a bank guarantee; read the terms of each contract. See Tenders and Oil and gas.
Sensible insurance for businesses
Which policies you need depends on what you own, what you do and what a loss would cost you. Not every insurer offers everything; for large or unusual risks Surinamese insurers place part of the risk with reinsurers abroad. Ask for at least two or three quotes.
| Policy | Covers | Mainly for |
|---|---|---|
| Fire and buildings | The building against fire, lightning, explosion and often storm. Flood and water damage are often excluded or extra | Anyone who owns premises; required with a mortgage |
| Contents and stock | Fittings, machinery, computers and stock against fire, and with an extension against burglary and theft | Shops, workshops, offices, also if you rent |
| Business interruption | Ongoing costs and lost profit after a covered loss, such as a fire | Single-site businesses, hospitality, manufacturing |
| General liability | Injury to people or damage to others' property caused by your business, staff or products | Anyone with customers on site, contractors, producers |
| Professional indemnity | Financial loss caused by an error in your advice or service | Accountants, engineers, IT firms, consultants |
| Marine and cargo | Goods during sea or air freight to or from Suriname | Importers and exporters; check who insures under the Incoterm |
| Goods in transit | Cargo in your own or a hired truck or boat within Suriname | Wholesalers, distributors, carriers |
| Cash | Cash on the premises, in the safe and on the way to the bank | Shops, fuel stations, exchange offices, hospitality |
| Machinery breakdown and electronics | Sudden damage to machinery and equipment, including from power surges | Manufacturing, cold stores, workshops |
| Motor own damage (casco) | Damage to your own vehicles, on top of the required third-party cover | New or expensive vehicles, fleets |
| Cyber | Costs after a hack, ransomware or data breach: recovery, investigation, sometimes claims | Web shops, IT service providers, businesses holding customer data |
| Directors and officers (D&O) | Personal liability of directors and supervisory board members | Larger companies (NV), firms with outside investors |
Whether an insurer offers cyber, D&O or professional indemnity policies differs per company and per year. Ask, and read the exclusions.
Farming and livestock
Crop or livestock insurance as farmers know it in other countries is not widely offered in Suriname. In 2022 the then Minister of Agriculture spoke of a disaster fund into which farmers would pay a fixed amount, but we found no such fund operating. After disasters the government sometimes steps in: in December 2024 small rice farmers (0 to 50 hectares) who lost harvests to extreme weather received SRD 3,500 per sown hectare and SRD 750 per hectare already ploughed. You cannot plan on that.
What you can do: insure buildings, storage, machinery, pumps, vehicles and stock like any other business; ask your insurer whether livestock or greenhouses can be covered; spread your crops and your buyers; and keep your own reserve. More on the sector: Starting an agribusiness. Support programmes: Grants and support programmes.
Insurers and supervision
The Central Bank of Suriname (CBvS) supervises insurers. The mandate comes from article 10 of the Central Bank Act 2022 (S.B. 2023 no. 65). The detailed rules still come from the Banking and Credit System Supervision Act 1968, as amended in 1986, which was originally written for banks. According to the CBvS, 12 insurance companies and 1 holding company fall under its supervision. Anyone wanting to carry on insurance business needs a declaration of no objection from the CBvS and a licence from the Ministry of Economic Affairs (EZOTI). Since 2021 the CBvS has tested insurers' directors for fitness and propriety.
A new law in the making
The draft Insurance Supervision Act 2024 was debated in parliament in January 2025. It gives the CBvS more powers, brings holding companies under supervision and requires insurance intermediaries (agents and brokers) to hold a licence. During the debate members of parliament asked for better protection of policyholders when claims are paid out and more explanation of premium increases. On 26 October 2026 the bill was still pending in parliament. Until it passes, intermediaries are not separately supervised: ask a broker which insurers they represent and how they are paid. See also New laws and rules.
Which insurers?
We found no public list of supervised insurers on the CBvS website. Well-known non-life, life and health insurers include Assuria, Fatum, Parsasco and Self Reliance (alphabetical, no ranking); there are more. If in doubt, check with the CBvS whether a company is supervised. Websites and phone numbers are in Business resources.
How much to insure, and in which currency?
Underinsurance
If the sum insured is lower than the real value, you are underinsured. Most policies then apply the average clause (proportionality rule) when you claim: you are paid part of the loss, in the same proportion as you were insured.
| Example | Amount |
|---|---|
| Real value of your contents | SRD 1,000,000 |
| Sum insured | SRD 600,000 (60%) |
| Loss after a burglary | SRD 200,000 |
| Payout under the average clause | 60% of SRD 200,000 = SRD 120,000, minus the excess |
For buildings choose the rebuilding value (what it costs to rebuild, not the sale value including land) and for contents the replacement value if your policy allows. Ask whether a clause against underinsurance or automatic indexation is available.
SRD or USD
Machinery, vehicles, spare parts and much stock are bought in dollars. When the exchange rate rises, the replacement value in SRD rises too, but your policy does not follow automatically. After the large exchange rate increases of recent years, a policy that has not been updated for a while can be far below the real value. Ask your insurer whether you can set the sum insured in USD or EUR, or have the sums adjusted at least every year and after every large rate change. Keep a list of your assets with purchase price, date and currency; Depreciation calculator helps you track it, and current rates are on Exchange rates today.
Premium, VAT and tax
- VAT: non-life insurance such as fire, motor and liability carries the standard rate of 10%, charged on the whole premium including policy costs. Local health and life insurance are exempt. Ask your insurer how the employee accident insurance is treated. See VAT in Suriname.
- Deduction: premiums for business insurance are ordinary business expenses. If you are VAT-registered, the VAT on the premium is in principle deductible as input tax. See Business taxes.
- Lowering the premium: a higher excess, an alarm and cameras, fire extinguishers and a safe, and combining policies with one insurer often earn a discount. Ask.
Taking out insurance: step by step
- Make a risk list. What can go wrong (fire, burglary, accident, power failure, flooding, a customer's claim) and what does it cost if it happens?
- Set the values. Rebuilding value of the premises, replacement value of contents and stock, and how much revenue you lose if you are closed for a month.
- Ask for at least two or three quotes on the same basis, so you can compare them.
- Compare more than the premium: excess, exclusions (flood, power failure, wear and tear), maximum payout, waiting periods and the currency of the sum insured.
- Fill in the application honestly. A concealed risk, such as storing flammable materials or a previous loss, can later mean the insurer does not pay.
- Read the policy and conditions and keep them, also digitally away from the premises.
- Review every year: values, new machinery, extra locations and the exchange rate.
Reporting a loss and getting paid
- Limit the damage and make it safe: power off, stop the water, help the injured. The insurer expects you to take reasonable measures.
- Record everything: photos and video of the damage, the location and the cause, with dates. Do not throw away damaged items before the insurer or loss adjuster has seen them.
- File a police report for burglary, theft, vandalism and road accidents with injuries. Ask for a copy or the report number.
- Notify the loss right away to your insurer or intermediary, in writing, within the term in your policy. Late notice can cost you your payout.
- Provide evidence: receipts, invoices, stock records, repair quotes. Good Bookkeeping and invoices and an up-to-date Stock tracker make this much easier.
- Do not admit liability to a third party before your insurer has assessed it.
- If you disagree with the decision, ask in writing for an explanation and a review, possibly with your own loss adjuster. If that fails, you can go to court; see Debt collection and disputes.
A workplace accident involving an employee must also be reported to the Labour Inspectorate; how that works is in Workplace safety.
Checklist by type of business
Shop
- Accident and basic health insurance for staff
- Contents and stock against fire, burglary and theft, at replacement value
- Cash cover for the till, the safe and the trip to the bank
- Liability for customers in the shop (slips, falling shelves)
- Glass, if you have large display windows
Workshop or manufacturer
- Accident and basic health insurance, and the safety measures the insurer asks for
- Building (if you own it) and machinery against fire; machinery breakdown and power surge damage
- Business interruption for downtime after a fire or breakdown
- Product liability if you supply products to others
- Environmental damage, if you work with oil, chemicals or waste; see Environmental rules for business
Transport company
- WAM for every motor vehicle, own-damage cover for new or expensive vehicles, and a separate liability policy for boats
- Accident insurance for drivers and helpers
- Goods in transit, or carrier's liability, with the maximum value per trip
- Passenger insurance for passenger transport
- Vehicle downtime after a loss (replacement transport or business interruption)
Farm
- Accident insurance for employees, including seasonal workers
- Barns, storage, drying and cooling installations against fire and storm
- Tractors, pumps and vehicles (WAM and own damage)
- Liability, for example when spraying or for straying livestock
- Ask whether livestock or greenhouses can be insured; otherwise keep your own reserve
Office or service provider
- Accident and basic health insurance
- Contents and electronics, including laptops outside the office
- Professional indemnity if clients rely on your advice or work
- Cyber, if you handle customer data or payments; see Accepting payments
- Off-site backups, so a fire or burglary does not also cost you your records
What if...
- ...I have no accident insurance and an employee is injured? Then as the employer you are personally liable for the costs and benefits the Accident Regulation prescribes. Arrange the insurance before the first working day; see Employer costs.
- ...my premises flood after heavy rain? Check your policy for water damage and flood cover; it varies widely. Take photos, limit the damage and notify the insurer right away.
- ...a power failure damages my cold store or machinery? Ordinary fire policies usually do not cover it. A machinery breakdown or electronics policy sometimes does, and spoilage of chilled goods only with a separate extension. See EBS power outages.
- ...the insurer refuses to pay? Ask for the refusal in writing with the policy clause it relies on. If needed, get a lawyer or an independent loss adjuster. See Debt collection and disputes.
- ...I start a business in Suriname from abroad? A foreign policy rarely covers risks in Suriname. Take out the required and most important policies locally. See Doing business from the diaspora and Investing in Suriname.
Sources
- CBvS: insurance supervision (legal basis, 12 insurers and 1 holding company)
- Central Bank Act 2022 (S.B. 2023 no. 65)
- National Assembly: bills under consideration, including Insurance Supervision 2024
- De Ware Tijd: tighter regulation of insurers (17 January 2025)
- Dagblad Suriname: MPs want more protection for policyholders (27 January 2025)
- Accident Regulation (G.B. 1947 no. 45)
- GOV.SR: basic health insurance
- Assuria: special conditions for motor insurance, WAM Plus (October 2025, example of terms)
- VAT Act 2022, S.B. 2022 no. 121 (exemption for local health and life insurance)
- Key News: compensation for rice farmers (24 December 2024)
- Key News: crop insurance and disaster fund (11 June 2022)
Checked on 26 October 2026. General information, not insurance advice. Cover and conditions differ per insurer and policy; always read the policy conditions.
Frequently asked questions
Which insurance is mandatory for a business in Suriname?
Third-party motor insurance (WAM) for every motor vehicle, accident insurance for your employees from their first working day (Accident Regulation 1947) and the basic health insurance for employees. Fire insurance is not required by law, but banks almost always require it for a secured loan.
Who supervises insurers in Suriname?
The Central Bank of Suriname (CBvS), based on the Central Bank Act and the 1968 Banking Supervision Act as amended in 1986. The CBvS supervises 12 insurers and 1 holding company. A new Insurance Supervision Act has been before parliament since 2024.
Can I insure my business in US dollars?
Ask your insurer. For imported machinery, vehicles and stock paid for in dollars, a sum insured in USD prevents underinsurance after the exchange rate rises. In any case, check the sums insured every year.
What is underinsurance?
If the sum insured is lower than the real value, the insurer often only pays out proportionally. If your contents are worth SRD 1 million and insured for SRD 600,000, a SRD 200,000 loss may only pay SRD 120,000.
What should I do after a burglary or theft at my business?
Report it to the police as soon as possible, take photos and list what is missing, and notify your insurer immediately. Without a police report the insurer usually does not pay for theft.
Do I pay VAT on insurance premiums?
Non-life insurance such as fire, motor and liability carries the standard VAT rate of 10%. Local health and life insurance are exempt.