Executivechronicles.com | How to Find the Right Business Insurance in the UAE for You | When you own a business in the UAE, it is essential that you have business insurance as it ensures your company is protected from costs associated with property damage or liability claims.
Unfortunately, without business insurance, you are putting your company in a vulnerable place as you will have to pay out-of-pocket for any legal claims that arise against your company. And, accidents can transpire at any point in time. With insurance, you not only protect your business, but it will also save you from stress and benefit your employees.
Now that you know why it is so important to have business insurance, read on to learn how to find the right business insurance in the UAE for you.
1. Understand the different types of business insurance
In the UAE, there are four different types of business insurance available. They are business interruption, property all-risk, public liability, and workmen compensation. Each one has a different purpose:
- Business interruption: Covers any lost income that occurs as a result of natural disasters (e.g., fire, flood), and that affects your capacity to do business. This insurance protects your company’s profits and fixed costs and can also cover temporary relocation and employee wages.
- Property all-risk: Covers against unexpected loss or damage to your premises.
- Public liability: This is a compulsory form of insurance that covers you against legal liability arising from injury to a third party or harm to their property due to your business. Most importantly, it will help you with fees related to lawsuits (such as hiring an attorney).
- Workmen compensation: Covers your employees for any occupational injury or disease that transpires due to employment at your firm. As an employer, you have to cover your employees in case of an accident or sickness. Keep in mind that this isn’t medical insurance; instead, this pays the salary and benefits an employee would’ve received had they been able to continue working.
2. Consider your needs
Every business is different, which is why it is crucial that you consider your firm’s personal needs.
When selecting your business insurance plan in the UAE, you first want to consider the package benefits. This means recognizing the variables of a particular policy, as well as which health and medical locations are included in its network. When it comes to package benefits, you want a policy that offers an extensive list of hospitals and clinics that your employees will have direct access to.
Similarly, if you or your employees are going to be frequently traveling outside of the UAE, you want to ensure that the business insurance policy you select will still be valid.
As a business owner, it can be tempting to utilize your personal insurance to cover your business. However, this is highly advised against, as you want to keep your business and personal finances and insurance separate.
By having adequate business insurance, you will have a lot more peace of mind because you can trust that your company is protected, and won’t be destroyed due to an accident or other potentially devastating scenarios.
3. Compare business insurance options
Now that you know your options for business insurance, it is vital that you do thorough research. In addition to researching what type of insurance is right for you, it is also recommended that you compare business insurance options to ensure you are getting the best deal.
By using an online comparison portal, you can gather quotations from a variety of insurance providers, enabling you to see how rates and coverage differ by company and plan.
Your business insurance policy premium is dependent on a range of factors, including the industry you operate in, the size of your business, and your claims history. As there are so many different plans available, it is worth evaluating at least two to three insurers to see which one offers the best policy for your company.
4. Talk to an insurance expert
Before you decide on any insurance plan, it is highly recommended that you talk to an insurance expert as they will be able to advise you on your specific needs. Additionally, their in-depth knowledge of the industry means that they can recommend to you the most suitable option to ensure that your company fulfills all of its insurance requirements while staying on budget.
Too many businesses try to get away with minimal coverage, while other companies spend too much on insurance they don’t really need. Speaking with an insurance expert will ensure you find the right balance. Moreover, they will notify you regarding any legal requirements that you must be aware of.
Do you have adequate business insurance in the UAE? Or are you looking for a better deal this year? What do you think the most critical factor is when choosing business insurance?
Let us know your thoughts and any other relevant experiences in the comments below!—
Erin Daniyel is the VP for Revenue Operations at Rubicon Project and spokesperson for CompareDubai, an online comparison portal which provides customers with a one-stop platform to compare insurance quotes offered within the UAE. CompareDubai delivers quotations from a number of insurance providers covering a range of products, from Car Insurance to Motorbike, Yacht and Boat, Medical, Life, Business and Home Insurance.