SME Business Insurance

Business Insurance

Insuring your SME business is easy with SME business insurance from Insure4Me.

Setting up and running a SME business isn’t easy. There isn’t one business owner around the world who would say otherwise. Some have it easier than others, but for the most part, it brings with it a whole range of challenges to overcome.

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With so much to take into account, your mind can become full to capacity quickly. By taking out a SME business insurance policy, you can cross a lot of the relevant worries and concerns off your list and focus more on what’s going to make you a success.

A vital tool to helping all entrepreneurs and businesses prevent the effect of various risks that may have an impact on them, it’s genuinely fantastic to see the insurance sector in the UAE becoming free and open, with a number of options now available to everyone in the commercial sector.

Being in business is always an exciting time, but as exciting as it is, it’s also daunting. Don’t risk everything without insurance – SME business insurance is always more affordable than most business owners realise, and the effect of having it in place should you require it? Priceless.

Types of Business Insurance

The policy protects your property against the risks of Fire, Lighting, Explosion, Storm, Tempest, Flood, Burst Pipe, Malicious Damage, Earthquake, Aircraft Damage, Riot & Strike, Impact damage, Burglary etc.

A wider form of cover compared to standard Fire and Allied perils policy. This is an “All Risks” policy to cover accidental loss destruction or damage to the property subject to specified exclusions. This policy also covers Fire, Lightning, Allied Perils and Burglary.

The policy covers loss of gross profits or revenue as the case may be resulting due to a reduction in the turnover following a loss under the material damage policy (Fire or Property All Risk policy).

To cover Insured’s legal liability for loss or damage to Third Party Property and / or death / bodily injury to Third Parties arising out of Insured’s activities at the premises or within the territorial limits defined under the policy.

To cover Insured’s legal liability for loss or damage to Third Party Property and / or death / bodily injury to Third Parties arising out of use of products manufactured sold or supplied by the Insured.

Comprehensive General Liability policy is an umbrella cover designed to protect the insured against legal liability to third parties arising out of their business activities. It provides coverage against all liability exposures of a business unless specifically excluded e.g. coverage includes Public liability, Product liability, Employer’s liability etc. To cover Insured’s legal liability for loss or damage to Third Party Property and / or death / bodily injury to Third Parties arising out of use of products manufactured sold or supplied by the Insured.

This cover will provide indemnity against legal liability for negligent acts, errors, breach of duty or omission arising out of professional activities. Legal Costs and expenses incurred are also covered.
This policy can be arranged as an annual policy or on project specific basis

Medical professional liability insurance, sometimes known as medical malpractice insurance, is one type of professional liability insurance which protects physicians and other licensed health care professionals (e.g., dentist, nurse) from liability associated with wrongful practices resulting in bodily injury, medical expenses and property damage, as well as the cost of defending lawsuits related to such claims.

The D&O policy protects directors and officers against claims arising from actions and decisions taken in their official capacities. Any third party affected by the decisions of the directors of the company can sue including regulators, shareholders, competitors, employees, business partners, lenders, suppliers etc. The past, present and future directors on the board of the company, all employees in a managerial or supervisory position and all employees for employment practice claims are covered under the policy

As Employers, there is a liability towards Employees who may die or get injured during the course of carrying out their duties. This liability is governed by the provisions of the relevant labour laws.

Over and above the Employee can sue the Employer in a civil court. The Workmen’s Compensation policy will provide indemnification to the Employer against these risks

The Workmen’s Compensation insurance while protecting industrial injury and death excludes natural death. Therefore, it is desirable to consider this cover either as an extension of Workmen’s Compensation insurance or independently.

This is a low premium cover to include all employees of an organization, for accidental/natural death anywhere in the world. The basic cover can be further extended to include permanent partial and total disability, temporary total disability benefits in proportion to the capital sum (Death benefits)

The basic cover under a Group Life policy is accidental / natural death occurring to the insured person anywhere in the world. This can be extended to include Permanent Total Disability and Permanent Partial Disability and Temporary Total Disability following Accidents and/or sickness. The benefit limit per employee can be selected. The Workmen’s Compensation insurance while providing benefits against industrial injury and death excludes natural death and the cover will be limited to UAE. Therefore, it is recommended that this cover be taken either as an extension of Workmen’s Compensation insurance or independently as a standalone cover. Various options are available.
We also provide policies from HAAD approved insurers in Abu Dhabi.

This covers the expensive machinery items against any sudden unforeseen breakdown (excluding breakdown due to wear and tear). This insurance shall pay for repairs / replacement of the machinery and/or its parts following a break-down.

This policy will provide an All Risk cover for the Contract works undertaken.Apart from covering the Contract work itself,the policy would also cover Third Party Liability.

This policy will provide an All Risk cover to all plant and machinery used in projects. Third Party Liability arising out of use of these plants and well as road risk (liability) cover needs to be purchased if not already arranged

This policy will provide cover for all Import / Export shipments on an All Risks basis as per Institute Cargo Clause (A) or restricted cover as per Institute Cargo Clause (C) or Institute Cargo Clause (B).

This policy will provide cover for stocks whilst being transported by road within the stated geographical area. Cover can be obtained either on an All Risk basis or on a more restricted basis. The restricted basis will cover damage to the cargo following Fire, Explosion or accidental collision, overturning of the carrying vehicle

Marine Hull insurance covers everything that floats and moves, starting with rowing boat to huge ocean going tankers. This policy will cover the vessel, including hull, machinery, gear and equipment against loss or damage from specified perils. Liability can also be covered upto certain limits under this policy.

This policy provides comprehensive All Risk insurance for cash whilst: On the premises/sales counters during business hours, within locked safes outside business hours, being carried from one location to another, say, from the premises to the bank or vice versa.

In today’s world even with the most stringent controls and systems, organizations may sustain heavy financial losses due to dishonest acts of its employees. Such financial losses sustained by your organization due to acts of fraud by employees can be covered by this insurance. The Fidelity Guarantee policy provides cover against such eventualities

Credit insurance provides your business with protection against the failure of a customer to pay their trade credit debts. This can arise as a result of the customer becoming insolvent or because the customer fails to pay within the agreed credit period.

The Jewellers Block Policy is an “all risk” coverage, which means that the insurer must specify what is not covered. If a risk is not in the list of exclusions, it is covered. Typical risks that are covered are Burglary, Robbery, Shoplifting, Grab and Run, Trick Loss, Substitution and Accidental Damage, in addition to the usual risks such as Fire

Business/Office package insurance is usually sold as a package, combining a number of different policies under one premium. The type of policies that come under the package is

  • Property Insurance
  • Business Interruption
  • Liability
  • Workmen Compensation
  • Money
  • Fidelity

To provide automatic cover for directors, executives and other employees of a firm making frequent overseas business trips. Cover starts from the time of departure from home or place of business until return thereto

The impact of a kidnap or similar event can be enormous and it is essential that it be handled in the correct way. It is extremely traumatic for those involved, and an organization dealing with an incident may face huge losses from ransom payments, business interruption, litigation, adverse publicity and long-term damage to reputation.
Cover is provided for Ransom/extortion payment, Loss in-transit of payment, Unlimited security consultants expenses, Death or dismemberment benefits arising from a covered incident, Business interruption, Judgments, settlements and defense costs

The Defense Base Act (DBA) provides workers compensation type insurance coverage for contractor employees performing under government contracts outside the United States. It covers persons employed at United States defense bases overseas. The DBA is designed to provide medical treatment and compensation to employees of defense contractors injured in the scope and course of employment.

Bancassurance is an arrangement in which a bank and an insurance company form a partnership so that the insurance company can sell its products to the bank’s client base. This partnership arrangement can be profitable for both companies.

Commercial automobile insurance protects businesses owning an auto fleet against risks such as a motor own damage and any third party bodily injury and property damage liability that may arise from an accident. Businesses that use automobiles for commercial activities need this type of insurance coverage to ultimately protect their bottom line.

  • A Motor Fleet policy has a number of vehicles insured under a policy and has common policy number, common expiring date and agreed terms.
  • A fleet policy is issued for 12 months and is renewed annually (certificates are issued for 13 months for registration Purposes)
  • The premium is paid at the beginning of the fleet and adjustments are made for any addition /deletion during the fleet policy
  • The expiry of the registrations as individual vehicles may vary according to when it is added to fleet.

RATES ARE TO BE AGREED WITH INSURERS AT THE INCEPTION OF THE POLICY

Drones / UAS (Unmanned Aerial Systems) for professional and commercial use has led to increase in the exposures related to Operator’s Liability and Indemnity, Noise Pollution, Invasion of Privacy, and Cyber.

The Insurance cover for drone/UAS offers full Hull All Risks, Spares All Risks, and Liabilities to Third Parties. The cover is provided under three sections of the policy which are detailed below:

  • Physical Loss of or Damage to UAS / Drone (inclusive of detachable and non-detachable payloads)
  • Physical Loss of or Damage to UAS / Drone Spare Parts.
  • Legal Liability to Third Parties

A comprehensive event insurance policy for one off or one day event organizers. The most important factor for anyone planning an event is comfort: the knowledge that whatever happens, it’s covered.

The following coverages are being offered:

  • Event Cancellation
  • Abandonment & Postponement
  • Curtailment or relocation in whole or in part mainly due to:
  • Damage to or destruction of the venue
  • National Mourning and Adverse Weather

A written agreement providing compensation to fulfil the contractual obligations, to a named beneficiary up to the guarantee limit.

Three Parties:
1. The Principal – has the obligation to carry out the act.
2. The Surety – guarantees that the obligation will be performed by the Principal.
3. The Obligee / Beneficiary – receives the benefit of the Surety Bond.

The various types of bonds are as below:

  • Contractors Performance Bonds
  • Bid Bonds
  • Maintenance Bonds
  • Advance Payment Bonds
  • Bonds in lieue of Retentions