How to Choose the Right Insurance for Your Business in UAE?
Running a business can be stressful and challenging in many ways. We may have a million things to do in our day-to-day lives. The daily working hours will not be enough for us. The most important asset of a company is its employees, so their health is a priority for every company.
Choosing the right insurance company is very important. There are a few things to keep in mind when you look for insurance companies in UAE.
The common practice is to ask around and see if your business partner's acquaintance can recommend any insurance company. You can also approach an insurance broker in Dubai, which works with a number of insurance companies, and they will provide you with a number of options that you will be able to compare.
According to Dubai health insurance law No. 11 of 2013, it is the legal responsibility of a sponsor to provide an essential insurance package so that every employee receives adequate coverage, but with so many available offers in the market, it is quite difficult to choose the best health insurance plan.
There are mainly 3 types of insurance you might be interested in as a businessman.
Office insurance would be required for those businesses that conduct their activities from a commercial property. Office insurance covers the contents of the office against different damages. The annual premium will be dependent on the amount you want to ensure the content. If you have a business that sells high-value items, you may want to cover all your goods. You should choose the insurance according to your business and the properties and assets you need to cover.
Workmen Compensation Insurance
This insurance is a mandatory protection by an employer for employees against work-related accidents and illnesses. This insurance protects you from claims of your employees in connection with injury or loss of income during the period when the employee is disabled.
This type of insurance is important for those entrepreneurs who are involved in manufacturing, production, or any other industrial business. The benefit of this insurance is that it takes away an extremely burdensome and costly process from you, while at the same time providing guaranteed compensation for workers.
Professional liability Insurance
Professional liability insurance protects you from negligence and other claims initiated by your clients. Depending on the industry and profession, this type of liability insurance may have another name. For example, if you are working in the medical field, this insurance will be called medical malpractice insurance. Professional liability insurance protects you and your company from claims of customers and clients to cover losses and costs that are related to you and your company's undue performances and duties.
There are a few things businesses should consider when selecting a health insurance package for their employees.
• Package Benefits
It is very important to compare different health insurance plans before you make a choice. Select the plan that provides the right coverage and benefits for your business and employees' needs.
• Pre-Existing Conditions and Other Unexpected Costs
Discuss with employees their medical histories and whether they need any specific treatment. It is a better way to avoid additional expenses. It is also good to remember that the coverage of these companies is different. Not every company provides insurance for pre-existing medical conditions; also have pre-defined durations.
• International Validity
If your job requires you to travel frequently outside the UAE, you must ensure that the coverage also travels with you. In this case, choose a plan that has international coverage.
• Coverage Continuity or Renewal of the Old Policy
When switching to a different insurer, the provision of guaranteed renewability will ensure that your employees' interests are protected from policy cancellation. The coverage continuity clause ensures to continue with existing coverage.
• Periodical Market Research and Analysis
Research thoroughly before selecting an insurance plan to choose the best scheme for employees. This way, the employer can make sure that they are getting the most out of their healthcare spending.
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