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What is SME Insurance?

Small and Medium Enterprises (popularly known as SMEs) are considered the backbone of any developed economy. SMEs are exposed to many potential risks due to under insurance or no insurance. For example, a natural disaster can cause permanent damage to the assets of SMEs disrupting the entire business. SME package solutions can help the owner cover these unexpected losses and move forward with the business operations.

SME Insurance allows business owners to focus on the core business activity and relieve themselves of any possible losses associated with various risks that the business might face over time. SME package insurance is an end to end risk management solution that ensures business continuity and prosperity.

SME Package Solutions

SME package solution is a combination of multiple insurances combined together as part of the SME insurance plan bought by the enterprise. SME package solutions help the insured to cover multiple risks associated with SMEs. It is usually a cheaper alternative when compared to buying each insurance cover individually. It helps businesses enjoy peace of mind and help them concentrate on the core business activities.

Before looking to fix a specific SME package solution, it is advised that the business take time to identify the possible risk areas that will affect them. The next step would be to check in insurance aggregators like to know more about the available insurance combinations that best suit the business.

Why Buy SME Package Solutions from gives its customers an opportunity to buy insurance from the comfort of their house or store. On the basis of the information provided by the customer, he/she has the opportunity to get access to some of the best SME package solutions available at the specified price point. The customer has the opportunity to compare the different options available in the market, analyze the positives and negatives of each package, and finally come to a conclusion. Buying and intimating the claim process procedure is also very easy with, we have a dedicated customer service team to help you at every part of the process. thus ensures end to end satisfaction for its customers.

Types of SME Insurances

There are different types of insurance available in the UAE. The SME owners usually club multiple insurances together to make what is popularly known as SME package solutions. These package solutions help businesses to cover multiple risks that might affect the business.

Some of the most commonly sought after insurance policies in Dubai include the following:

  • 1
    Liability Insurance

    Liability insurance is a cover that protects organizations against the legal liability caused to the third party. It is quite popular in the manufacturing, construction, and warehousing industries. It usually includes accidental deaths, property damages or loss, other injuries, and so on.

  • 2
    Marine Insurance

    Marine insurance helps to cover the losses or damages that occurred to goods in transit. The losses or damages to goods transported through multiple channels like airways, roadways, and railways come under this category.

  • 3
    Burglary Insurance

    Burglary insurance compensates financially for the loss or damages caused due to theft. The insurance policy usually covers jewelry, cash, and other valuable items mentioned in the insurance policy.

  • 4
    Fire Insurance

    Fire insurance as the name suggests covers all the losses and damages incurred due to the fire breakouts

  • 5
    Cargo Insurance

    Cargo insurance helps cover for the cost of physical damages and losses from any external cause while in transit (during shipment via land, air, or sea).

  • 6
    Workmen’s Compensation Insurance

    Workmen’s Compensation Insurance covers the statutory liability that the employer is responsible to meet in case of a serious accident to the employee while performing his duty.

How to Buy an SME Insurance Policy in Dubai?

SME insurance policies or packages can be purchased through multiple channels, some of them are mentioned below:

  • Online Mode of Insurance Policy Purchase - Buying policies online is the easiest way to buy policies. You can buy policies while sitting in the comfort of your home. All you need is a mobile data or wifi service along with a phone or a laptop. Online aggregator insurance portals like gives the customers an opportunity to examine the different alternative policy packages available and buy the one that suits them the best. The process is easy and transparent, making it naturally one of the most commonly used mediums to buy insurance.
  • Offline Mode of Insurance Policy Purchase - In the offline mode, the customer can directly approach the branch of an insurance provider and buy insurance from them. The biggest disadvantage of this method is that the consumer will not have the opportunity to compare similar policies offered by their competitors. Some individuals purchase their products through an insurance broker or agent. Agents might not have a large variety of choices when compared to online vendors but they do assist you with paperwork.

Benefits of SME Insurance

In the UAE, having business insurance is a mandatory requirement for all establishments operating in free zones. Some of the key features and benefits of SME package solutions are as mentioned below:

  • Risk Management - The biggest advantage of having an SME insurance is its capability to cover damages and losses on assets caused by an external factor. This helps business owners to overcome adverse situations.
  • Cover Third-Party Liability - An apt SME package insurance helps business owners cover the cost associated with the accidents or damages caused to the third party on his property.
  • Lawsuit Covers - Lawsuit Cover is a very useful product for SMEs as the cost related to running a legal battle is very high. There have been instances when legal battles have destroyed companies by robbing them of their working capital, as the surplus gets diverted into legal fees. These lawsuit covers help businesses to overcome such hurdles.
  • Protection from Natural Hazards - In business, there are controllable factors and uncontrollable factors that determine the success and failure of the enterprise. Uncontrollable factors such as natural hazards can cause havoc for SMEs, it could break the backbone of the business altogether. Proper insurance coverage can help business owners to protect their business from such possible expenses arising from Natural Hazards.

SME Insurance Claim Process

SME insurance claim process is divided into four parts they are as follows:

  • Inform the Insurer - It is the duty of the policyholder to intimate the insurer of any damages or losses caused to him/her at the earliest. Usually, a toll-free number or and an email id to inform the insurer of such events will be available in the policy document.
  • Document Submission - Once the claim notification is informed the policyholder needs to submit supporting documents for the same. The list of supporting documents to be submitted will be clearly mentioned in the policy. In case of any doubt please feel free to call the customer support center.
  • Investigation - Once the document is submitted an intimation of receiving the document is provided by the insurer to the policyholder. For that, a surveyor is assigned to assess the degree of loss and the damage caused by the event. An investigation of the incidents and validity of the documents is carried out by the surveyor as part of the ongoing investigation.
  • Claim Settlement - After a thorough investigation, the insurance company will process the claim.

Need More Info? Here’s Our Expert Guide To Help.

  • Is SME insurance mandatory for companies only in free zones?

  • I want to buy only Fire and Property covers. Is it possible?

  • How can I save money on my SME insurance?

  • When do I renew my SME insurance?

  • Can I cancel my SME insurance policy at any time?

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