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 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 Policyhouse.com to know more about the available insurance combinations that best suit the business.
policyhouse.com 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 policyhouse.com, we have a dedicated customer service team to help you at every part of the process. Policyhouse.com thus ensures end to end satisfaction for its customers.
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:
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.
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.
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.
Fire insurance as the name suggests covers all the losses and damages incurred due to the fire breakouts
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).
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.
SME insurance policies or packages can be purchased through multiple channels, some of them are mentioned below:
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:
SME insurance claim process is divided into four parts they are as follows:
Is SME insurance mandatory for companies only in free zones?
No, SME insurance is mandatory for all companies operating in the UAE.
I want to buy only Fire and Property covers. Is it possible?
Yes, as part of the SME package solutions the customer can tailor suit the policies he/she requires. Most companies offer flexibility in this regard.
How can I save money on my SME insurance?
Go to Policyhouse.com, select the insurances that you are looking for and the price bracket that you are comfortable in. With your inputs, Policyhouse.com will give you multiple options that will cater to your specific needs. The customer can choose the best policy that suits his/her requirements.
When do I renew my SME insurance?
SME insurances are renewed annually just like other insurance products.
Can I cancel my SME insurance policy at any time?
Yes, as long as there is no claim settlement during the insurance tenure, it is possible to cancel the policy at any time.