The must-have insurance policies for SMEs in the EmiratesBlog
Taking out business insurance makes sense in the UAE, not just for your company but for your employees as well.
With the right kind of cover, you’re protected against loss should anything unexpected happen – and you remain in compliance with the law.
But with a myriad of insurance policies to choose from in the Emirates, it’s easy to make the wrong choice.
To save you time and money, BIZ has partnered with insurancemarket.ae, the highest rated insurance provider in the UAE, to help you secure the best policies for:
- Group health insurance
- Group life insurance
- Workmen’s compensation insurance
- Public liability insurance
- SME office package insurance
Group health insurance
Health insurance is mandatory for all employees in your UAE business, but there are endless options to choose from.
Finding the right insurance plan to suit both your employees and your company can be stressful and confusing. It’s even more challenging when you are on a tight budget and you need to save precious dirhams to get your business off the ground.
The official UAE government portal states that the type of insurance cover required by resident expats depends on the employee’s salary and designation.
However, in areas such as the fast-growing Fujairah Creative City Free Zone, it is mandatory to have at least a minimum amount of cover. Crucially, this will protect your SME from employees’ medical expenses.
How to get the best health insurance
The BIZ partnership with insurancemarket.ae has two important benefits for business owners:
- Insurance specialists sift through the thousands of potential health insurance plans to make sure you secure the right one for your company.
- Insurancemarket.ae works with the UAE’s leading insurance providers, such as Bupa, AXA and MetLife, to ensure you can assess all options before making your decision.
Insurancemarket.ae can also help with guidance on the benefits of group health insurance in the UAE, such as coverage for pre-existing medical conditions, employees’ dependants, and prescribed medications and physiotherapy.
This means you can rest assured that the policy you choose will be fully compliant and in the best interests of your company and its employees.
For extra peace of mind, the UAE Insurance Authority provides a list of registered insurers.
Group life insurance
The importance of life insurance for UAE expats cannot be underestimated, especially for those living far from loved ones.
A group policy will cover all employees under a single master policy. It pays compensation in the event of the death of an employee, and compensation can be extended to include critical illness and disability.
With adequate cover in place, you and your employees can minimise the impact on dependants of an unplanned event taking place, regardless of age or status.
The type of cover will depend on your own and your employees’ objectives, from family protection and children’s education, to illness compensation and retirement planning.
How to get the best life insurance
Insurancemarket.ae works with the leading life insurance companies in the UAE to tailor your insurance cover to your SME needs.
Other benefits include:
- A best price guarantee to help you keep costs as low as possible
- Fast policy set up and renewal procedures
- Support for you and your loved ones when you need a claim to be processed
- Local specialists who understand the UAE insurance market and expat needs
Workmen’s compensation insurance
What happens if an employee suffers occupational injury or disease?
Without adequate cover, the employer is required by law to provide compensation and funds to cover medical bills and loss of earnings.
Workmen’s compensation insurance covers these medical costs and a proportion of loss of earnings in line with UAE federal and labour laws. This could save you significant amounts of money and time.
Basic policies typically cover:
- Work-related death
- Permanent total or partial disability
- Temporary total disability
- Medical and repatriation expenses
Add-ons include employers’ liability, which covers against court awards for damages and legal defence costs should an employee’s death or injury result from a negligent act of the employer.
For extra cover, it’s worth considering a Group Life and Personal Accident Insurance plan which covers death due to any circumstance. This type of policy is 24/7 and can be worldwide.
How to get the best workmen’s compensation cover
Specialists at insurancemarket.ae work with leading compensation and liability insurance companies in the UAE to tailor the right policy for BIZ clients and their employees.
Optional extensions include accidental medical expenses and group life insurance. Additional employers’ liability cover can be obtained over and above workmen’s compensation depending on a court judgement of negligence by an employer.
Public liability insurance
This is a must if your SME involves:
- Regular customer visits or interaction with the public
- Regular off-site work
- Access to client equipment or hold other people’s property
- Office premises with liability towards neighbours
Typically, public liability insurance covers accidental death or bodily injury of third parties due to negligence. Also, loss or damage to third party property due to negligence, plus legal costs and expenses.
How to get the best public liability insurance
The BIZ partnership with insurancemarket.ae means you can customise your public liability insurance to meet your exact needs.
You also benefit from “lighting fast service”, a simple claims process and a dedicated personal advisor to help you procure the most suitable terms.
Office insurance and more
It is important to protect against physical damage to office buildings and contents, including portable and mobile devices.
Many SME owners also take out business continuity cover to protect against loss of profits and the costs associated with getting a business back on track.
How you can benefit
BIZ’s partnership with insurancemark.ae means you can access the best office insurance policies for your SME – quickly and efficiently.
What’s more, you can rest assured you are using quality providers and personalised support throughout the process.
And if you need specialist cover, you can get that as well. Insurancemarket.ae now offers anything from professional indemnity plans to drone insurance.
It means you can access all your insurance needs in one place.