Get Optimal SME terms in UAE
SME Insurance, or Small Medium Enterprise Insurance, is a commercial policy that protects small-medium enterprises from common risks that may impact an organisation's functioning. With their business size and capital requirements being small compared to large-scale enterprises, SMEs are vulnerable to uncertain economic risks and operational disruptions that require SME-tailored insurance. This scheme involves Property Insurance, Liability Insurance, Insurance for Goods in Transit, Employee Dishonesty, and Personal Accident Insurance.
Companies operating in Free Zones in the UAE necessarily require SME package insurance not just to comply with local laws and renewal of trade licenses but to have adequate financial protection as well. The primary objective of this insurance cover is to protect the business's assets and safeguard them from unforeseen risks. It can be beneficial in providing a sense of assurance to the owners for running their businesses without worrying about unforeseen risks.
SME Business Insurance policies and their specifications are different as per different enterprises, as the policy packages are meant to cater to industry-specific segments like Education, Retail, and Healthcare related insurance coverage. The key benefit of such plans is that they are uniquely designed and cover all the trading and operational requirements of the entities.
SME Package Insurance is designed for small and medium enterprises vulnerable to common risks that may negatively impact their working. However, such organisations are required to fulfill certain eligibility criteria to qualify as an SME, with the criteria being based on turnover, employee count, and so forth.
Such organisations across all industries must have SME package insurance. The list of industries is as follows -
Whether your SME is a newly budding start-up or an established company, any physical or financial risk to your firm can prove to be a huge financial setback. The slightest uncertainty can lead to significant business crises that can make it difficult for the business to stand back on its own feet. This is where SME Insurance comes into the picture to provide you an additional layer of security against any business crises.
The SME Insurance packages are designed by assessing the entire structure of the business and possible risk scenarios. All the policies under this scheme protect the interest of everybody serving an entity.
Here are the top reasons your business needs SME Insurance coverage:
Due to low cash flows and capital sources compared to large entities, SMEs are generally more prone to financial risk. A minor financial crisis here could interrupt the business's operations and even affect the salaries of its employees, not to mention the impact on the growth prospects in the long run. All this makes financial risk protection essential for any SME operating to protect itself amidst uncertainties.
SME Business Insurance protects SMEs against uncertain events like fire, riots, theft, explosion, calamities, and so on. While such events are not in the entity’s control, it has to be prepared for any such scenario that endangers its financials. These plans provide compensation for the loss and downfall that a business may experience with such uncalled risks.
An SME may require additional help if it is involved in a legal battle that can be costly. Arranging money while being engaged in a difficult situation can be a big challenge for a small firm. Having sufficient protection against legal liabilities is necessary to build a strong foundation for the business in the long run. SME Insurance ensures reduced liability costs and helps the organisation secure its rights.
The common risk scenarios encountered by SMEs are as follows:
The following are the major inclusions under SME Package Insurance:
The following are the major exclusions of SME Business Insurance:
SME Insurance Provider
While choosing the perfect plan for SME Insurance, an SME owner may consider many factors - right from the enterprise's size to the number of employees. These factors, along with the type of risk possible in their specific type of business and the industry, affect the SME Insurance packages pricings.
At Policybazaar UAE, we take pride in our world-class risk assessment capabilities and plans which enable us to craft cost-effective risk management strategies through insurance that fulfil your specific requirements. We are here to provide you with the peace of mind which is crucial to safeguard your business and achieve your future objectives.
Ans: SME package or SME insurance is mainly designed to insure small and medium enterprises from common risks. This type of insurance generally includes property insurance that offers coverage for buildings, stock, contents, and materials in the event of loss, theft, or damage, liability insurance for compensation related to workers, public liabilities, and more.
Ans: SME package insurance cover is for you if you are running a start-up or an established business. With this insurance, businesses and enterprises of different types and sizes can be covered against physical or financial losses, employees’ and customers’ liability, and more.
Ans: Here are a few benefits of SME package insurance -
Ans: Here are the general criteria that one must fulfil to apply for SME Package Insurance -
Ans: SME package is linked to an account specified in the customer’s application form, and its benefits cannot be availed via another account. Additionally, the SME package cannot be transferred to another account and has to be purchased separately instead.
Ans: To cancel your SME package insurance plan, you can simply connect with your provider and initiate a cancellation request. For this, you can visit your nearest branch of the provider or contact them via call or their online platforms.
Ans: Yes, SME package insurance includes workmen's compensation, which offers coverage for physical injuries, occupational sickness, and death of employees while carrying out duties related to their work.
Ans: As a policyholder, you can apply for SME insurance cancellation at any time. However, it is only possible as long as you don’t have any claim settlement during the insurance period.
Ans: Similar to other insurance policies, SME insurance plans are generally valid for a tenure of 1 year after which they have to be renewed. You can connect with your insurance provider before the policy’s expiry, initiate the renewal process, and follow the prompted steps.