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SMEs or Small and Medium Enterprises form the backbone of any developed economy. They maybe small in size, but when it comes to nation-building or generating employment, they are at the forefront. SMEs reflect the animal spirit of any nation.
SMEs are exposed to various potential risks because of under insurance and at times no insurance. This is where SME insurance plays an important role.
SME insurance is aimed at securing the business assets of small and medium sized organizations and safeguards them from various unexpected risks. Whether it’s fire insurance, group policies for their employees, liability against property damage, or insuring other valuable machinery in the company, SME insurance plays a pivotal role.
It enables business owners to run their companies without having to worry about unfortunate events and the risks associated with them. In a nutshell, an apt SME insurance offers end-to-end risk management.
Most small and medium size businesses tend to be entrepreneurial ventures where the owner of the business either borrows money or invests his or her hard-earned savings to start a new business.
Given their relatively small size, SMEs are prone to several risks including the risk of break down, loss of stock, theft or damage. These unfortunate events may cause severe regression in one’s ongoing business and may lead to big losses. In fact, this may even result in the shutting down of one’s business. In such cases, having a suitable SME insurance cover will help in protecting the business from various unexpected events, maintaining regular cash flows, and ensuring success in the long run.
In the UAE, business insurance is mandatory, especially in the free zones. Here are a few free zones operating in Dubai:
There are several kinds of SME insurance policies available in the UAE.
Following are some of the key features & benefits of SME insurance:
A few things need to be kept in mind before purchasing SME insurance online.
|SME Insurance Provider||Key Features|
SME insurance can be purchased online, offline or through brokers and agents.
In order to buy SME insurance online, the policy buyer can approach aggregator websites such as policybazaar.ae that enable customers to compare different plans and insurance companies. Buying online gives the power to the consumer, as the process is transparent and completely unbiased.
There are many insurance companies in the UAE that offer SME insurance. One can purchase a suitable insurance plan by walking into one of their branches.
Interested individuals can also purchase the insurance policy through brokers or agents. Although agents may not be able to provide various choices, they help in completing the tedious paperwork.
Since there are various SME insurance providers available, it becomes difficult for the policy seeker to compare and select the best policy. In such situations, policybazaar.ae acts as a savior. It is an insurance web aggregator which enables policy seekers to compare different SME insurance policies online, easily and conveniently.
Customers only need to answer a few simple questions, post which they are able to see a list of various SME insurance plans available. Therefore, policybazaar.ae saves its customers valuable time and helps them find the most suitable SME insurance plan in the shortest possible time.
No. SME insurance is mandatorily required for all businesses in the United Arab Emirates.
Yes, it will be possible as many insurance companies provides you the flexibility in opting for only those covers that your business requires.
Every business owner can save money on SME insurance. One of the ideal ways is to explore what different insurance providers are offering. Then you can compare different providers based on their rates as well as benefits to choose the best one.
Well, most types of SME insurance are renewed on annual basis.
As long as no claims are made during the tenure of insurance, you can cancel your insurance policy.