SME Insurance

Running a small to medium size business is not that easy, instead, it is difficult than running a large organization. This is because in large organizations, one has a larger number of resources and thus everything can be done easily and quickly. However, in small businesses, one has to perform the same task with the help of a small number of resources and that too in a lesser time. Moreover, to maintain the standard of the small to medium size business one has to do a lot of effort.

The businesses of all sizes have to operate in the real world, and thus sometimes it becomes challenging to manage everything. Like large organizations, the small businesses also have to manage governance, the welfare of the employees, and various other liabilities. Therefore, to deal with various unforeseen situations like theft, fire, equipment malfunction, sudden illness of the employee(s), lawsuits, etc. it is suggested to protect the business with SME insurance.

What is SME Insurance?

It is one of the unique insurance products that secure the business assets of small to medium size organizations and safeguards them from unexpected risks.

Importance of SME Insurance in Small to Medium-Sized Businesses

Being the owner of a small or medium-sized organization, the focus of one should be on running the business instead of wondering about what can go wrong. Therefore, taking an SME insurance policy gives the insured peace of mind against various unwanted situations and run the business smoothly.

Key Features of an SME Insurance Policy

  • Flexibility to add extensions and options
  • Compliant with local rules and regulations
  • Knowledgeable and responsive service
  • End-to-end support and competitive ratings
  • Free support for 7 days in a week and 365 days in a year

Types of SME Insurance Plans

Some of the common SME insurance types that most of the insurance providers cover are:

Clinic Care:

This plan ensures medical clinics in the UAE against various unforeseen situations. Most of the SME insurance providers, under this category, cover electronic equipment, public liabilities, and more.

Education Care:

To protect the small to medium-sized businesses coming under the educational sector, this plan is needed. Under this plan, the educational institutes with their building, faculty, and students are covered.

Employee Protection:

To protect the employees and safeguard the business coming under the SME category, this plan is used.

Food and Beverage:

The small to medium-sized organizations that are in the business of food and beverages are insured under this category. In this type of SME insurance, the assets, profit, liabilities, etc.of an organization are covered.

Office:

Under office protection, SME insurance policy physical damage including business interruption with legal liabilities, and compensation to employees, etc. are covered. Some insurance providers, under this category, give a feature of customization of the policy according to the specific business requirements.

Personal Care:

Covers businesses that provide personal care service such as a spa, beauty salon, fitness centres, etc.

Owners of the Property:

For property investors, it is essential to protect their property(s) against flooding, damage, fire, burglary, etc. SME Insurance covers all the incurred expenses for the property(s). Most of the insurance policies of this category cover different physical assets, income, and liabilities for third-parties.

Retail:

This type of insurance is suitable for businesses that are in the retail sector.

Common Inclusions of an SME Insurance Policy

The common inclusions that most the insurance providers cover in their SME insurance policy are:

Covers Business Properties:

Various office contents, equipment used for business, portable equipment like computer, mobile phones, notebook, etc are covered.

Covers Various Liabilities of the Business:

Liabilities like compensation of the employees according to labour laws, legal liabilities to the property owner and third-parties against any kind of property damage or bodily injury are covered.

Covers Increased Working Cost:

An SME insurance policy also covers increased expenses that are needed to maintain the business soon after property damage or accidental loss in business.

Covers Breakdown of Computer(s):

This policy pays for the unforeseen or sudden breakdown of computers and its equipment as well.

Fidelity Guarantee:

If an insured wants, he/she can choose to get cover against misappropriation of good/money by employees with the motive of fraud and dishonesty.

Covers Gross Profit/Loss:

Profit/loss due to an interruption in business as a result of accidental loss or damage caused by a reduction in turnover.

Covers Group Medical Insurance for Employees:

To cover the employees of an insured against any sudden illness, death, and disablement, this feature is included. Under this policy, an insured can also take the benefit of an accident of employee(s) while working. There are various options available under this category and one can select the most appropriate one.

Covers Travel Insurance:

Some of the policies, under this category, cover travel insurance of group of employees or senior employees who travel frequently abroad. Under this cover, one starts getting the benefits of travel insurance from the time one leaves his/her home and returns thereto.

Common Exclusions of a SME Insurance Policy

Although different SME insurance policies have different exclusions, some of the common exclusions are:

  • Weather conditions including earthquake are not covered.
  • Damages caused due to water such as flooding, sewer, seepage, etc.
  • Damage in property or other equipment due to pollution or smog.
  • Loss or damage caused due to usual wear and tear, rust, decay, or corrosion.
  • Damage or loss caused due to terrorism.
  • Loss of property because of faulty design, development, or planning.
  • Intentional fraud or illegal actions executed by the employee of the named insured or by the name insured.
  • Damage or loss occurred because of the actions taken by the government, military, or nuclear hazards.

Claim Process

The common claim settlement steps that most of the SME insurance providers follow are:

  • Intimate the insurance provider via call or email. Generally, all the insurance providers mention their toll-free number and email address on the insurance policy by itself.
  • The insurance company now assigns a surveyor (maximum within 2 working days) to assess the degree of loss or damage.
  • As soon as the survey is completed, the surveyor submits the final report of the assessment with the required documents and the claim form, invoices, etc. to the insurance provider.

How PolicyBazaar.ae Helps to Get the Best SME Insurance Policy Online?

Since there are various SME insurance providers available online, thus it may become difficult for a user to select the best out of many. For such situations, consider PolicyBazaar.ae. We are the insurance web aggregators who compare different insurance policies online. Just answer a few simple questions on our website and get the most suitable suggestion. So, instead of investing your valuable time in searching the best SME insurance policy for you, give this task to us. We will provide you with the best suggestion quickly and very easily.

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