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Written by Money Mata - aka - Damodhar Mata
on November 20, 2013

UAE largely owes to the Small and Medium Enterprises for its phenomenal success as an economy and a community.

Dubai in particular has created wonderful opportunities for the growth of Small and Medium Enterprises which continue to drive the Emirate towards growth and sustainability.

The sustainability of the SME business largely depends on various factors including adequate Business Insurance.

What is Business Insurance?

Business Insurance Dubai Components of Business Insurance / Protection

 A group of Insurance products used to protect the assets, liabilities and the continuity of the business is called Business Insurance or Business Protection.

The following are the types of Insurance products which fall under the Business Insurance / Protection;

Asset Protection 

This group of Insurance deals with protecting the assets of the business like;

  1. Office Insurance
  2. Stock Insurance
  3. Credit Insurance
  4. Warehouse Insurance
  5. Motor Insurance
  6. and Insurance protecting the other assets of the business

Liability Protection 

This type of Insurance protects the business from defaulting on the liabilities of the business due to the death or critical illness of the Owner / Partner / Director of the business, and is required by most banks when they extend credit facilities to the organization

Public Liability / Third Party Liability Insurance 

Loss incurred by a third party due to the negligence of the employees or malfunctioning of the systems of a business can have devastating effect on its finances and goodwill.

The Public Liability or third party liability insurance enables the business to compensate the third party for the loss incurred, without affecting the finances of the business.

Third Party Liability Insurance shields the business from legal repercussions, by adequately compensating the third party for the loss incurred.

Employee Protection 

The key to success of every organisation are happy and loyal employees, and protecting their health and well being goes a long way in ensuring the success of the organisation.

The following products fall under the Employee protection category;

  1. Group Medical Insurance
  2. Group Life & Disability Insurance
  3. Workmen's Compensation
  4. Personal Accident cover for employees

Key Man Insurance / Partners Insurance

Every organisation has certain key people who play a major role in the growth of the business, and their absence would seriously affect the profitability and continuity of the business, hence the business has to be protected from the loss due to the death, disability or critical illness of these Key-men.

The Key people of a business usually are the Owners / Partners / Directors, and key employees handling functions like sales, production, purchase, finance and administration.

Read : How to protect Business Continuity?

The above listed are some of the components of Business Insurance, to know more about their applicability to your business, please call me on +97150-2285405 or Arrange a Free Consultation.

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