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What is SME Insurance?
SME Insurance is a business insurance policy that protects small and medium-sized business enterprises from common risks. These businesses require custom-made insurance policies due to their small size and limited capital requirements.
SME Package Insurance is an umbrella policy that includes the following coverage under one single policy:
This covers physical assets like buildings, inventory, plant & machinery, and other equipment against theft, loss, or damage
This covers third-party risks that arise due to fire, natural calamities, riots, theft, etc. Your business also gets protection to fight legal battles on account of such risks.
Insurance for Goods-in-transit
This covers the loss or damage to goods during their transportation between different locations such as warehouse and factory
Cash (in premises or in transit)
This covers the loss of money both at the business premises and during transit
This insurance covers the loss due to cheating, fraud, or misappropriation of funds by the employees
Personal Accident Insurance
This protects you and your employees from risks such as bodily injury, disability, or death caused by accidents
SME Business Insurance policies are also offered to specific industries like education, healthcare, and retail. The key advantage is that these policies can be tailored to suit their specific business & operational requirements.
Who Needs SME Package Insurance?
Educational Institutions: Schools, colleges, and universities can cover their properties, profits, and legal liabilities toward students & faculty members
Hospitals & clinics can cover their physical assets, profits, electronic equipment, and legal liabilities toward employees & third parties
Hotels, restaurants, and food outlets can cover their properties, profits, equipment, and legal liabilities toward employees & third parties
Office Insurance protects you from physical damage to property and loss of profits due to business interruption. You also get cover for third-party liabilities and employee dishonesty.
Companies in the retail sector can get coverage for their physical assets and loss of profits due to unforeseen events. Public liability cover protects them against third-party legal claims. The employee dishonesty cover protects the business from fraud committed by employees.
Hair salons, spas, and gyms can protect their properties and profits. They can also cover third-party risks and losses due to employee dishonesty.
A property insurance policy for property owners can protect their assets from fire, theft, vandalism, and natural calamities. The business continuity insurance covers the rental losses due to unexpected events. Public liability coverage protects the owners from third-party risks.
Why Do I Need SME Business Insurance?
Business interruption due to an accident or disaster may lead to revenue & profit losses. A good SME insurance policy covers these losses.
A single unforeseen event can lead to a severe cash crunch for a small business. Lack of adequate working capital hampers the day-to-day running of the business. SME package insurance provides protection against such risks
Events like fire, natural calamities, riots, etc., can harm the life and property of third parties. SME insurance covers such third-party risks and compensates them for the loss
Small business insurance also covers the legal costs incurred to defend your business against third-party claims.
Features & Benefits of SME Insurance Plans
Business insurance for small and medium-sized enterprisehas the following primary features & benefits.
Covers all the contents
A shop, office, or cafe needs several items for its daily operations. For e.g., an office needs furniture & computers. A shop has racks, shelves, and a cash register. SME insurance protects all these items from loss or damage due to fire, theft, or disaster
Covers the stock or inventory
SME insurance is critical for retail businesses that hold a lot of inventory. The insurance protects the stock from loss or damage in transit, in the shop, or in storage.
Covers loss of profits
Any loss of profits due to business disruption as a result of the insured peril will be compensated by the policy
Covers employers’ liability
The employees may suffer injury, disease, or death in the course of their employment. The SME business insurance covers the compensation payable to the employees in such situations.
Covers public liability claims
Any loss or damage suffered by third parties such as customers, neighbors, or the general public (due to any business activity) will be covered under SME insurance
Add-on Covers Under SME Package Insurance
Coverage for the loss of cash held by the business
Employee Dishonesty policy protects the business against fraud committed by employees
Personal accident policy covers the risk of death or disability of employees during the course of employment
Coverage for the loss due to the breakdown of electronic equipment
SME Package Insurance Cost
Size of the business
Number of employees
Type of activity & specific business risks
Why Do You Need to Buy SME Package Insurance with Prominent Insurance Brokers?
PIB Secure offers the following benefits to the policyholders.
Distinguished track record of 20+ years in the insurance sector
Comprehensive SME package insurance to suit the needs of every small & medium-sized business
5000+ business insurance policies sold & 6,000+ claims settled in total
Affordable premiums with attractive discounts
Expert, unbiased insurance advisory services at no extra cost
Offers a seamless claims settlement process
Access to the best insurance companies in UAE
Frequently Asked Questions About SME Insurance
Yes. It is mandatory for every small and medium-sized business operating in UAE to purchase the SME Insurance policy.
Yes. The SME Package insurance offers flexibility to the policyholders to tailor the policies according to their specific requirements.
SME business insurance policies are valid for a period of one year. So the policy has to be renewed annually.
Yes. Small business insurance is not just for business premises. It covers the contents, inventory, cash, loss of profits, and third-party liabilities.
Disclaimer: The SME Insurance or plan may have limitations, exclusions, and other terms and conditions that may affect coverage. It is important to carefully review the policy wording before making any decision. Prominent Insurance Brokers does not promote or recommend any product or service. The information contained in this article is gathered from sources deemed to be reliable & trustworthy. Prominent Insurance Brokers cannot be held liable for any errors or omissions with regard to the information presented here.