SME Insurance

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SME Insurance

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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

SME Package Insurance is an umbrella policy that includes the following coverage under one single policy:

Property Insurance

This covers physical assets like buildings, inventory, plant & machinery, and other equipment against theft, loss, or damage

Liability Insurance

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

Employee Dishonesty

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?

The below-listed small and medium businesses are highly vulnerable to financial & operational disruptions. Such common risks can adversely affect their operations.

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?

SME Business Insurance is critical for every small and medium-sized business. A single physical or financial loss can be devastating and lead to the closure of the company. They lack the resources to rebuild the business from scratch.

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.

Best SME Package Insurance Companies

Here is the list of best & the affordable SME insurances Providers:

RSA Logo

RSA Insurance

Logo of AIG Insurance Company

AIG Insurance

Watania Takaful Insurance logo

Watania Takaful

Sukoon Insurance

Tokio Marine

Arabia Insurance

United Fidelity Insurance

al wathba insurance logo

Al Wathba National

What are the Inclusions of SME Insurance?

An SME insurance policy is a package that covers several risks under a single plan. Some of the major inclusions are:

What are the Exclusions of SME Insurance?

The major exclusions of a small and medium-sized enterprise insurance policy are:

Features & Benefits of SME Insurance Plans

Business insurance for small and medium-sized enterprisehas the following primary features & benefits.

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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

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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.

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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

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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.

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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

SME insurance also offers several add-on benefits that enhance risk protection for small and medium-sized businesses.

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

The premium payable for the SME package insurance policy is not uniform. The small and medium-sized enterprise insurance cost depends on several factors:

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.