4 corporate insurance solutions you need to know about in Dubai
Corporate insurance in Dubai: Why is it essential for your business?
Business insurance secures your company from potential accidents and situations that can interfere with your company’s activity, and potentially lead to a loss of profit. You work hard on your company’s reputation and to grow its business, so don’t leave it at risk by not knowing about all of the possible insurance solutions available to you. Some of the corporate insurance solutions in Dubai are mandatory for you to get, while some solutions are optional, yet quite essential from the point of view of a business owner.
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Mandatory Insurance for companies in Dubai
Medical insurance
Medical insurance in Dubai is mandatory for all residents, including expat workers, and even visitors. There is a minimal coverage level all medical plans must meet, and these standards are set by the Dubai Health Authority (DHA). As an employer, you are legally bound to offer at least this minimal medical plan to all your employees. Read more about the Mandatory Medical Insurance in our dedicated post.
Besides these legal requirements, offering your employees a quality medical insurance can increase their productivity, loyalty, and overall job satisfaction. According to the recent 2017 MetLife study of employee benefits trends in the UAE, 66% of employees admitted that having benefits customized to meet their needs would increase their loyalty. This is beneficial for you as an employer while searching for top talent. Consider getting additional benefits, such as maternity or dental, or adding a wellness program to your health insurance plan.
General liability insurance
This type of insurance protects you and your business from claims involving bodily injuries and property damage to a third party (customer or people outside of the company). An insurer will pay compensation to the injured parties if you or your employee caused damage. For example:
- A customer breaks a leg while descending the steps outside your shop,
- Your employee incorrectly repairs a car in your shop, damaging it even further,
- You damage a client’s wall while installing a new door at their house.
In Dubai, it is mandatory for business owners to have general liability insurance in place.
Worker’s compensation or employer’s liability insurance
This type of insurance covers occupational illness/accidents to your employees that arise during the course of their employment. Your employees are your company’s biggest asset, and providing safe work conditions to protect them from accidents is not only advisable but mandatory. In Dubai, labor laws require you to secure a worker’s compensation plan to protect your employees. The price of such a policy is based on the estimated annual wage of the employer, the nature of the work, and the risk associated with it.
Recommended for every business, mandatory for some
This section talks about one particular corporate insurance solution that is not mandatory for every company to purchase in Dubai. That doesn’t mean a business owner should not get it. On the contrary, this corporate solution is essential to protect your business.
Professional liability insurance
This type of insurance covers legal costs (up to policy limits) related to claims of negligence or inadequate work on the part of your business or its employees. It also covers your business in a situation involving a breach of contract, breach of duty, negligent act, error, omission or personal injury carried out while working. Certain professions such as architects, real estate agents, and accountants are required by law to have the professional liability coverage. If you’re unsure if this applies to you, contact our insurance advisors for a chat and to find it out!
What are the costs of corporate insurance in Dubai?
The price of corporate insurance in Dubai can vary a lot depending on the type of insurance selected, your company’s industry, benefits included, coverage range and many other factors.
Some types of insurance policies are required to be purchased, and for some of them, you should definitely consider extending benefit levels. Most businesses add coverages to their policies, like dental and vision for improved employee health benefits. Likewise, benefits can be increased for your company’s product liability, or for protection from errors and mistakes made by your own employees.
There is no one set price for these, but what you can do as a business owner in Dubai to get an estimate of costs is receive a free quote after talking to Pacific Prime’s advisors.
Why should you seek a broker’s services when choosing the right business insurance in Dubai?
Experienced insurance brokers, such as the advisors at Pacific Prime, can help your corporate insurance search, even if you are only considering at the moment.
- Our team can manage the whole process of finding you the right plans
- Get free assistance with renewing and renegotiating your coverage if necessary
- Pacific Prime’s advisors are highly trained and knowledgeable. They can help you find the right plan for the right price, even if you are unsure of your needs
- Our solutions are designed to ensure that they are always the best for your company
- We can negotiate cover details, or even combine different plans from different insurers into a one, tailor-made plan
- Our service to you is free of charge. We will work with you to customize a solution to your needs and make sure that you are satisfied with your cover
If you are unsure what kind of corporate insurance plan do you need, just drop us a line, and one of our insurance advisors will be in touch with you soon.
When she isn’t writing, you are most likely to find Elwira in search of the perfect plant-based burger or enjoying Hong Kong’s great outdoors either at the beach or from the boat - the closer to the sea, the better!
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