What is Group Business Travel Insurance?

Group business travel insurance is a popular business travel insurance option for corporates and businesses that send their employees on frequent business trips. Business travel is an essential part of business operations and activities in today’s corporate world to accomplish the company’s objectives. Like any other travel, business travel is also full of risks and challenges such as flight delays, sickness, and injuries overseas. In certain cases, employers need to bear the costs associated with medical expenses and the loss due to the unavailability of their employees. This is where group business travel insurance policies come into the picture to provide coverage to businesses under these circumstances.

With group business travel insurance, business executives can travel with confidence that at least some of the losses are covered in case of any emergencies. These insurance policies are designed for employers to provide travel insurance to their employees going on a business trip for the company’s work. Group business travel insurance plans provide worldwide coverage to employees of a company that has enrolled in a program as per their requirements. There is no need for disclosure of employees who may or will go on a business trip and all the employees are covered automatically into the program to avail the benefit of travel insurance when they are on a business trip.

As an employer, you can enroll in a group business travel plan based on the “travel days” expected during the policy term. Any employee traveling during the policy term will automatically be enrolled in the policy to avail of its benefits. The proposition under group business travel insurances is issued in real-time through a WIS platform.

Getting a Group Business Travel Insurance Policy provides coverage for emergency medical care and assistance. It gives both the employer and employee peace of mind on a business trip. A group business insurance policy covers the following on domestic as well as international travel:

  • Personal Accident Coverage
  • Coverage for Medical Expense
  • Emergency Medical Evacuation
  • Emergency Mobile Phone Charges
  • Trip Cancellation and/or Curtailment
  • Flight or Baggage Delay
  • Home Contents Protection
  • Credit Card Indemnity
  • Loss or damage of Baggage and Travel Documents
  • Other coverages

Key Reasons to Buy Group Business Travel Insurance Policy

  • Provides comprehensive and worldwide coverage to business travellers
  • All the authorized business trips are automatically covered
  • 24/7 emergency medical assistance, case management, and global claims are available
  • Available based on the “travel days” expected
  • Competitive premiums when compared to individual travel insurance
  • Arrangements of appointments with local doctors for medical care

Business travel is exciting but everything comes with a responsibility and duty of care. Getting a group business travel insurance is a sensible approach to providing travel insurance coverage to employees in the corporate world. At New Age Insurance Brokers, we help companies to find and apply for corporate travel insurance to meet their specific needs at competitive premiums. Contact us for a free consultation and discuss your requirements.

A Quick Guide to Insurance 101 for a Tech Start-Up

Person using tablet

Starting a new business or start-up is never easy because of the risks associated on different fronts. The life of an entrepreneur is always in a dilemma because of the financial instability in the starting days. There is always the risk of losing your investment, even after making all the efforts and hard work. And when you are founding a tech start-up, there are many physical and virtual threats and liabilities waiting around the corner.

Though there are many financial challenges and threats on your road to success, there is always a way to control and do something about it by taking the right business insurance. Investing in the right insurance to protect your business start-up can be critically important to your success. A tech entrepreneur needs to take a comprehensive look at the risks a tech start-up faces and what’s legally needed to cover all the associated liabilities and protect the company.

Many insurance companies offer business insurance policies to new as well as established businesses. It provides them protection against business risks, losses, theft, cyber-attacks, and lawsuits due to some mishaps. With the right business insurance coverage, you will ensure that a your business doesn’t go under due to an unforeseen circumstance that was beyond your control. Here’s a quick guide to insurance 101 for a tech start-up to help you determine what liabilities you need to cover with a business insurance policy.

Employee liability

If you work with hired staff, contractors, suppliers, or even temporary staff, you are required to get employee liability insurance. It protects your business from any claim made by your client for any kind of loss or damage due to the negligence of your employees. It is a legal requirement in Dubai. However, you must get this coverage plan as a necessity to avoid hefty fines and lawsuits in some cases.

Disability insurance or worker’s compensation insurance

Worker’s compensation insurance protects the rights of your employees in case they suffer from any injury or accident while performing their duties. It provides a source of income to your disabled employees in the time when they are not able to work or perform for your company.

Errors and Omissions Insurance

Errors and Omissions Insurance policies cover claims made by your customers for “glitches” “errors” in your products or services. For example, if you are a web service provider and some of your clients face any professional loss due to malpractice of technical issues in your web product, he may ask for a claim for the losses. It is where E&O insurance covers this kind of business claim against your company.

Cyber Liability

Cyber-attacks are a serious threat to businesses, especially tech companies and web service providers. And according to a survey, nearly half of all cyber-attacks are made on small businesses and start-ups. So, when you are founding a tech start-up, take this threat seriously as it can result in online theft of your data and business information. Cyber Liability insurance covers losses related to data breach incidents.

Business content insurance

The loss of office essentials and supplies such as laptops, printers, and other equipment can cause significant business disruption on many fronts. It is where business content insurance covers all your losses in the event of any theft or lost office equipment.

These are some common insurance coverages you need in your business insurance as a tech entrepreneur. When you are offering technical advice, providing web services, publishing online content, or dealing with cyber security, these coverage plans help you protect your business in the event of any mishap. Do all your research on how to calculate premiums and claim procedures before deciding on the right insurance policy for your start-up. Work with an experienced insurance broker to determine your business liabilities and find the right business insurance.

How can Estate Planning help your Family Wealth last for Generations?

estate palnning

Most want to leave a legacy for their families so that their upcoming generations can live with dignity. A common fact true across different parts of the world is that family wealth lasts for three generations or less. Hence for estate planning various aspects such as individual aspirations, tax efficiency etc. should be taken into account.

Estate planning can help you manage your family wealth last for generations with the right approach. It ensures that an individual’s assets are properly transferred to the next generations in the event of their incapacitation or death. Planning and arranging your generational wealth is essential because it gives confidence and comfort to your kids and their kids.

Estate planning is the preparation and process of wealth management for future generations through the proper anticipation and planning. It includes the transfer of assets and responsibilities to the right heirs and people when you are not available to raise your voice or concerns. It also involves the process of the settlement of estate taxes and bills to avoid any legal battles in the future. But the problem here is that in estate planning, which is a legal document, there is no mention of generational intent, and that is where the concept of generational wealth gets a setback.

To deal with this situation, you need to define your estate planning with the right strategies and anticipations through the right legal approaches. The concept of generational wealth needs to be built around “Keep the money together” – the last words of Cornelius Vanderbilt. For this, you can plan your estate planning with the following approach to transfer your assets to the generations to come.

Make a generational plan

When you desire to leave a legacy for generations to come, it’s better to equip your future generations with the written strategies to let them know about your generational plans. It will help your future generations to understand your intentions. You can leave it with your estate planning documents to keep everything together in the right direction.

Set the right mindset

You should be very thoughtful about whom do you want to transfer your legacy, assets, and responsibilities so that your family sticks together after your death. You need to define the right heirs and caretakers in order to keep your legacy together without any legal problems. It is not easy to define future possibilities and outcomes, but you have to plan everything during the process to leave wealth for generations.

Discuss openly with your family

It is important to discuss openly about your estate planning and what your intentions are with your family. It will give them the right impression about your asset planning and wealth management. You need to win everyone’s trust while working on the concept of generational wealth to avoid any future misunderstanding and legal troubles. While making a generational plan, you should communicate properly with your family members and define everyone’s roles and responsibilities to perpetuate the legacy for the upcoming generations.

The concept of generational wealth is not just about leaving your assets for your family members or charities that you care about but also about making strategies to keep Your Estate’s Assets Growing. For this, you can invest in the right investment and insurance plans for guaranteed benefits and access to cash. You also need to make a proper legal document with the help of professional investment planners and attorneys to encode your vision for future generations.

We at New Age Insurance Brokers can help you with solutions that can ensure that your intentions are translated to reality.

5 Little Known Ways To Raise Money-Savvy Kids

Children as young as 4, can begin to understand how money works, including how essential it is to save. And, by the age of 8, most kids form their basic money habits. If your children are spenders or unaware of the importance of money, teaching them about the proper use of money is not that challenging.

It’s all about teaching your kids the basics and continuing to encourage financially prudent decisions every day. Here are some steps that can help you achieve these goals.

  1. Set an Example

As parents, you should have a savings account and pay your bills on time to set a good example for your kids. When your child asks questions about the bills or why you go to work, share the importance of these things. Open the conversation about money whenever necessary. Some topics that you can discuss with your children include:

  • The significance of saving
  • How to save money
  • How to make an informed decision when buying something
  • Importance to give to those in need
  • How to make money

 

  1. Open a Piggy Bank

For young kids, it is essential to create a visual way of saving money. Such as using a piggy bank. You can divide it into three jars – one for savings, one for spending, and one for charity. When you give your child money or if they receive it from someone, help them separate those funds into each piggy bank. Motivate them to save for a specific item, so they know the value of money.

 

  1. Provide an Allowance

Don’t provide your kids with an allowance just for the sake of spending. Instead, set up allowance-based specific tasks. Choose age-appropriate tasks or chores for your child to complete each day. At the end of the day or week, give them the money they deserved for performing those activities. It is crucial to keep their savings visuals so they can learn how their money comes and goes.

 

  1. Praise for Every Penny They Save

Positive feedbacks have a long-lasting impact and go a long way. Every time your child controls their desire to buy somethings and instead chooses to put money on their saving piggy bank, be sure to praise their decision. Express your pride in your child’s effort to save for the future rather than splurge in the present.

 

  1. Encourage Even if They Spend

Kids are kids, and despite your best advice, they may spend on something other than what they were saving for. They may have regrets later, and that’s where you should step in. Your role is to motivate them to start saving again.

We understand that for some parents teaching children how to save money can be an uphill task. However, it is necessary to prepare them for financial responsibilities and secure their future. Remember, kids are good at imitating, and they copy everything that they see. So, lead by example.

Besides, do not forget to encourage and praise your child when they do well in budgeting and saving their money.

UAE Businesses Need More Protection Against Cyber Attacks in 2021

cyber risk insurance

Ransomware attacks and online frauds have become common crimes that target businesses’ data and networks. Among businesses, SMEs are the most common victims of such cybercrimes. Cyber attackers often view SMEs as an easy target because such companies have fewer resources to fight cyber-attacks. They are also more exposed because their network is monitored less during weekends and holidays which allows intruders to easily install malicious software. Also, a proliferation of cloud-based apps and software makes it much easier for hackers to exploit loopholes in networks.

According to the 2017 Norton Cyber Security Insights Report, more than half of the millennials (58%) in the UAE experienced some sort of cybercrime. The report also revealed that a total of 3.72 million UAE consumers lost nearly Dh 4 billion to cybercrime.

Yet only a few have protected themselves with a cyber risk insurance policy.

The COVID-19 Pandemic Fueled Already Increasing Cyber Crimes

During the COVID-19 pandemic, the number of cyber-attacks has skyrocketed. Social engineering campaigns that preyed on the fear of the virus have fueled these crimes more than ever. Malicious elements posed themselves as trusted organizations (banks and merchants) or individuals (co-workers, managers, and IT administrators) to steal sensitive data or funds so that they can infiltrate organizations and compromise information systems, especially corporate payment systems.

Cyber Risk Insurance to Protect Your Company Against Online Frauds and Ransomware Attacks

With a sharp increase in ransomware and online attacks aimed at employees working from home, the need for cyber risk insurance in 2021 has increased even more. Of course, training, and technical safeguards are critical to cyber-security; but, protecting your company from online frauds and ransomware attacks through cyber insurance is still a necessary measure that every company, be it small, medium, or large, should implement in its strategies and policies.

Unfortunately, there is a false sense of security among most businesses that if they haven’t been a victim of cybercrime yet, they believe that they are invincible and protected against such crimes.

A 2020 study conducted by NORDVPN reported that “cyberattacks are up 400% a day compared to pre-COVID-19 levels”.

Such astonishing findings of cybercrime call for a bigger change in the viewpoint of businesses as well as individuals.

Businesses with cyber risk insurance are protected when data breaches, malware, or ransomware attack their systems and cause losses. Besides, cyber insurance also provides businesses with access to cyber-security experts when they need it the most. Therefore, it makes buying a cyber risk insurance policy a viable solution for SMEs.

All the top concerns of SMEs are often aligned with the typical inclusions in a Cyber Insurance policy. Besides, cyber insurers and brokers can help close the education gap between cyber exposure and cyber protection to get more meaningful and wider coverages that meet the specific cyber security-related needs of businesses.

New Age Insurance Brokers can provide the expert advice your company needs to make the right decision with respect to Cyber Insurance. You can reach us at info@newageib.com.