Category: Corporate Insurance
6 Things to Consider While Buying a Medical Insurance Plan in Dubai
Medical insurance is a secure insurance plan under which the insurance company covers the medical costs or guarantees compensation for medical expenses of hospitalization in case the insured falls ill or meets with an accident, like falling down a staircase.
The importance of medical insurance has substantially increased these days. Undoubtedly, Dubai is bestowed with an advanced healthcare system, but medical costs are very high, especially in the private health sector. This is why buying the right medical insurance in Dubai can help you carry the burden of heavy medical bills should you have a medical emergency.
You must choose the right medical coverage that encompasses your medical expenses fully or to the extent possible. Thus, here, we are going to discuss the things that you need to know upfront before you choose a medical insurance plan.
- Mandatory Health Insurance
In Dubai, it is mandated that all employees, workers, and ex-pats must have medical/health insurance from their employers or sponsors regardless of their salaries. This insurance must provide at least the minimum limit of coverage as defined by the Dubai Health Authority. This way, the Dubai government makes sure that even the employees with a low pay scale can have access to adequate healthcare.
- Quality of Healthcare Facilities
If you are an ex-pat from the USA, UK, Canada, or another country with robust healthcare infrastructure and residing in Dubai to explore education, job, and business opportunities, you can have peace of mind. The quality of healthcare facilities in Dubai matches the standards of western countries. Besides, you have an added advantage that the cost of certain surgical operations is considerably less due to less expensive labor and different forms of medical insurance plans.
In Dubai, you have a wide range of choices as there are local and international plans, basic and premium plans, and plans with deductibles and no deductibles. By having the right insurance consultant, you can easily find which medical insurance in Dubai would suit you best.
- Geographic Coverage
While choosing a medical insurance plan, you also need to take the type of geographic coverage into account. You need to decide how frequently you go to other emirates or foreign countries. Some medical insurance plans cover only your city, some plans cover the entire UAE, regional plans may provide coverage in GCC countries or MENA regions, and some plans also cover international trips. International insurers also provide direct billing facilities outside UAE so you can enjoy cashless facility by just carrying your medical card.
- Maximum Coverage
Maximum coverage is the ceiling amount that your plan offers annually and it is aggregated based on the limit of your medical insurance plan. The lower your maximum coverage, the lower your premiums. The higher your maximum coverage, the more robust your medical insurance plan is.
- Maternity Benefits
Maternity benefits must be considered if you are getting married or starting a family. So, check if all the services (outpatient as well as an inpatient) required by you are included in the plan. Outpatient services include lab tests, ultrasound scans, and prenatal checkups, while inpatient services include the delivery of the baby and any emergency medical procedures. Also, while getting an individual medical policy, one must also confirm if there is any waiting period on maternity.
- What’s Not Included
There are a lot of things that some medical insurance plans don’t cover. So, you need to search this list to see whether your particular requirements are included in the plan or not. For instance, if you want your dental treatment to be covered, you need to make sure that it is included in the plan. Alternative medicines, dental, optical are optional covers depending on the plans you choose. However, there are certain exclusions that are applicable on all plans. These include cosmetic treatments, supplements, diet plans, medical equipment etc. Checking exclusions is important so that one knows fully well what is covered under their medical insurance plans.
At New Age Insurance Brokers, we can review your current insurance plan to see if it meets all your needs and also recommend the right plan for you and your family. Reach out to us for a free consultation and we will ensure that you get the best plan that suits your exact needs.
What is an insurance broker? How to find the right one for you?
Broadly speaking, Insurance brokers are the professionals who consult, offer, and negotiate insurance policies for organizations and individuals. They offer risk management consulting to their client by outlining the various risks that are involved in their life and business. After clearly identifying and quantifying the risks, an insurance broker works with the client to find the right protection solutions to minimize the impact of those risks, if they were to occur. Insurance Brokers work as a bridge between the insurance companies and customers with the sole aim of finding the best possible solution for their clients.
Whether you are looking for a life insurance cover or an education policy or any business insurance, you should consider appointing an insurance broker who will help you throughout the whole policy buying process. Companies that work with experienced and professional brokers find tremendous value as capable brokers are able to “shop” different insurance companies for the best possible cover with the lowest premiums. Professional Brokers also monitor and continuously review your polices to ensure that you get the best out of your policy.
Types of individual insurance that an insurance broker offers
- Life Insurance
- Education Planning
- Critical Illness Insurance
- Retirement Planning
- Medical Insurance
- Personal Accident Cover
- Motor Insurance
- House and Mortgage Insurance
- Travel Insurance
Types of business insurance that an insurance broker offers
- Group Medical Insurance
- Property Insurance
- Workmen’s Compensation
- Professional Indemnity Insurance
- Cyber Risk Insurance
- Engineering
- Marine Cargo
- Fleet Policy
- Contractor’s All Risk
How to find the right insurance brokerage for your needs?
If you are searching for the right insurance brokers to buy insurance policies, consider these points during your search:
- The services they offer to their clients to know if they fit with your requirements.
- The practices they follow while finding the best insurance policies for your needs.
- Review the work experience and qualifications of the professionals.
- Whether they offer free consultation services to their clients.
- Whether they offer risk valuation and management services to help you identify the kind and level of risk involved in your business.
- Check for the online reviews, ratings, and testimonials given by the clients to get an idea about their professionalism and good they are at their work.
These are the best practices that you can follow during your search to find the right insurance broker for your purpose. Insurance policies are your best defense to bear the cost against any damage or loss.
All about Directors and officers (D&O) liability insurance: The what, who and why
If you are the Director or an officer of a company then you have a high-risk profession because if held liable for your own or other Directors’ decisions, you could face a huge loss through litigation from competitors, shareholders, creditors, or various other regulatory bodies.
So, in order to safeguard your company and its major decision-makers from the threat of being held legally responsible or sued for any sort of negligence, malpractice, or accident, you can rightly use this type of Liability insurance i.e. a Directors and officers (D&O) liability insurance.
But wait, what exactly is this liability insurance? Here’s an overview of Directors and officers (D&O) liability insurance.
What is D&O liability insurance?
Directors and officers (D&O) liability insurance protect the personal assets of business directors, officers, as well as their spouses when senior members of a company are held legally responsible by their employees, competitors, customers, vendors, investors, or other parties for actual or alleged misconduct in managing the business. D&O liability insurance comes to the rescue and offers them extensive coverage.
Who are the persons covered under D&O liability insurance?
The Directors and officers (D&O) liability insurance can cover the following individuals:
- The officers and directors employed by the company
- The risk manager who is also the employee of the company
- Officers and directors of the subsidiary companies
- An employee of the organization who is working in the supervisory or managerial department of the organization
- Independent directors and officers
- The secretaries of the organization
- Non-executive directors
- The employee (excluding the officer or director) of the company who is acting as a lawyer on behalf of the organization.
Simply put, the Directors and Officers insurance applies to all those people who hold supervisory as well as managerial positions in the company. This includes employees, Board of Directors, or any other person who is a part of the company’s management.
Why there is a need for Directors and officers (D&O) liability insurance?
There are a plethora of good reasons on why you definitely need D&O liability insurance. Discussed below are some of the significant ones.
- D&O liability insurance helps meet various legal and regulatory requirements.
- It helps in the case of accounting misconduct and financial fraud.
- It is very much required when cases related to sexual harassment are made against an officer or the director of the company.
- It covers all the legal costs in case a Director or Officer covered in the policy issued.
- It is needed when the major assets of the company are mistreated or when the company’s funds are misused.
Today, there are many companies that believe they don’t really need D&O liability insurance. But when one considers all the aforementioned reasons, one realizes that there is actually not a single reason for a company not to opt for D&O insurance. Always remember that not purchasing this insurance coverage might be risky as only a single D&O claim can ruin all the personal assets of a company and the organization may incur a great financial loss.
What are the various factors that determine the premium you pay for a D&O cover?
- The financial condition of the company
- Business activities / Specific industry
- Quality of management/experience of management
- Diversity of business activities
- Length of time in business
- Mergers and acquisitions
- Organizational structure
- International operating exposures
- Claims history
For more information about D&O insurance, talk to a consultant at New Age Insurance Brokers or e-mail us at info@newageib.com to help you through the process of negotiating and purchasing the right coverage for your business needs.
Corporate Insurance Brokers: A guide for selecting the right one
Today, understanding insurance policies can be challenging for customers, as policy documents are covered with technical and confusing terminology. The presence of corporate insurance brokers helps in preventing customers from getting trapped in any unproductive insurance coverage or get misguided by their coverages with hidden exclusions.
But who exactly is a corporate insurance broker?
A corporate insurance broker is basically a group of experienced individuals who act as a mediator between the customers and insurance providers. Regardless of the business type or size, these experts can serve as skilled and knowledgeable advisors on how to manage the various risks facing your company and the changing trends of insurance policies.
Finding a corporate insurance broker:
Just like any other professional service, a broker-client relationship needs to be service-driven. This is why it is important to find someone who is well-organized and who completely understands the core requirements of your business and workforce. Aside from this, there are a few more things that your potential insurance broker must possess. So, before you rush to hire any corporate insurance broker, read on to learn about some more factors that need to be considered.
- Check communication skills:
The relation between an insurance broker and the client must be one of open communication and mutual respect. Therefore you should avoid brokers who are unable to make you understand the benefits of a particular insurance policy and who are more interested in just selling the insurance products without knowing your actual needs. Eventually, a good corporate insurance broker is one who listens to the customers first, understands the needs, and then addresses the needs with the correct insurance policies.
- Ask about their availability:
Always remember that the best corporate insurance brokers are ones who can offer their services at any time of the day. They can be reached whenever you need them. Be wary of brokers who are not flexible with their time and who are not with you when you need them the most. What matters the most is offering quick help to the customers and you must choose a broker on whom you can rely upon for any situation.
- Know about the broker’s experience and knowledge:
Businesses now days are surrounded by a ton of threats that ranges from financial to compliance and inventory risks. Many major risks can cause serious impacts on the overall business operations and which is why getting the right insurance coverage that safeguards the business and its assets are so significant. A corporate insurance broker majorly helps and assists businesses to assess the threats they are facing. They also recommend the best insurance policy that addresses all the identified risks and directs you to an accountant or lawyer if there is a need for any further consultation.
Hence you should look at a broker’s experience and the kind of people they have hired. You should also look at whether:
– They have the requisite qualifications
– They have dealt with your industry before?
– Do they have experience with helping clients get their claims?
– They have tie-ups with a variety of insurance companies or just a handful. Having many tie-ups will allow you to get the best possible coverage at the best possible premiums.
In addition, when you are cross-checking the brokers, ask them for client references to better understand the area or industries they specialize in. Also, take time to meet and communicate with them to get an insight into how they work and determine if they are the right fit for your business needs.
An effective corporate insurance broker will always put your business first. He/she will act as an important resource you can look upon at any time. So, take your time to research and hire a broker who is worth your time, money, and partnership.
Credit Insurance – A Primer
There are a lot of corporate insurance policies, right from one for the employees, to manage their health and safety of the workplace; ensuring physical stock to almost anything that is essential to the running of the business. However, perhaps the most important one for the financial health of the company is credit insurance. Credit insurance is a vital tool that protects your cash flow when the business cycle is taking a turn for the worse.
Now, let us take a look at some of the major features of the credit insurance policy and why you need to be covered under credit insurance. Here are the four key reasons for you to go ahead with credit insurance for your company.
1. Guaranteed Payments
The World Bank has stated that “Trade credit insurance is an insurance policy and risk management product that covers the payment risk resulting from the delivery of goods and services”. Credit insurance helps you with a collection of dues which can otherwise dampen your cash flow. As we know “cash is king” and, tight cash flows in a tight economic cycle could affect the balance sheet and in the worst case, cause a business to shut shop. A credit insurance policy will act as a safety net, thereby providing you with a platform to trade with confidence.
This policy covers up to 90% of a contract’s value and protects your company not only by reducing exposure but also by shielding you from defaulting customers and bad debts. In short, this is a vital risk management tool.
2. Grow your Business
Selling on credit can be a necessary evil for the growth of a business. While there is an element of trust when it comes to dealings with trading partners, insurers providing credit insurance have reliable tools to determine the creditworthiness of your customer. Credit insurers issue ‘early warning signals’ to your company. This is done when a potential partner is uninsurable or when previously granted insurance cover has been withdrawn. By playing a proactive role in assisting your company trade more securely, a credit insurance cover can help you make better decisions.
Thus, the sales of your company can grow and that growth will be safe growth with no to limited defaults.
3. Deterrent to Defaults
Credit insurance acts as a deterrent for those who are used to defaulting payments. Defaulters can be delisted or blacklisted from doing any further business with banks and other financial institutions i.e. the cost of compliance falls on the defaulters. This incentivizes them to keep their “credit ratings” in proper shape with credit insurers as they now understand the implications of not only losing one client but potentially many of their clients who will be alerted on their payment defaults.
4. Banker’s Comfort
When you have credit insurance, even your bankers feel more confident that your receivables are safe. This will urge them to bank with you by extending new loans and lines of credit for business expansion. Because of the higher quality of receivables backed by an insurance policy, the bank will also be more willing to extend working capital finance at lower costs.
Now that you know how credit insurance can not only safeguard your business but help it grow, it is time to find the right team of professionals to work with. New Age Insurance Brokers has hands-on experience in credit insurance across myriad industries. Please e-mail us at info@newageib.com and we will be more than happy to help you!
