Why insurance is important and how to find the right Insurance brokers?

insurance

There will be no greater peace of mind than insurance coverage to ensure that you, your loved ones and your assets are financially secured from any unforeseen incident or life situation. You can’t control these incidents but insurance coverage is a way of managing these risks and their outcomes. Insurance provides one with financial protection where the cost of any potential loss is borne by the insurance company in exchange for a premium fee. These unforeseen situations can hit your life in any form such as unfortunate death, medical emergency, and property/asset damage or loss that can impact you financially.

If you or your business isn’t adequately insured, it can cause financial ruin. That is why we need insurance coverage in forms of personal as well as commercial insurance to protect one’s hard-earned income and savings. Personal or individual insurance plans include Life Insurance, Medical Insurance, Auto Insurance, Accident cover, Travel Insurance and many more. If you are a business owner, you can also opt for insurance covers such as Property/Asset Insurance, Professional Indemnity Insurance, Contractor’s All Risk insurance, Workmen’s Compensation, and many more. You can talk to professional insurance brokers to get more details about different insurance coverage and which one you need.

Why Insurance is important?

  • Insurance grants peace of mind so that you can enjoy your life and can take certain business risks to explore new opportunities.
  • Insurance guarantees stability to your family and business when something goes wrong that can impact financially.
  • Insurance covers your family’s medical emergencies and helps you pay your bills for any medical care required in the future.
  • Insurance offers financial protection to your family to maintain their standard of living and repay any debt in case of unfortunate death.
  • Insurance protects your child’s education by providing financial security when you are not around.
  • Insurance keeps your business and commerce running by avoiding any financial impact due to any loss or damage to your property or asset.

These are some basic reasons why you should explore different insurance types and coverage that you need in your life. But, Insurance is tricky; it is not like any grocery shopping. You need to be very aware of what you want and why you want it. A professional insurance broker can help you find insurance coverage depending on your requirements. In a country like UAE where life is full of joy and full of opportunities, you must find the right insurance options for your business and family. When looking for the insurance brokers in UAE, you should look for the following:

  • Experience and expertise in the industry
  • License and Credentials
  • Technical knowledge and understanding
  • A wide array of insurance products and plans
  • A good listener who puts your needs first
  • Offers better premium plans and returns than other players
  • Reputation in the insurance business

At New Age Insurance Brokers in UAE, you can connect with the most experienced and qualified professionals in the industry. We help you review your current needs and plans to find you the right individual or corporate insurance plans as per your requirements. Contact us for a free consultation for financial stability and protection in your life and business.

How to mitigate the various risks a corporate faces

corporate

Running a company involves inherent risks that you can’t always control or manage all by yourself. When things get out of hand in situations, such as being sued by a client, damage due to natural disasters, or someone getting injured on your premises, having only the right corporate insurance coverage can save you from the inconvenience and reputational damage.

 

What is Corporate Insurance?

Corporate insurance includes various policies for organizations to provide protection against unanticipated operational risks, including financial losses, theft, accidents, and employees’ health benefits.

 

Each corporate has its unique set risks and hence different policies are required to manage the various risks corporate faces. Thus, it is better that you consult one of the most reliable and experienced corporate insurance brokers in Dubai before making a selection.

 

With a well-designed set of insurance policies, your business will enjoy the following benefits:

 

  1. Protect your business in the event of a lawsuit or liability claim

One accident, one injury, or one broken contract can quickly fade away the financial stability, especially if you are a small company. While losing the case will require your business to provide the declared amount as compensation, winning a case could still mean paying for the legal defense. But, with third-party liability insurance, you can concentrate on your business rather than worrying about all these pesky matters.

 

  1. Keep your business running in the event of a natural disaster

Have you ever imagined what would happen to your business in the event of a natural disaster such as floods or an earthquake? If not, you must. A corporate insurance broker will help you select the right insurance coverage so that your business can survive a serious disaster. With Property & Casualty or a Business Interruption insurance, your insurer will pay you the income your company would have made while it is out of operation (if the loss is covered under the agreement). It is smart to choose to insure not only the lost income but also the salaries needed to pay to employees.

 

  1. Protect human assets in case of disability or death

What will happen to your business if you can’t fulfill the duties and responsibilities due to a serious heart attack, accident, or other unfortunate circumstances? Sometimes, you might be out of the picture for weeks, months, or even years. In such cases, company-owned life and disability insurance provide coverage for the loss of income you would have generated. In case of death or disability, the insurer provides funds for the purchase of your interest under a buy-sell agreement. There are also other policies like keyman insurance to cover the losses caused by the disability or death of a key employee.

 

  1. Increases Your Business Credibility 

What you might not have considered till now is that corporate insurance increases your business credibility in the eyes of prospective clients, customers, and even employees. With full-fledged protection, they see you as a safe bet. If anything goes wrong with the work you do for them, they know that you have a way to make up for the loss. Therefore, many companies proudly declare the phrase “insured” on their websites. It helps them build trust, which is critical in today’s business environment.

 

These are just a few of the several benefits of having corporate insurance. It is best for your business to ensure that you choose the right coverage with the help of a reliable corporate insurance broker and get the maximum benefit out of it.

What are package insurance policies and how to find the right one?

package insurance

A Package Policy is a type of insurance policy that covers more than one kind of insurance coverage to address specific industry and business needs. The most common Package Policy combines property coverage, such as for buildings or business contents, with liability coverage, such as premises liability or product liability. Package policies are generally very affordable and provide significant peace of mind that your business will be well looked after in the event of a claim. It allows businesses to take a flexible approach to obtain a single insurance policy for various risk at a lower amount of premium.

A business can purchase any specific insurance policy to cover any additional specific risk or customize a commercial package policy by combining two or more coverages into a single policy to cover more risks into a single insurance plan. Different insurance companies in the UAE offer packages with different levels of coverages for small and mid-sized businesses at affordable costs.  Many businesses only require insurance protection for small risks and a specific package policy can be their best choice to address specific industry and business needs.

Some such insurance products are:

  • Office package: To cover multiple risks and protect an establishment.
  • Jeweller’s Block: Protect the needs of jewellers and their specific needs
  • Tenant/Landlord Liability cover: Coverage for a premise

These are just a few examples; you can purchase package insurance policies for different kinds of industries such as salons, spas, restaurants, hotels, schools, retails, clinics,  etc. There are many benefits of a commercial package policy for small and mid-sized businesses:

  • Flexible and customized insurance plans
  • Multiple policies in one
  • Low-cost insurance
  • Covers the specific industry and business needs
  • Avoid any extra charge for add-on policies
  • Greater safety assurance

If you operate a small or mid-sized business and are looking to cover some specific risks involved in your business, then you can easily purchase a commercial package policy that best suits your business needs. You should look for the following points when searching for an insurance company and package insurance policies:

  • Search and find different insurance companies that offer package policies to businesses similar to yours.
  • Go through their websites to look at different insurance plans and compare them.
  • Check for the premium amount that you would have to pay annually for your coverage plans.
  • Compare the cost of package insurance policies for different insurance companies to get the best policy in your budget.
  • Check the online reviews and testimonials of the insurance companies to get an idea about how reliable and trustworthy they are.

If you are a business owner, a commercial package insurance policy can be your best coverage plan to protect the business risks involved in your industry. We at New Age Insurance Brokers can guide you through the process and help you select the best plan that would meet your needs.

Cyber Risk Insurance: What Is It? Why Do You Need It? How to Choose?

Cyber risk insurance

What is Cyber Risk Insurance?

In today’s world, it’s hard to think of any business that isn’t reliant on technology, especially the internet—the digital super-connection that connects all devices. Invariably, this creates a cyber-risk whereby your private data and normal business functioning could come under attack by a cyber-criminal.

Cyber risk insurance is typically designed for organizations to provide protection against cyber-security related risks. It helps you keep your business running in the event of a cybersecurity breach and is generally designed to help businesses address any expense that might occur as the result of a data breach, including forensic investigations, business losses, and notification expenses, as well as addressing lawsuits and extortion attempts.

Cyber risk insurance provides a wide range of coverage against the business losses that might occur as the result of data destruction, data theft, hacking, extortion, including forensic investigations and DoS attacks. Its coverage also encompasses the losses caused by errors and omissions, failure to protect the data, and defamation.  Besides, its additional benefits also include the coverage of post-incident public relation expenses, regular security audits, and other expenses.

In addition, one can also buy a personal Cyber risk insurance policy to secure a person’s personal digital identity and data from online threats.

Why does your organization need cyber risk insurance?

Every organization that uses technology to do business faces cyber risk.  In today’s world where almost, every business is going digital and many are shifting to cloud-based solutions, it is impossible to isolate from online communication or be immune from cyber risks. According to “The Economic Impact of Cybercrime –No Slowing Down Report,” it was estimated that cybercrime might cost have the world $600 billion in 2017. It was almost double the loss caused by natural and man-made disasters, combined.

Therefore, it is critical for organizations to embed cybersecurity risk management policies and measures at every level. Cyber risk insurance can help you maintain the continuity of your business in the event of cybercrime. Just like other types of insurance, you transfer some of your risk to the insurance company via cyber risk insurance so that you don’t have to incur the loss when a data breach occurs.

What to look for in Cyber Risk Insurance? How to Choose?

In Dubai, you will find various insurance companies offering cyber risk insurance. Similar to any other business insurance, the coverage of cyber risk insurance also varies based on the insurer and policy types.

While selecting a cyber risk insurance coverage, ask the following questions so that you know you are picking the right product for your organization:

  • Does the insurance company provide one or more types of standalone cyber insurance policies? Or, is this coverage simply an extension of existing policy? A standalone policy is considered to be the best and most comprehensive.
  • Does the insurance company customize the policy based on your organization’s needs?
  • What are the deductibles? Just like you have deductibles with health or auto insurance policy, be sure to compare deductibles among insurers closely.
  • How does cyber risk insurance coverage and limits apply to first and third parties? Does it also cover the third-party service provider? Find out if your service providers have cyber insurance and if not, how this will affect your agreement with them.
  • Does the policy also cover non-malicious actions performed by an employee? This is a part of the Errors & Omissions coverage.
  • Does the insurance cover social engineering along with network attacks? Social engineering involves all kinds of attacks, such as phishing and advanced persistent threats.

While you can go it alone and prepare a list of the questions mentioned above, you can also work with New Age Insurance Brokers who can help you with the above. Our specialized team will conduct a thorough due diligence process to understand your cyber environment and recommend the right kind of plan for your organization.

Understanding property insurance for businesses and how to find the right one

property insurance

Running a business and protecting your capital investment is a challenging task considering the risks involved due to sudden or accidental damages. A business invests in many assets and properties like building, machinery, stock, transportation, or others for their day-to-day activities and operations. To protect your investment, you need to insure them against any uncertain loss in the future. That is where property insurance comes into the picture that provides financial reimbursements following a covered loss or damage.

For businesses, a comprehensive property insurance policy is the best option to protect the business property, whether owned or rented. The material assets are protected if they’re stolen, damaged or destroyed and the insurance will cover the costs to repair or replace the equipment/machineries used for business.  Additionally, liability risks can be included in the policy to cover any damages or injuries to third parties while on the business premises site.

A property all risks insurance policy provides coverage against damage or loss due to the following risks or perils:

  • Fire
  • Water
  • Explosion
  • Lightning
  • Theft
  • Riots and strikes
  • Accidental Damage
  • Natural Disasters like earthquake, floods, earthquakes, or storms,

Business interruption insurance policy can also be included to cover loss of revenue following any accidental damage or loss to your business properties.

There are some additional types of insurance for businesses that you can take to protect your business and its assets. Some of the important ones are:

How to find the right property insurance policy for your business?

So, if you are looking for insurance policies for your business, you should be very careful and attentive while finding the right one that best suits your requirements. The location of your business and the risks involved in your location can vary the price of the insurance policy. Also, the condition of your office machinery, equipment, or any asset can affect the value of your policy. Here are some of the important factors that you should consider while buying the right property insurance policy for your business:

  • Get a complete insurance policy to cover all kinds of damages and losses to get additional coverage for all kinds of business liabilities.
  • Compare the details and premium pricing of different insurance providers to find the best coverage at the best price.
  • Sit with your broker to understand each and every element and exclusions of the insurance policies. You can ask them about endorsements, coverage of occurrences, expected damages that are covered in the insurance policy, etc.
  • Look for the recommendations. You can check for the online suggestions, testimonials, and reviews to get an unbiased opinion about different insurance companies and their policies. This will help you find the best for your business.

So, if you own a business in the UAE and looking to buy property insurance in Dubai, we at New Age Insurance Brokers can help you find the right cover. We will consider every detail of your business and evaluate the risks involved to get the right insurance policy at an appropriate value to protect your business assets.