What is Corporate Insurance and what are the benefits?

Corporate insurance

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 inconvenience and reputation damage.

 

What is Corporate Insurance?

Corporate insurance is a type of insurance policy designed for organizations to provide protection against unanticipated operational risks, including financial losses, theft, accidents, and employees’ health benefits.

However, each corporate insurance policy comes with its own limits. Thus, it is better that you consult one of the most reliable and experienced corporate insurance brokers in Dubai before making a selection.

Based on your corporate insurance plan, your business will enjoy the following benefits:

 

  1. Protect your business in the event of 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 will still mean paying for the legal defense. But, with corporate insurance, you can concentrate on your business rather than worrying about all these unnecessary 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 and 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 P&C 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 

The one way that 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.

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.

Do’s And Dont’s Of A Happy Retirement Planning

Retirement planning is all about ensuring that one is reaping the benefits of working hard during their younger years. It means that one is able to live a life of dignity and respect, that one is able to do things in their final leg of life that they just did not have the time to do.

Despite retirement being an inevitable phase of life, many of us don’t prepare for it. We tend to overestimate the time available to us to plan for our retirement. So, when retirement is actually around the corner, most of us are underprepared. This results in either working for more years than we actually planned on working and/or compromising on the quality of our retirement life.

This is validated by data that we currently have. In the UAE, a survey led by HSBC found out that only 44% of UAE citizens feel that they will be comfortable after retirement. 63% of them responded they plan to work even after retirement to some extent.

In this guide, let us walk you through the do’s and don’ts of retirement planning in Dubai and why it’s imperative that you have a plan in place.

The do’s of Retirement planning

1.      Decide what kind of retirement you wish to have

Setting clear goals is the first and foremost thing one should do. These goals will be unique to each and every person based on their current lifestyle and what is it they envision for their future. So ask yourself questions about which part of the world do you want to retire in; where is it that you want to retire: your home or a retirement home; how much do you want to travel; what are the kind of things you would do with your time etc. While you may not have exact answers to these questions now, starting to think about them will help one to start visualizing your golden years.

2.      Decide how much money you would need

Once you have defined clear goals, one can do the number crunching on what kind of money is required to achieve that life you have envisioned for yourself. While you are calculating the total costs, do not forget to factor in inflation. Having goals along with knowing how much money is required to achieve those goals will help make retirement planning easy, and moreover, predictable.

3.      Start investing early

The sooner you start putting money aside towards your retirement, the higher the likelihood that one will be able to achieve their retirement goals. Time is a wonderful thing that helps even small amounts of money compound into large sums of money over a period of time. The later you start, the more the amount of money is required to be put aside to achieve your monetary goals, if you don’t want to compromise on your dreams.

The don’ts of Retirement planning

The don’ts of retirement planning is all about staying away from financial decisions that will hurt your retirement savings. We will discuss the key points below.

1.      Don’t be overconfident in your earnings

Being overconfident in your earnings is a very easy mistake to make. Economic cycles go up and down and along with that one’s ability to earn. So saving up for the rainy day is very important so that you don’t dip into your retirement savings. In addition, there is a common misconception that the more you earn, the more you save, but that is rarely the case. We raise our standards of living along with our earnings which means that our savings remain stagnant and don’t necessarily rise with our earnings. So always keep an eye on how much you earn and how much you save. If you earn more, make sure to save more.

2.      Don’t overspend

Overspending can burn a hole right through your savings in no time. In other words, don’t put want ahead of needs. Make sure you are spending within limits and not getting into the vicious cycle of debt.

3.      And did we already mention, don’t wait for the last moment?

Time is money. Don’t wait for the last moment, start planning for your retirement today.

The golden years await…

Retirement planning is not something that can be done in a day or two. It takes years of planning and saving. But the result is totally worth it. And getting the right guidance at the right time is very important.

New Age Insurance Brokers can help you in that regard. We have one of the largest portfolios of retirement plans from various companies. The experts at New Age Insurance Brokers will help you find retirement plans suited to your requirements. Contact us today to know more!

 

Starting a New Business? Here are 8 Insurance Policies You Need to Look Into!

The world of business has its rewards, but it also has its risks. One of the biggest fear that prevents many from being entrepreneurs is the fear of failure. And this isn’t only about the failure to make profitable business decisions, but it is also about the fear of making mistakes.

But these risks will forever be a part of running a business, and it should not deter you from starting your own venture. Insurance policies for businesses are all about minimizing these risks, helping you realize your dreams. In this article, we will walk you through some of the best insurance policies you should opt for as a business.

1.    Professional liability insurance (Errors and Omissions Insurance)

The professional liability insurance covers the legal costs that arise from defending yourself against the negligence claims made by your clients. This scenario happens when the clients face some form of losses due to the advice or service that you had provided them.

The professional liability insurance covers your legal costs and some damages that will be specified by the insurance company. Different industries have certain variations when it comes to professional indemnity insurance coverage and conditions to compensate for different circumstances.

2.    Product liability insurance

If your business specializes in making products for the general market, then a product liability insurance is a must-have. Professional Liability Insurance provides coverage for damages caused by your service/advice, while Product Liability Insurance provides coverage for damages caused by your products.

You might think about why you would need such an insurance cover as you are confident in your product. And this is why many businesses get stopped in their tracks after getting a lawsuit, as they weren’t prepared for it in the first place. Save yourself from such a misconception, choose a product liability insurance to future proof your company.

3.    Medical Insurance

Medical insurance for employees is mandatory in the Dubai and Abu Dhabi. If you are hiring someone in your business or company, they must be provided medical insurance.

In Dubai, the DHA (Dubai Health Authority) put forward the law of mandatory medical insurance and this applies to all economic areas of Dubai, including free trade zones.

4.    Property Insurance

Property Insurance for businesses also known as Commercial Property Insurance offers coverage for the physical assets of your company from damages. Natural disasters are not typically covered under the insurance policy. However, this is largely up to the insurance provider.

The benefit of property insurance cover is that it protects the contents within and outside of your building, granted that they are within the same property.

When your business possesses assets that are very valuable, it is always better to insure them.

5.    Workers Compensation Insurance

People are the engine of one’s business and taking care of them will boost their morale and hence their performance. This is where the Worker’s compensation insurance comes in. If something were to happen to them, including death, while working for you, then you are liable to pay for their medical bills and work benefits.

One can combine Workmen’s Compensation with a Group Life policy at a nominal cost thereby providing your employees with a safety net in case something were to happen to them outside of working hours.

6.    Business Interruption Insurance

Sometimes, events can unfold that can interrupt the working of your business such as a fire. And not being able to operate your business results in loss of income.

Business Interruption Insurance provides compensation for days where your business lost its income. This will help you pay the employees or pay off any standing dues that were caused when your business wasn’t able to operate.

The coverage of Business Interruption Insurance is based on the past records of business income. The extent of coverage is determined by the insurance provider. With a really good insurance provider, you can even get coverage for transport costs that would incur if you were to move your business to a new place.

7.    Cyber Liability and Privacy Insurance

If your business delves in digital technologies or services, then you will definitely need a Cyber Liability and Privacy Insurance. The insurance will cover the losses that happen to your business due to data breaches or cyber crimes against you.

Since more and more businesses are adopting the online business model, the need for Cyber Liability and Privacy Insurance carries more weight than ever before.

8.    Vehicle Insurance

In the UAE and many parts of the world, vehicle insurance is mandatory. If your business own more than two vehicles, you are eligible for fleet insurance. The benefit of choosing fleet insurance is that it a single insurance that can be applied to all the vehicles.

It saves you both time and money, plus you don’t have to bother with individual insurances and their paperwork. The ease of use is also felt when claims are made as the process is much quicker and easier.

Choose the best for your business, we are at your service!

Starting a business can be nerve-racking, and choosing an insurance policy can be confusing. However, they are important for the sustainability of your business.

Leave the hard work to us, we will help you choose what is best insurance policies for your business. Our experts will review your business and suggest the best insurance policies based on the type of your business and growth stage from the best insurers in UAE. Contact New Age Insurance Brokers today and grow your business today.

A guide to insure your organization’s electronic equipment

Electronic Equipment Insurance

Electronic Equipment Insurance is an insurance policy that applies to low power/voltage equipment. It covers the owner, hirer or the lessor for the cost of accidental or unforeseen material damages to the said equipment(s).

What equipment can be covered under an EEI policy?

The policy owner must understand that the insurance covers only a particular set of electronic equipment. Many insurance companies call these equipment “silent” operating systems because the internal parts do not make much noise under operation. Examples of such “silent” electronic equipment include:

  • Power management equipment like Voltage stabilizers, UPS, etc.
  • Computer and related peripherals
  • Medical equipment like an X-ray machine, Ultrasound Machines, Cath Lab, etc.
  • Telecommunications equipment
  • Control panels
  • Televisual equipment
  • Navigational equipment
  • Electronic equipment for research

The Electronic Equipment policy not only covers hardware but also the cost of software that was installed on the machine. Thus, having Electronic Equipment insurance will help the organization safeguard its capital from unexpected losses.

Electronic Equipment Insurance

To get adequate coverage, providing detailed information up front about the equipment to be insured and how and where they are being operated is essential. The following is the list of specifics that the insurance companies typically ask from the organization to determine coverage and premium amounts:

  • The model and make of the equipment
  • Type of machinery
  • Type of industry
  • Experience of the industry
  • Replacement value of the equipment
  • Application and/or usage of the machinery
  • Estimated cost of the restoration of data
  • Professional experience of the workers handling the equipment
  • Standard of management

What events can result in a claim under an Electronic Equipment Insurance policy?

When you choose Electronic Equipment Insurance, it is critical that you know what types of damages are covered against the policy. Let us review the types of damage that are typically covered by EE insurance.

  • Fire, lightning, and explosion
  • Mechanical or electrical breakdown
  • Flood or water damage
  • Smoke or corrosive gasses
  • Electrical damages like short circuits
  • Natural calamities like storms, cyclones, or any other atmospheric disturbances
  • Theft or burglary
  • Damage caused by the failure of air conditioning equipment
  • Human errors like faulty operation, careless/negligent operations
  • Riot, strikes and malicious damage
  • Environmental factors like water, humidity and environmental contamination

In case of a claim, the Electronic Equipment Insurance covers the replacement of the parts, the cost of the total work hours spent on repairs, cost incurred to restore information/data and even freight charges. There are different levels of these plans, so based on the type of the insurance that you choose, the benefits will vary.

Who is it for?

After reviewing the basics of Electronic Equipment Insurance, it is clear that the insurance policy is beneficial for organizations that house several electronic machines. Since the majority of industries today use electronic machines like computers to streamline and coordinate projects, it is advised that you cover them with a robust insurance plan.

If you are wondering whether you should insure your electronic equipment or in the process of selecting Electronic Equipment Insurance for your organization, let us review the specific variables in your case and help you make a decision.