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:
- 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:
- General Liability Insurance
- Business Vehicle Insurance
- Fidelity Guarantee Insurance
- Money Insurance
- Worker’s Compensations’ Insurance
- Product Liability Insurance
- Professional Liability Insurance
- Business Owner’s Policy or Umbrella Policy
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.