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