Dubai, 12 January 2016

The latest survey conducted by UAE's #1 financial comparison website Souqalmal.com about the take-up of SME insurance in the UAE revealed that 74% of respondents are covered in one shape or form.

Ambareen Musa, CEO and founder of Souqalmal.com, said:

"From the time of their inception, SME businesses are exposed to certain risks some of which are business risks and other unforeseen personal circumstances. This makes it essential for SME founders to have the right insurance in place to deal with unforeseen events. SME insurance enables you to focus on your business and its growth without having to worry about the "what ifs".

Starting a business is already a significant uncertain situation let alone thinking of what if the economy turns around and our customers cannot pay anymore, what if something happens to the key person in the business, what if a natural calamity destroys the warehouse?  Although each business is different and has its own requirements, the goal of insurance is the same for all - to protect your business, your personal interest and your investment.

According to the survey, 29% of respondents confirmed that they have insured their business with the basic mandatory cover, 19% have insurance for their office premises and property (including equipment) and 16% claim to have Third Party Liability cover.

However, survey results also revealed that 26% of business owners were not covered under any type of SME insurance. Out of those not covered, 13% considered their operations too small to have insurance and for the rest, price and lack of information were the major factors affecting their choices.

Souqalmal.com in partnership with Lifecare Insurance recently launched a dedicated section for SME Insurance.  The section provides a wealth of information about the types of insurance that are available for different business types and sizes.  Some of those types include Keyman Insurance which is life insurance cover for a key person in a business or Workmen's Compensation which covers employees in the case of injury during day-to-day work. Other plans also include Shareholder Partnership Protection which insures continuity of the business.  Users can also fill in the details of their business and obtain a quote for different types of insurance policies that would be relevant for them within 24 hours.

Malcolm Dainty, Marketing Manager of Lifecare Insurance adds: ''Business Insurance helps make an SME resilient to potentially crippling surprises. It is important since small businesses run on slim margins and don't have the cushioning provided by liquidity that larger companies enjoy''.

According to Lifecare Insurance, covers such as Workmen's Compensation and Public Liability are the ones that are most popular among SMEs due to their mandatory nature. As for the most claims received by the company, they are for accidental damage or flood damages.

Another important insurance type is Fidelity Guarantee insurance which is designed to protect a business against loss of money or property from acts of fraud, theft or dishonesty by an employee.

The type of insurance policy you may need depends on the size and type of your business, your assets, the scale of your operations and your budget. You might also want to consider different types of business insurance that may be mandatory depending on the jurisdiction or free zone your company falls under.

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About Souqalmal.com:
Souqalmal.com is the #1 financial comparison site in UAE allowing users to compare retail banking products like credit cards, loans, accounts and insurance, as well as telecom and education products.

For Media and PR queries:
Josiane Assaad, Head of Content
josiane@souqalmal.com

© Press Release 2016