Are you planning to establish your business in the UAE or the GCC region? Here are the minimum insurance requirements needed to run your business smoothly.
Your accountant and attorney are extremely crucial to your business, however, if you are a start-up, you would also want to look at another important person—the insurance agent.
In this fast-paced and competitive world, an entrepreneur often finds himself busy, with too many things on his mind. It would therefore be of great help if he has an agent who can handle all of his insurance needs. When it comes to insurance, there are ample of policies available specifically designed to cover most of the insurance needs of the small or medium businesses. This wide range of insurance covers can protect your company’s assets, liabilities and a range of other risks. These covers include accidental loss or damage to property (buildings and contents), loss of money, accidents to employees and liabilities to
If you are a SME and planning to establish your business in the UAE or in the GCC region, you should be aware of the minimum insurance requirements needed to run your business. These are different from the requirements needed in France or the EEC in general.
Your insurance package should include:
A health insurance policy for you, your employees and your families; Although it is not mandatory in some countries / emirates, it allows you to flexibly retain your employees through providing health insurance for them. It is usually possible to complete this health coverage with death/ disability insurance products and many others under “Employee Benefits ” covers.
Motor fleet insurance which is mandatory in the GCC. Covers are offered for cars owned by the company and used for both personal and commercial purposes.
Liability products which covers the legal liabilities a business may incur for property damage and bodily injury. Covers are for liabilities to your employees, customers and third parties and for the products and services arising out of your business activities. This could be important as well in case your business is located in the “Free zones” of the region, where every country has its own regulations.