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As business entities around the world take ambitious steps forward, a major concern plaguing most is risk management. And the easiest way to deal with a problem as big as this is to opt for an insurance plan that provides full coverage to the business.
One of the most effective risk management tools, commercial property insurance not only hedges against unforeseen events and losses, it also helps policy holders bounce back from difficult times.
The insurance policies are designed to transfer risk of losses to an insurance company that offers complete protection against a premium amount that has to be paid monthly or annually.
A natural calamity, fire, theft, legal liability, damage to equipment, accidents, and death or disability of employees are unforeseen dangers that threaten every business, whether it is a retailer, manufacturer, property owner, office, or small or large enterprise.
To protect businesses from such catastrophes, they choose insurance policies that can be tailored according to their individual requirements.
There are different types of commercial insurance policies available in the UAE. Most insurance providers offer a broad range of products that provides complete financial protection and insures fixed and movable assets, machinery, furniture, fittings, inventory and stocks of companies across the country.
The premium of these policies varies depending on the kind of cover a business chooses. It is often determined by location, size and type of property. Third party liabilities like an accidental damage or legal problems are also covered by insurance policies. If the scope of third party coverage is broader, the premium is expected to go up.
Investors and entrepreneurs are advised to conduct proper due diligence to determine the right insurance policy for their business.
• Insurance protects a company from unforeseen events, losses
• Premium depends on property type, size of coverage, location
• There are many insurance companies in the UAE to choose from
Source: Shabnam Mondal, Special to Properties
The writer is a freelancer