Orient SME Insurance in UAE - Dubai, Sharjah, Abu Dhabi etc

Orient Insurance offers various types of coverage, including health, motor, property, and life insurance- one of its key offerings among these is SME insurance.

SME insurance is specifically designed for small and medium-sized enterprises. It helps businesses financially protect themselves from various risks such as property damage, liability claims, and employee-related issues. This type of insurance is essential for SMEs to ensure smooth operations and safeguard their financial health.

Types of Orient SME Insurance

Orient Insurance offers a variety of SME insurance products to cover small and medium-sized businesses from various risks.

Here are the key types of SME insurance provided by Orient Insurance-

Property Insurance: It covers damages or losses to business property caused by events such as fire, theft, or natural disasters. This ensures that businesses can recover and rebuild after such incidents.
Engineering Insurance: With this insurance, your business can be covered against risks associated with construction projects and engineering works. It includes coverage for machinery breakdown, contractor's all risks, and erection all risks.
Marine Cargo Insurance: Marine cargo insurance covers the loss or damage of goods during transit by sea, air, or land. It protects businesses from financial losses due to accidents, natural disasters, or other perils encountered while transporting goods.
Liability Insurance: This insurance type financially protects businesses against legal liabilities arising from third-party claims. It includes coverage for accidental injuries, property damage, and other liabilities that may occur during business operations.

Inclusions of Orient SME Insurance Products

The table below mentions the key inclusions of Orient SME insurance-

Types of Orient SME Insurance	Inclusions
Property Insurance	Burglary Insurance Business Interruption or Consequential Loss Insurance Fire and Allied Perils Industrial and Commercial Property All Risks Policy (PAR) Property Strata Insurance Terrorism Insurance
Engineering Insurance	Contractor’s All Risk (CAR) Insurance Contractors Plant & Machinery Insurance Deterioration of Stocks Insurance Erection All Risk (EAR) Insurance Machinery Breakdown Insurance / Machinery Loss of Profits Insurance
Marine Cargo Insurance	Marine Cargo- Open Cover Marine Cargo Single Transit Marine Hull Insurance Marine Liability Insurance Pleasure Crafts
Liability Insurance	Commercial General Liability Directors & Officers Policy Employers Liability Insurance Freight Forwarders Liability Medical Malpractice Product Liability Insurance Professional Indemnity Insurance Public Liability Insurance Third -party / Public/ Product Liability Insurance Workmen’s Compensation Insurance

Features and Benefits of Orient SME Insurance Products

Let’s now take a look at the features and benefits of each Orient SME insurance product-

Property Insurance:

Burglary Insurance

Coverage: This policy covers the loss or damage to property resulting from forcible and violent entry into or exit from the insured premises.

Business Interruption

Coverage: The policy provides coverage for loss of net profit and ongoing expenses towards standing charges. It also includes reasonable increased costs of working incurred to avoid a reduction in turnover following an indemnifiable loss under the Fire & Allied Perils or Property All Risks Insurance Policy.
Indemnity Period: It is crucial to choose an appropriate indemnity period during which the business can be restored to its pre-loss condition.

Fire & Allied Perils

Coverage: This basic property insurance policy covers insured properties at specified locations. The standard perils include fire, earthquake, lightning, tempest, flood, malicious damage, bursting and overflowing of water tanks and apparatus, impact damage, storm, aircraft damage, riot and strike, and explosion.
Risk Inspection: Coverage is granted after a satisfactory risk inspection and the completion of the proposal form.

Property All Risks Insurance

Coverage: This insurance provides wider financial protection for accidental physical loss or damage to insured property. It includes the coverage provided under Fire & Allied Perils and Burglary Insurances.
Risk Inspection: Similar to Fire & Allied Perils Insurance, this policy is subject to a satisfactory risk inspection and the completion of a proposal form.

Property

Coverage: Coverage is granted after a satisfactory risk inspection and is subject to a specified deductible for each claim related to water damage. Note that the policy specifically excludes water damage to property in open or open-sided buildings.

Strata Insurance

Coverage: It covers jointly owned properties in compliance with Dubai’s Jointly Owned Properties Law No. 27 of 2007. This is a multi-class package policy covering unique risks to buildings, owners' associations, individual unit owners, and board members.
Key sections of the policy include-
- Buildings and alternative accommodation
- Liability to others
- Voluntary workers
- Workers’ compensation and employer’s liability
- Fidelity guarantee
- Board members’ legal liability
- Machinery breakdown

Terrorism Insurance

Coverage: This policy covers physical loss or damage to property resulting from acts of terrorism. Note that coverage can be extended to include business interruption following such damage.
Loss Limit: Coverage is generally based on a ‘loss limit’, which depends on the total sum insured of the property covered.

Engineering Insurance:

Contractor’s All Risk (CAR) Insurance

Coverage: This policy has two sections to cover all contingencies associated with contract works —
- Section I: Material Damage — Covers loss or damage to contract works and other ancillary facilities on a comprehensive basis
- Section II: Third Party Liability: Covers legal liabilities to third parties arising from accidental bodily injury or property damage in connection with contract works
Duration: The policy provides coverage throughout the construction period and includes a 12-month maintenance period.

Contractors Plant & Machinery Insurance

Coverage: Designed for mobile plants and equipment used at construction sites, this type of insurance covers against sudden, accidental, and unforeseen loss or damage. Note that mechanical and electrical breakdowns are excluded.
Criteria: The same criteria apply as in the case of machinery insurance.

Deterioration of Stocks Insurance

Coverage: This policy covers the deterioration of stocks in refrigerated cold rooms or chambers after an incident that leads to a claim under the underlying machinery insurance policy.
Conditions: It is necessary to have a machinery insurance policy to get deterioration of stocks insurance. The policy is usually subject to monetary and time excess.

Erection All Risks (EAR) Insurance

Coverage: Similar to contractor’s all risks insurance, this policy is designed for erection or installation projects where the values of the plant and equipment dominate the contract value.

Machinery Breakdown Insurance / Machinery Loss of Profits Insurance

Coverage: Covers loss or damage to the insured static plant and machinery against sudden, unforeseen, and accidental physical loss or damage, including mechanical and electrical breakdown.
Conditions: Under the policy, the sums insured should represent the new replacement values. Furthermore, there should be a satisfactory maintenance program throughout the tenure of insurance.

Other Business Insurance in UAE

Commercial Insurance

Marine and Cargo Insurance

Marine Cargo- Open Cover

Coverage: This policy provides continuous coverage for the movement of all kinds of goods, regardless of the mode of conveyance (sea, land, or air). It is suitable for businesses with frequent shipments.
Flexibility: Coverage can be obtained either for individual shipments or on an annual basis, protecting sellers' and buyers' interests on a contingency basis.

Marine Cargo- Single Transit

Coverage: Similar to open cover, this policy covers the movement of goods for a single journey- whether by sea, land, or air.
Flexibility: Ideal for businesses with occasional shipments, this type of coverage provides financial protection for individual transits.

Marine Hull Insurance

Coverage: This insurance financially protects ships and vessels against physical damage.
Inclusions: Coverage typically includes hull, machinery, and equipment against risks such as collision, grounding, and other maritime perils.

Marine Liability Insurance

Ship Repairers’ Liability: Covers legal liabilities arising from damage to vessels under repair
Charterer’s Liability: Financially protects charterers against liabilities for damage to the chartered vessel and third-party liabilities
Freight Forwarder’s Liability: Covers liabilities of freight forwarders for loss or damage to goods in transit
Hauliers’ Liability: Protects hauliers against legal liabilities for loss or damage to goods that they transport
Terminal Operator’s Liability: Covers legal liabilities for damage to goods while in the care of terminal operators
Protection and Indemnity Liability: Provides comprehensive liability coverage for shipowners, including third-party liabilities related to maritime operations

Pleasure Crafts

Coverage: This policy offers tailored coverage for various types of pleasure crafts, from small boats to mega yachts.
Benefits: Provides adequate attention and coverage at competitive prices for protection against a variety of risks, including physical damage, liability, and theft

Liability Insurance

Product Liability Insurance

Coverage: Covers legal liabilities for accidental property damage or personal injury to third parties caused by defects in the products sold, supplied, or manufactured by the insured.
Extension: This cover can be granted as an extension to third-party liability insurance.

Professional Indemnity Insurance

Coverage: This policy covers claims made against the insured for breach of professional duties due to negligent acts, omissions, or errors. It applies to claims first made in writing during the policy period.
Professions Covered: Orient offers professional indemnity insurance for various professions, including architects, engineers, lawyers, accountants, and insurance brokers.

Medical Malpractice Insurance

Coverage: It is a specific type of professional indemnity insurance designed for medical professionals, covering doctors, nurses, surgeons, technicians, and others in the medical field.
Application: Available for individual professionals as well as hospitals and clinics in their corporate capacities.

Commercial General Liability

Coverage: Protects businesses against legal liabilities for bodily injury, property damage, and personal injury claims arising from their operations. This broad coverage is essential for protecting against common business risks.

Directors & Officers Policy

Coverage: Provides financial protection for directors and officers against legal liabilities arising from wrongful acts committed in their capacity as company leaders. This includes coverage for defence costs and damages.

Employers Liability Insurance

Coverage: Protects employers against legal liabilities for employee injuries or illnesses that occur as a result of their employment. This coverage complements workmen’s compensation insurance.
Extension: The plan can be extended to cover legal claims made by employees under common or Sharia law, with limits of indemnity typically ranging from AED 500,000 to AED 1 million.

Freight Forwarders Liability

Coverage: Covers freight forwarders against legal liabilities for loss or damage to goods in their care during transit. This is crucial for businesses involved in the industry of transportation and logistics.

Public Liability Insurance

Coverage: Financially protects businesses against legal liabilities for accidental injury or property damage to third parties occurring on their premises or as a result of their business operations.
Importance: Essential for businesses that interact frequently with the public, this insurance type ensures financial protection against common third-party claims.

Workmen’s Compensation Insurance

Coverage: Designed to cover employers against liabilities for employee injuries or illnesses sustained during employment, in accordance with UAE labour laws-
- Occupational Death: Compensation includes 24 months of the worker’s last remuneration, subject to a minimum and maximum amount
- Permanent Disability: Compensation based on a percentage of death benefits as per a specified scale
- Loss of Wages: Full salary for the first six months and 50% of salary for the following six months
- Medical Expenses: Reimbursement for medical expenses incurred at local government or public medical centers.
Extension: The cover can be extended to include accidents occurring outside duty hours within the territorial limits, in line with benefits payable under labor law.

Claim and Retrieval Process of Orient SME Insurance Products

Claim Intimation

To initiate a claim with Orient Insurance for your SME policy, follow these steps:

Visit the Claim Registration Portal: Go to the Non-Motor Claim Registration page on the official Orient Insurance website.
Fill in the Claim Form: Provide all necessary details in the online claim form. This includes-
- Policy Details: Enter your policy number and details about your coverage.
- Incident Details: Describe the nature of the incident, date, time, and location. Include a brief summary of the loss or damage.
- Contact Information: Provide your contact details- phone number, email address, and more- for further communication.
Submit Supporting Documents: Upload any required documents, such as photographs of the damage, police reports (if applicable), and any other relevant paperwork to support your claim.
Review and Submit: After double-checking the information for accuracy, submit the claim form. You will receive a confirmation email with a reference number for your claim.

Claim Retrieval

To check the status of your submitted claim or retrieve claim details, follow these steps-

Visit the Claim Retrieval Portal: Access the ‘Retrieve Claim’ page on the Orient Insurance website.
Enter Claim Details: Provide the claim reference number received during the claim intimation process and your policy number.
View Claim Status: Once the details are entered, you will be able to view the current status of your claim. This includes any updates, additional document requests, and progress on the claim processing.
Follow-Up Actions: If there are any requests for additional information or documents, you can provide them promptly to avoid delays in claim processing.

How to Apply for Orient SME Insurance via Policybazaar.ae?

Applying for Orient SME insurance through Policybazaar.ae is a straightforward process. Follow these steps-

Step-by-Step Application Process

On the homepage of Policybazaar.ae, locate and choose the ‘Business Insurance’ category. This category includes various SME package solutions.
You will be prompted to fill out a form with essential details about your business. This includes-
- Business Information: Enter details such as the name of your business, the type of business, and the industry in which it operates.
- Contact Details: Provide contact information including your email address and phone number for further communication.
- Specific Insurance Needs: Indicate the types of insurance coverage(s) that you are interested in (e.g., property insurance, liability insurance).
After filling out the necessary details, review the information for accuracy and submit the form.
After submitting the form, you will be contacted by a representative from Policybazaar.ae to extensively discuss your insurance needs and guide you through the available options. The representative will also help you compare different policies and choose the best one that fits your requirements.

Benefits of Using Policybazaar.ae

Seamless Comparison of Multiple Policies: Policybazaar.ae allows you to compare various insurance policies from different providers so that you get the best deal.
Expert Assistance: The platform provides expert assistance to help you understand and choose the right insurance coverages for your SME.
Convenience: The entire process can be completed online, saving you precious time and effort.

Frequently Asked Questions

Orient's Property Insurance for SMEs includes several types of coverage such as Burglary Insurance, Business Interruption, Fire & Allied Perils, Property All Risks Insurance, Strata Insurance, and Terrorism Insurance. These features cover a range of risks including theft, fire, natural disasters, and terrorist acts for comprehensive protection for business properties.

Contractor’s All Risks (CAR) Insurance financially covers material damage to contract works and legal liabilities to third parties caused by accidental bodily injury or property damage related to construction projects. Covering the entire construction period, this policy also includes a 12-month maintenance period.

Marine Cargo – Open Cover, providing continuous coverage for all types of goods in transit by sea, land, or air, is suitable for businesses with frequent shipments. On the other hand, Marine Cargo- Single Transit insurance covers individual shipments, providing protection for single journeys by sea, land, or air.

Professional Indemnity Insurance covers claims made against the insured for breaches of professional duties due to negligent acts, errors, or omissions. It is suitable for various professions, including architects, engineers, lawyers, and accountants.

Workmen’s Compensation Insurance by Orient covers employers' liabilities for employee injuries or illnesses sustained during employment. Benefits include compensation for occupational death, permanent disability, loss of wages, and medical expenses.

Business Interruption coverage under Property Insurance compensates for the loss of net profit and ongoing expenses following an insured event. It also includes reasonable costs incurred to avoid a reduction in turnover after a loss.

Marine Liability Insurance covers a range of legal liabilities including ship repairer's liability, charterer's liability, freight forwarder's liability, haulier's liability, terminal operator's liability, and protection and indemnity liability. This insurance provides comprehensive protection against various risks associated with maritime operations.