RAK Business Insurance

RAK Insurance UAE has a proven track record of helping businesses safeguard their assets and manage risks effectively. You can benefit from its -

• Extensive experience 
• Innovative digital tools 
• User-friendly mobile app 
• Online portal

With benefits like commitment to customer satisfaction, comprehensive coverage, and more, getting RAK business insurance is ideal to keep your business protected in a changing market.

Types of RAK Business Insurance

Given below are the types of RAK business insurance plans -

1. Marine Insurance

What is Marine Insurance?

Marine Insurance offers comprehensive protection for your ship or cargo throughout its journey. It covers the cargo against any unexpected accident that may occur during transit. Additionally, it also covers shipments transported by road, air, rail, and sea.

Types of Marine Insurance

This RAK business insurance plan is divided into 3 categories, each meeting different business coverage needs —

1. Marine Cargo 
2. Marine Hull 
3. Marine Casualty and Marine Liability 

1- Marine Cargo Insurance

Marine Cargo Insurance financially protects your cargo against loss or damage caused by accidents, theft, or other unforeseen events during transit from the point of origin to the final destination.

There are two coverage bases of this insurance with a set of criteria —

Open Cover Declaration Basis

This type of coverage is ideal for businesses with frequent shipments or shipments made within a specified period. To get covered, you should declare each shipment to the insurer first.

Individual Shipment Basis

If you ship goods occasionally or at wide intervals, this RAK business insurance type can be a good choice. However, note that insurance must be arranged for each shipment before it departs from the point of origin.

🗒️Important: Note that premiums for this type of coverage are usually higher compared to the Open Cover basis.

Risk Management and Documentation

Cargo shipments typically follow INCO Terms set by the International Chamber of Commerce (ICC). These terms define the ownership of risk and are crucial for establishing and managing your insurance. 

2- Marine Hull Insurance

Marine Hull Insurance covers the physical damage to ships and vessels. It includes protection for the ship's hull and machinery against risks such as accidents, collisions, and other marine risks.

This type of RAK National insurance is essential for shipowners as it helps in covering the cost of repairs or replacement in case of damage.

3- Marine Casualty and Marine Liability Insurance

This insurance focuses on covering the direct losses and damages resulting from maritime accidents. It can include things like collisions, running aground, fires, or explosions. The insurance usually pays for repairs and, sometimes, replacing the vessel or its cargo if it's lost.

Marine Liability addresses the legal and financial responsibilities that arise from such incidents, including third-party claims and environmental damage.

Both types of insurance are crucial for mitigating risks and managing potential financial impacts in the maritime industry.

2. Property Insurance

What is Property Insurance?

This type of RAK Insurance safeguards your business against risks such as fire, floods, storms, explosions, and impact damage. It is available for a diverse range of properties, including:

• Offices
• Factories
• Shopping Malls
• Light Industrial Units
• Shops or Retail Outlets
• Engineering Works

In addition to basic building damage coverage, Property Insurance coverage includes:

• Loss of Rental Income: If your rented commercial property becomes uninhabitable, this RAK business insurance plan covers the income that you lose from tenants
• Property Owners’ Liability: Protects against claims from third parties for losses or damage resulting from your property
• Fixtures and Fittings Cover: Covers damage of fixtures and fittings in your property if it is damaged due to an insured event

🗒️Important: Note that the general contents coverage and liability for business operations typically require separate insurance policies.

3. Group Health Insurance

What is Group Health Insurance?

As the name indicates, this is a type of health coverage provided to a group of people, typically employees of a company or members of an organisation. It offers comprehensive healthcare benefits to all participants under a single policy, often as part of an employee benefits package.

This type of RAK Insurance is essential for organisations, whether it's a legal requirement or a valuable employee benefit.

Key Benefits

• You can choose from basic coverage required by law to more comprehensive plans with a wide range of services.
• Easily tailor your RAK business insurance coverage to suit the specific needs of both employers and employees.
• Enjoy flexible billing options, including direct billing through an extensive network of providers, especially useful in emergencies.
• You can opt for direct administration or use a specialist Third Party Administrator (TPA).
• The TPA option offers 24/7 access to medical networks and ensures efficient handling of queries and approvals.

What’s Covered?

Whether you need basic coverage or access to regional hospitals, you will get covered for —

• Outpatient Care: Coverage includes visits to doctors, specialists, and other healthcare providers for outpatient services
• Inpatient Care: Covers hospitalisation, including room charges, surgeries, and other related medical expenses
• Coinsurance and Copayment: Adjustable levels to fit the group’s specific requirements, helping manage costs effectively
• Consultant Visits: Customisable number of visits based on the group's needs
• Benefit Sub-Limits: Option to set sub-limits on different types of benefits for better control over coverage
• Flexible Coverage: Adaptable to meet changing needs and budgets

4. Cyber Risk Insurance

Cyber Risk Insurance protects your businesses from financial losses and liabilities associated with cyber incidents. This includes a wide range of threats such as data breaches, cyber-attacks, ransomware, and other cyber-related disruptions.

Partnering with global leaders in cybersecurity, including Avast and a top-notch cyber incident response team, this policy shields your business against various cyber risks.

Easy and Convenient Protection

• Online Portal: Easily access your RAK insurance policy through a user-friendly online portal.
• Simple Application: Answer a few straightforward questions about your business and the desired coverage.
• Secure Payment: Make secure payments online.
• Instant Issuance: Receive your policy within minutes of completing the application process.
• Get Insured: Ensure comprehensive data security protection for your business by paying the premium.

5. Engineering Insurance

What is Engineering Insurance?

Engineering insurance covers risks associated with construction and installation projects as well as machinery and equipment in operation. This broad class of ‘All Risks’ RAK business insurance safeguards against economic losses from various incidents during these projects.

Types of Engineering Insurance

• Contractor’s All Risk Insurance
• Erection All Risks (EAR Insurance)
• Contractors Plant and Machinery Insurance 
• Machinery Breakdown Insurance

1- Contractors’ All Risk (CAR) Insurance

This type of RAK Insurance Abu Dhabi covers risks associated with construction projects. It provides financial protection against accidental physical loss or damage to contract works during the execution of a civil engineering project.

CAR Insurance offers broad ‘All Risks’ coverage, meaning it protects against any peril not specifically excluded in the policy. This includes damage to the construction works, materials, and equipment involved in the project.

Cover Duration:

Coverage begins from the start of the project or after the first consignment is unloaded at the site, whichever comes first. It ends upon the project’s completion, when the works are handed over to the Principal, or policy expiry.

2- Erection All Risks (EAR) Insurance

This RAK Insurance type covers risks associated with the erection and assembly of mechanical and electrical plants and machinery. It provides financial protection during the installation and testing phases of a project.

What’s Covered?

EAR Insurance covers risks during the erection of mechanical and electrical plants. It includes storage, assembly, erection, and testing of plant and machinery with ‘All Risks’ protection, excluding specifically mentioned risks.

Cover Duration:

Coverage starts from the unloading of the first consignment at the site and continues until testing is completed, the project is handed over, or the policy period ends, whichever comes first.

Policy Extensions

Here are additional coverage options that can be added to CAR and EAR policies under RAK business insurance, including -

• Clearance and Removal of Debris: Costs to clear debris post-damage
• Third-Party Liability: Protection against claims from third parties
• Maintenance: Coverage for maintenance work
• Damage to Surrounding Property: Protection for damage to nearby property
• Express Freight: Costs for urgent replacement parts
• Additional Customs Duty: Extra costs for customs duties due to any covered event
• Holiday and Overtime Rates and Wages: Additional expenses for work done outside regular hours

🗒️Important Note: These extensions are available for an extra premium and can be added at the time of purchasing the policy.

3- Machinery Breakdown Insurance

Machinery Breakdown Insurance covers the costs associated with the unexpected breakdown or failure of machinery, during operation, at rest, or while being dismantled or re-erected. 

• Suitable for: This RAK business insurance plan is crucial for businesses that depend on machinery for their day-to-day operations such as manufacturing, construction, or any industry involving heavy equipment.
• Exclusions: This plan does not cover damages from 
  • Fire
  • Experiments
  • Theft
  • Overloading
  • Deliberate acts
  • Gradual deterioration

Note that the loss of profit from machinery breakdown is covered separately.

4- Plant and Machinery Insurance

What is Plant and Machinery Insurance?

This RAK Insurance plan covers different kinds of equipment and machinery used in businesses. It financially protects them against various risks, such as damage, theft, or breakdowns. With this coverage, you can ensure that even if something goes wrong with the machinery, your business won't face huge financial losses.

6. Workmen’s Compensation Insurance

What is Workmen’s Compensation Insurance?

With this type of RAK Insurance Dubai, employees are covered for illnesses or accidents that occur while they are working. This coverage includes medical expenses, lost wages, and compensation for injuries or death, all in line with labour laws.

Additionally, the Employers' Liability Plan offers extra cover if an employer is found legally negligent in a court case. This provides additional compensation beyond what is covered by standard workmen’s compensation.

What’s Covered?

• Due and Unpaid Salary: Provides coverage for any unpaid salary that employees are owed amidst an unfortunate event
• Work-Related Injuries: Offers financial support and medical coverage for injuries sustained while at work
• End of Service Gratuity: Covers the gratuity payments due to employees upon the end of their service
• Repatriation of Mortal Remains: Covers expenses for transporting the remains of deceased employees back to their home country
• Repatriation Costs to Home Country: Includes costs for helping employees return to their home country in case of an emergency

Benefits for Employees

• Financial Protection: Employees are safeguarded against financial loss with this RAK National Insurance policy, even if your business faces difficulties in meeting its obligations. This allows them to focus on their work without added stress.
• Peace of Mind: Employees can work confidently knowing they are protected and supported with the right coverage.
• Improved Well-Being: Coverage for work-related incidents ensures that employees’ health and safety are prioritised, contributing to their overall well-being.

Benefits for Employers

• Legal Compliance: Meeting mandatory insurance requirements helps you comply with regulations and avoid potential penalties or fines.
• Optimised Cash Flow: Saves you money and makes managing finances easier by getting rid of the AED 2,000 deposit requirement.
• Enhanced Employee Loyalty: Increases trust and loyalty by showing that you care about your employees’ well-being.

RAK Insurance Claim Process

You can apply for the RAK Business Insurance Claim through several convenient methods —

1. Visit the official website of RAK Insurance UAE. 
2. Click on the ‘Contact Us’ button on the homepage.

Or

You can visit the branch office of RAK Insurance or mail them at info@rakinsurance.com. Another option is reaching out to the broker who assisted you with your insurance policy.

Why Choose Policybazaar.ae for Business Insurance?

Building and running a business involves significant time, money, and risk. Without the right insurance coverage, a single event can lead to substantial financial losses and negate all your hard work.

Policybazaar.ae helps you manage these risks by bringing tailored insurance policies to you that fit the specific needs of your business.

Here’s why Policybazaar UAE is the ideal site for getting your business insurance policy —

• Diverse Coverage Options: On one platform, you can find a wide range of insurance products — Marine Insurance, Engineering Insurance, Property Insurance, Workman Compensation, Group Health, and more.
• Expert Claims Support: Get dedicated assistance throughout the claim process with unbiased guidance to help you make informed decisions. Our highly trained teams offer high-quality service and guidance, ensuring you get the help you need.
• Top Insurers: You can easily compare business insurance plans from 20+ leading insurers. This can help you find the best coverage for your business.
• Competitive Quotations: You can easily get the top business insurance quotes through our platform. We ensure you get the right coverage at a fair price, making it easier for you to manage your business risks effectively.

Frequently Asked Questions