Watania Takaful Business Insurance

Watania provides a variety of insurance solutions tailored for both individuals and businesses across the UAE. 

With respect to the latter, Watania Takaful business insurance includes plans across the following categories -

• Motor
• General
• Technical
• Medical
• Family
• Property 
• Engineering 
• Liability Takaful

Types of Watania Takaful Business Insurance Plans

Given below are the major types of Watania Takaful business insurance products -

1. Engineering Insurance

Engineering insurance covers risks associated with engineering projects and activities. This can include construction, installation, and maintenance of machinery and equipment.

It is essential for managing the inherent risks in engineering projects so that stakeholders are protected against financial losses due to unforeseen events.

Types of Engineering Insurance

1- Contractors All Risks

This Watania Takaful business insurance plan provides comprehensive coverage for damage to contract works, including construction plants, equipment, and third-party property during construction projects.

Types

1. Annual Policy: Designed for contractors managing multiple small to medium-sized contracts
2. Single Contract Policy: Tailored for specific, large projects

2- Machinery Breakdown

This Al Watania insurance plan covers the losses or damages to machinery due to various causes, including —

• Casting and material defects
• Faulty design or workmanship
• Operational issues (e.g., lack of water in boilers)
• Physical events (e.g., explosions, short circuits)

3- Contractors’ Plant & Machinery

It covers risks associated with the storage, assembly, erection, and commissioning of construction plants and machinery.

Key Features

• Protects against sudden and accidental damage or destruction of machinery on the construction site
• Option to extend the coverage to include third-party liability

4- Deterioration of Stock

This Watania insurance plan covers losses to stock caused by deterioration due to unexpected physical damage to refrigeration equipment.

It is particularly important for companies that handle products sensitive to temperature, humidity, or other environmental factors. Examples include firms that handle food, pharmaceuticals, and so on.

2. Property Insurance

Property insurance is a type of Watania insurance coverage that covers physical assets against various risks, including damage, loss, or theft. It is commonly used by individuals and businesses to safeguard their buildings, equipment, inventory, and personal belongings.

Types of Property Insurance

1- Property All Risk

This Watania Takaful business insurance policy provides comprehensive coverage against a wide range of risks, including accidental loss or damage to covered properties.

Key Features

• Broader Coverage: It covers more perils than standard fire policies, making it suitable for large commercial and industrial operations
• Flexibility: Protects against various unforeseen incidents beyond just fire or allied perils

2- Business Interruption

This plan compensates businesses for loss of profit due to interruptions caused by material damage to property from insured perils.

Key Features

• Loss of Profit: Covers the loss of income during the period of business disruption
• Increased Costs: Includes coverage for the additional costs incurred to continue operations after a loss
• Standing Charges: Addresses ongoing expenses, such as rent and salaries, even when business operations are halted

3- Fire & Allied Perils

This Watania Takaful insurance policy covers buildings and their contents against specific risks, primarily fire, lightning, and related events.

Key Features

• Coverage Scope: Typically includes residential, commercial, and industrial properties
• Specific Perils: Focuses on damage caused by fire, lightning, explosion, and other related risks, although it may have limited coverage compared to all-risk policies

3. Marine Insurance

Marine insurance provides coverage for loss or damage to ships, cargo, and other maritime interests. This plan plays a crucial role in international trade and shipping by mitigating the risks associated with the transportation of goods over water.

Types of Marine Insurance

1- Marine Cargo - Open Cover

This Watania Takaful business insurance plan is tailored for businesses that regularly ship goods via various vessels.

Key Features:

• Flexible Coverage: Designed to cover multiple shipments over a specified period without requiring separate policies for each shipment
• Scope: Suitable for businesses engaged in consistent import/export activities

2- Marine Cargo - Single Shipment

This policy is designed for individual shipments, either by sea or air.

Key Features

• Specific Journey Coverage: Provides coverage for one specific shipment and expires upon arrival at the designated destination
• Limited Duration: Ideal for companies that don’t ship frequently or require short-term coverage

3- Marine Hull Insurance

This type of Watania Takaful insurance provides comprehensive coverage for various types of vessels.

Key Features

• Types of Vessels Covered: The list includes oil tankers, fishing vessels, cargo carriers, pleasure yachts, and more
• Protection Against Risks: Covers physical damage to the hull and machinery as well as liabilities incurred during operation

4- Inland Transit Insurance

This Al Watania insurance covers cargo during transport over land.

Key Features

• Coverage Scope: Protects against losses or damages resulting from fire, collisions, derailment, overturning, and other transportation-related incidents
• Applicable Modes of Transport: Includes various vehicles or carriers used for land transport

5- Stevedores Liability Insurance

This type of Watania Takaful business insurance plan covers the legal liabilities of stevedores during loading and unloading operations.

Key Features

• Liability Coverage: Protects against damages to vessels and their cargoes under the stevedores’ care
• Surrounding Property Protection: Covers damages to adjacent properties, including other vessels and docks, due to negligence

6- Ship Repairers Liability Insurance

This Watania Takaful business plan is designed for businesses engaged in ship repair and maintenance.

Key Features

• Care, Custody, and Control: Covers damage to vessels under repair or alteration while in the care of the insured
• Liability Protection: Provides financial protection against claims arising from damages occurring during the repair process

7- Stock Throughput Insurance

This policy is aimed at companies involved in the import, distribution, or export of goods.

Key Features

• Coverage Scope: Financially protects all movable goods, including raw materials, semi-finished, and finished products
• Continuous Coverage: Covers goods at all times — during transit, processing (excluding manufacturing-related damage), and storage

4. Casualty & Liability Insurance

Casualty and liability insurance is a broad category of coverage that financially protects individuals and businesses from financial losses resulting from accidents, injuries, or damages for which they may be held legally responsible.

Types of Liability Insurance

1- Public Liability

This Watania Takaful business insurance plan covers accidental bodily injury and property damage to third parties caused by your business during its course.

Key Features

Financially protects against claims from the public for injuries or damages that occur on your premises or due to your business activities

2- Workmen’s Compensation

Workmen’s Compensation insurance covers the employer's liability toward employees as defined under local labor laws. This type of Watania Takaful business plan provides benefits to employees for work-related injuries or occupational diseases.

3- Product Liability

Product liability insurance covers legal liabilities for death, bodily injury, and property damage arising from manufactured or supplied products. It is quite useful if you want financial protection against claims related to product defects and safety issues.

4- Medical Malpractice

Medical Malpractice insurance protects medical professionals from financial losses resulting from claims of negligence, errors, or omissions during patient treatment.

This Watania Takaful insurance policy is essential for healthcare providers. By covering legal costs and settlements arising from patient claims, it provides peace of mind to individuals involved in the medical field.

5- Professional Indemnity 

It provides comprehensive coverage to professionals against financial losses due to negligent acts, errors, or omissions while performing their duties. Its scope of coverage includes consultants, architects, and accountants, against claims of professional negligence.

6- Commercial General Liability

General liability insurance offers businesses protection against liability claims for bodily injury and property damage. It covers various exposures, including premises, operations, products, and advertising injuries.

7- Event Liability

This Watania Takaful Abu Dhabi plan protects against financial losses related to event cancellation due to unforeseen circumstances. It covers expenses and lost revenue if an event is cancelled due to natural disasters, terrorism, venue unavailability, and other factors.

8- Directors & Officers Liability

This plan financially covers individual directors and officers of a company from personal losses resulting from legal actions against them. It transfers the risk from the individual to the policy, thereby safeguarding personal assets.

9- Cyber Liability

Cyber liability insurance covers businesses for liability and property losses arising from electronic activities, such as data breaches and online transactions. 

This Watania UAE plan addresses risks associated with technology services, including data loss and network security breaches. It is particularly beneficial for companies that have significant business dealings online.

Watania Takaful Insurance Claim Process

Follow the steps below to successfully submit your claim regarding Watania Takaful Dubai —

1. Visit the Watania Takaful official site.
2. Select the ‘Claims’ option on the top side of the main menu. 
3. Click on the ‘Submit the Claim’ button.
4. Enter the necessary information like certificate number, category, etc. 
5. Attach the required documents and click on ‘Submit.’

Note: For any queries or issues in the claim process, you can always call 800WATANIA(9282642) or send an email to info@watania.ae.

Shortly after you submit the claim, the concerned personnel of Watania will get back to you. 

Why Choose Policybazaar.ae for Getting Business Insurance?

By choosing Policybazaar.ae, you can streamline the process of finding and purchasing business insurance in the UAE. This ensures that you have the right coverage to protect your business effectively. 

Here are the several advantages -

1. Comprehensive Comparison - Policybazaar.ae allows you to compare various insurance policies from different insurers. This lets you find the best coverage for your business at competitive rates.
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3. User-Friendly Platform - The website is designed for easy browsing — you can make a few clicks and easily explore and compare various insurance products.
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5. Transparent Information - The platform provides detailed information about policy terms, coverage options, and exclusions. This can be quite helpful in making informed decisions without any hidden surprises.
6. Claims Support - Policybazaar.ae can always be contacted for any queries through the claims process so that you get timely support when you need it most.
7. Educational Resources - The platform offers various resources and articles to educate you about business insurance. You can always read them to understand the importance of coverage and how to protect your business.
8. Reputation and Trust - Policybazaar.ae has built a reputation as a trusted insurance aggregator, making it a reliable choice for your business insurance needs.

Frequently Asked Questions