Middle East News - UAE: 3 in 4 SMEs are insured - survey
Source: Middle East Insurance Review | Mar 2016
Around three quarters (74%) of SMEs in the UAE are covered by insurance of one type or another, according to a recent survey by the financial comparison website Souqalmal.com.
According to the survey, 29% of respondents confirmed that they have insured their business with the basic mandatory cover, 19% have insurance for their office premises and property (including equipment) and 16% claim to have third-party liability cover.
However, survey results also revealed that 26% of business owners were not covered by any insurance. Out of those not covered, 13% considered their operations too small to have insurance and for the rest, price and lack of information were the major factors affecting their choices. The number of respondents in the survey was not indicated.
Ms Ambareen Musa, CEO and founder of Souqalmal.com, said: “From the time of their inception, SME businesses are exposed to certain risks some of which are business risks and other unforeseen personal circumstances. This makes it essential for SME founders to have the right insurance in place to deal with unforeseen events. SME insurance enables you to focus on your business and its growth without having to worry about the ‘what ifs’.”