Souqalmal launches key online insurance services for SMEs

angel may

Among all the big and small changes the COVID-19 pandemic has pushed people to make, the adoption of online services ranks somewhere right at the top. With customers becoming increasingly comfortable switching to online services, service providers are also investing heavily in refining their online offerings and streamlining user experience. […]

Among all the big and small changes the COVID-19 pandemic has pushed people to make, the adoption of online services ranks somewhere right at the top. With customers becoming increasingly comfortable switching to online services, service providers are also investing heavily in refining their online offerings and streamlining user experience.

While retail customers have become the focal point of such service innovation, it is crucial that we cater to the needs of small businesses too – The actual backbone of the UAE economy. Offering easy and straightforward online access to key services that are most relevant to SMEs, can save business owners a lot of time and running around, allowing them the bandwidth to focus on core business activities.

With that aim in mind, the Souqalmal team has launched its virtual SME Insurance platform, where business owners and managers can search for, compare and securely purchase various business insurance plans online.

According to Souqalmal Founder & CEO Ambareen Musa, “The idea behind launching online SME insurance services was to simplify the way SME entrepreneurs searched for and bought business insurance plans. From trimming the application requirements, offering various options to tailor and customize insurance coverage, and allowing for online documentation fulfillment – We’re offering an end-to-end online insurance service for time-crunched business owners.”

With many small businesses operating on thin margins, many have absolutely no cash buffer to meet unforeseen expenses. Be it legal charges filed by a customer, or compensation demanded by an employee for an on-the-job injury, the financial outlay in such cases can run into hundreds of thousands of dirhams. Unlike big corporations, SME businesses do not have access to huge cash reserves. Therefore, any untoward incident with significant financial repercussions can destabilize the business and jeopardize years of hard work.

Among the most crucial business insurance covers, are Workmen’s Compensation and Public Liability insurance, which is why Souqalmal has introduced these specific insurance offerings on its online SME insurance platform. The aggregator has partnered with UAE’s leading insurance companies to offer reliable insurance coverage options to its SME customers.

According to the UAE Federal Law No.8 of 1980, it is mandatory for the employer to provide financial compensation to an employee for any accidental injury sustained by them during the course of employment. In fact, workmen compensation insurance is a compulsory licensing requirement across various free zones in the country.

Public liability insurance too, is an absolute must-have for any public-facing business. So if your business requires regular interaction with third party individuals, handling of third-party equipment or using third-party property, and off-site visits – You will need to protect your business with adequate public liability coverage.

Apart from offering comparison and purchase services, Souqalmal will also offer offline support to potential customers wherever required, keep them updated about renewal dates, and offer them business management tips and guides through its in-house MoneyDoctor blog.

The post Souqalmal launches key online insurance services for SMEs appeared first on The Money Doctor.

Source Article

Next Post

Fed Has Used Only a Fraction of Main Street Lending Facility

“The Main Street Lending Program has seen modest initial activity thus far,” according to a monthly report from the Congressional Oversight Commission, the panel in charge of overseeing the Treasury Department and Federal Reserve responses to the coronavirus pandemic. “Some of the Main Street Lending Program’s modest activity may be […]