Zurich Business Protect encourages SMEs to insure their staff as well as their assets.
The company, which has its MEA headquarters in Dubai., says many businesses are failing to insure ‘key persons’ whose absence may affect the profitability, or even “the very existence”, of their organisation.
SMEs are defined as businesses with less than 250 employees and an annual turnover of less than AED250m ($68m).
In the United Arab Emirates, SMEs represent 95% of all registered businesses, employ 42% of the workforce and contribute to 40% of gross domestic product.
Zurich's proposition provides three types of protection; key person, liability and partner.
Key person protection protects businesses against the loss of a key person through critical illness cover.
Liability protection ensures an SME can repay money owed if a key person dies or is diagnosed with a critical illness.
Partner protection allows surviving partners to keep control of a business if a major shareholder dies while also providing the family of the insured key person with financial security.
“Life insurance products are one of the least understood and used solutions for business planning,” said Jawed Barna, chief executive of Zurich International Life, MEA.
“[Zurich Business Protect] provides tailored life insurance solutions that protect SMEs against the death or critical illness of a key person by providing key person, liability and partner protection.”
