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Purchasing business insurance may be an easy task with the help of the internet. When starting a start-up business, you need to search thoroughly to find a comprehensive insurance package that is suitable for your business.

Before selecting an insurance package, you have to make sure you will get maximum benefits out of it. Here are some tips for making sure you get the right cover at the right price.

Do!

• Picking the Right Insurer

For a start-up business, it's critical to pick the right insurance partner. There are lots of insurance companies in UAE. Your insurer needs to understand the workings of your business, the unique nature of your products, services, and proposition, or the specific risks you face on the technical and operational fronts. The insurance provider should have correct knowledge of your details; otherwise, you have to pay too much for your policy and end up with unsuitable coverage.

• The Quality of the Insurance

The right insurance is a combination of the best coverage for the best price. When you select a package, don't get influenced by lower premiums. Always read your policy documents carefully and check whether your package fully covers your needs.

• Flexibility in the Insurance Package 

Startups can grow dynamically; look for a provider who gives you the flexibility to change your coverage as your needs evolve.

• Keep Receipts, Invoices, and Supporting Documentation.

When you start a new business, you have to purchase equipment and items to run it. It is very important to understand the value of these items not only to track your spending but also when it comes to insurance. If you are well aware of the importance of items, you will have a clear idea of your insurance also. It may also help in the unfortunate event of a claim. If you suffer the loss of an item, such as through theft or water damage, insurers will want to see proof that the item was yours.

Keeping all relevant evidence and details is helpful in supporting your claim since they provide information to your insurer. It will also help speed up claim processing.

Now take a look at the things you should NOT do or to try and avoid.

DON'T!

• Don't fall for the least expensive policy.

• Have insufficient contents and equipment cover by miscalculating the value of items.

• Fail to keep your insurance relevant by adjusting coverages to reflect the changes in your business as they occur.

• Fail to fully disclose all your business details and its activities when purchasing insurance.

• Fail to ensure potential income loss as the result of damage or loss of your company’s physical assets.

• Failed to take insurance from the start of your company's operations. Insurance generally operates on the basis of an effective date. Some policies are based on a retroactive date, which is subject to relevant declarations on the number of known claims or incidents known to the insurer. Problems can arise if, for example, the retroactive or effective date of your policy is April and you file a claim in November relating to work you undertook in march; in this case, your insurance started a month late and you wouldn’t be covered.

When you are looking for insurance companies in Dubai, always keep these things in mind. Think carefully and choose wisely before you select a company or package. Insurance coverage is very important for startups because you don't want to spoil your dream and hard work with unexpected events.