SME Package - Quote Requirements¶
Required Documents¶
Mandatory for All Quotes¶
- Trade License
- Valid UAE business registration
- Shows business activity
-
Required for all sections
-
Emirates ID
- Business owner or authorized signatory
- Valid and current
-
For identification
-
Property/Premises Photos
- External views of business premises
- Internal views (shop floor, storage, office)
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Required for property and money sections
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Additional Documents (as needed)
- Valuation reports (for high-value contents)
- Employee list (for PA and medical sections)
- Financial statements (for BI section)
- Machinery list (for machinery breakdown)
- Previous insurance details
- As requested by underwriter
Required Information¶
Basic Policy Details¶
| Field | Purpose |
|---|---|
| Product Code | 1061 (main package) |
| Policy Start Date | Coverage begins |
| Policy End Date | Typically 12 months |
| Insured Name | Business/company name |
| Business Activity | Type of operations |
Business Information¶
| Field | Purpose |
|---|---|
| Business Name | Legal entity name |
| Trade License Number | Business registration |
| Business Activity | Retail, restaurant, office, etc. |
| Business Address | Premises location |
| Years in Operation | Business age |
| Number of Employees | Total workforce |
| Annual Turnover | Revenue per year |
| Ownership Type | Owner, tenant, etc. |
Premises Information¶
| Field | Purpose |
|---|---|
| Premises Address | Business location |
| Building Type | Shop, office, warehouse |
| Floor Area (sq.m.) | Business size |
| Number of Floors | If multi-level |
| Construction Type | RCC, steel frame |
| Building Age | Year built |
| Occupancy Status | Owner-occupied, rented |
Security & Safety Features¶
| Field | Purpose |
|---|---|
| Fire Protection | Sprinklers, alarms, extinguishers |
| Security Systems | CCTV, alarms, guards |
| Safe/Strongroom | For money storage |
| Access Control | Entry systems |
| Watchman/Guard | Security presence |
Section-Specific Requirements¶
Section 01: Property Damage¶
Required Fields: - Contents Value (furniture, fixtures, fittings) - Stock Value (inventory, trading goods) - Building Improvements (if tenant) - Construction Type - Fire Protection Systems
Documentation: - Inventory list for high values - Photos of premises - Valuation report if >AED 500K
Section 02: Business Interruption¶
Required Fields: - Annual Gross Profit OR Annual Turnover - Indemnity Period (months: 6, 12, 24) - Gross Profit Percentage - Fixed Costs (rent, salaries)
Documentation: - Last year's financial statements - Profit & loss statement - Accountant certification
Section 03: Money¶
Required Fields: - Money in Transit - Maximum Single Carrying - Money in Premises - Maximum During Business Hours - Money in Safe - Maximum Overnight Amount - Money at Employee Residence - Limit - Safe Details (type, rating)
Documentation: - Safe specifications - Cash handling procedures - Security arrangements
Section 04: Fidelity Guarantee¶
Required Fields: - Number of Employees in Trust Positions - Maximum Exposure per Employee - Total Fidelity Limit Required - Employee Details (names, roles)
Documentation: - List of employees handling money - Job descriptions - Background check procedures
Section 05: Machinery Breakdown¶
Required Fields: - Machinery Type - Machinery Value - Year of Manufacture - Maintenance Schedule - Usage Details
Documentation: - Machinery list with values - Maintenance records - Manufacturer specifications
Section 06: Electronic Equipment¶
Required Fields: - Equipment Type (computers, servers, etc.) - Total Equipment Value - Portable Equipment (laptops, tablets) - Location (on-premises, mobile) - Age of Equipment
Documentation: - Equipment inventory - Purchase invoices - Serial numbers for items >AED 5K
Section 07: Public Liability¶
Required Fields: - Limit of Liability Required - Nature of Business Operations - Annual Turnover - Number of Employees - Geographic Territory
Documentation: - Business activity description - Safety procedures - Previous claims history
Section 08: Personal Accident¶
Required Fields: - Number of Employees to Cover - Death Benefit per Employee - PTD Benefit per Employee - Employee Categories (if different benefits) - Employee List
Documentation: - Employee census - Names and Emirates IDs - Job titles
Medical Add-On (7038/7040)¶
Required Fields: - Number of Employees - Age Profile of Employees - Salary Ranges - Network/TPA Selection - Coverage Type (in-patient only or both) - Geographic Scope (UAE or GCC)
Documentation: - Complete employee census - Emirates ID copies - Salary certificates - Previous medical claims (if any)
Pricing Information¶
Section Selection¶
- Client selects which sections needed
- Each section priced independently
- Total premium = sum of all sections
Typical Package Pricing¶
Small Retail Shop (AED 2,000 - 4,000): - Property: AED 800 - Money: AED 50 - Liability: AED 500 - PA: AED 250
Restaurant (AED 3,000 - 6,000): - Property: AED 1,200 - Money: AED 100 - Fidelity: AED 150 - Liability: AED 800 - PA: AED 400
Office (AED 2,500 - 5,000): - Property: AED 1,000 - Electronic Equipment: AED 200 - Liability: AED 600 - BI: AED 500 - PA: AED 300
Underwriter Referral¶
When Referral Required¶
- Property value >AED 1,000,000
- Liability limit >AED 5,000,000
- High-risk business activities
- Poor claims history
- Special hazards (chemical storage, etc.)
- Annual turnover >AED 50 million
Referral Process¶
- Submit quote with all documents
- Underwriter reviews business risk
- Property inspection may be required
- Additional information requested
- Custom pricing provided
- Approval or decline decision
Quote Creation Process¶
Step-by-Step¶
1. Collect Documents - Trade License - Emirates ID - Premises photos - Financial statements (if BI section needed) - Employee list (if PA/Medical needed)
2. Select Sections - Determine which sections business needs - Mandatory: Property, Money, Liability - Optional: BI, Fidelity, Machinery, Electronics, PA
3. Gather Section Information - For each section, collect specific requirements - Determine sum insured per section - Document special features
4. Calculate Premium - Price each section independently - Apply discounts if eligible - Add loading if high-risk - Sum all sections for total premium
5. Issue Quote - Section-by-section breakdown - Total premium - Payment terms (annual, quarterly)
Validation Rules¶
Mandatory Checks¶
Policy Period: - Typically 12 months - Start and end dates required
Section Selection: - At least 3 sections typically required - Property or Money section usually mandatory - Liability section recommended
Sum Insured: - Reasonable for business size - Adequate coverage for assets - Not under-insured
Employee Numbers: - Consistent across PA and Medical sections - Match with actual workforce
Common Rejection Reasons¶
- Inadequate fire protection
- High-risk business activity
- Poor claims history
- Insufficient security for high-value goods
- Under-insurance
- Incomplete documentation
Note: All fields based on actual SME Package underwriting requirements. Section selection is flexible based on business needs.