Dubai SME, the agency of the Department for Economic Development in the emirate mandated to develop the small and medium enterprise (SME) sector, has signed a memorandum of understanding (MoU) with insurer Zurich to provide insurance advice and risk management insights to the Dubai SME100 companies.
Under the terms of the MoU, Zurich will organise joint seminars with Nexus, Dubai SME’s broker partner, on insurance and risk management for SMEs. Zurich will also offer insurance advice covering both general and life insurance to help SME100 firms better protect their businesses.
According to local reports, the MoU “is significant in that many SMEs in Dubai and across the wider region are failing to get adequate insurance cover or undertake risk assessments. As a result, the SMEs are unnecessarily exposed to unforeseen risks that could threaten the very existence of their business – risks that could be mitigated by partnering with an insurance company and getting adequate cover”.
“Our SMEs need to understand and appreciate better the role of insurance and risk management in their business security and sustainability,” said Abdul Baset Al Janahi, chief executive officer (CEO) of Dubai SME. “Dubai SME is therefore pleased to partner with Zurich and related stakeholders to increase awareness on insurance as a long term security and investment strategy.”
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