General Accident Insurance in the UAE: Money, Fidelity and Personal Accident

General accident insurance is a family of smaller policies that protect businesses against everyday risks that property and liability policies don't cover: cash being stolen, staff dishonesty, and accidents to employees. This guide explains the main types for UAE businesses. It's written by Al Berwaz Insurance Brokers, licensed by the Central Bank of the UAE (Registration No. 081).

Money insurance

Money insurance covers loss of cash, cheques and other negotiable items from your premises, from a locked safe, and in transit to or from the bank, including by robbery. Policies set separate limits for money in a safe, on the premises during business hours, and in transit. Insurers usually set conditions, such as the safe's specification, how many staff carry cash, and use of a cash-in-transit company above a set amount.

Fidelity guarantee

Fidelity guarantee covers financial loss caused by fraud or dishonesty of your employees, such as theft of money or stock, or falsified records. Cover can name specific employees or positions, or apply to all staff. Losses are usually only covered if the dishonesty is discovered within a set period after it happened, and good internal controls, such as dual signatures and regular reconciliations, help keep the premium down.

Group personal accident

Group personal accident pays agreed benefits if an employee dies or is disabled in an accident, often 24 hours a day and worldwide. Benefits are usually set as a multiple of annual salary or a fixed sum, and can include temporary disability and medical expenses. It's separate from workmen's compensation, which pays what the labour law requires for work injuries, and many employers offer it as an extra staff benefit.

Group travel

Group travel insurance covers employees travelling for business: emergency medical treatment, evacuation, trip cancellation, and lost baggage and documents. An annual group policy covers all business trips without arranging cover for each one.

What isn't usually covered

• Money left outside the safe after business hours, beyond small limits
• Unexplained shortages found during stock-taking, without evidence of dishonesty
• Losses caused by an employee after you knew of their earlier dishonesty
• Accidents caused by deliberate self-injury, or by taking part in excluded hazardous activities

What to prepare for a quote

• Money: average and maximum cash held and carried, and how it's moved.
• Safe: make, size and where it's installed.
• Staff: number of employees by role, with salaries for personal accident cover.
• Controls: how cash and stock are checked and reconciled.
• Travel: number of business trips a year and the main destinations.

Why use a broker?

These covers are often cheaper together than separately, and limits and conditions vary between insurers. A broker builds the right package, explains the conditions you need to follow so claims are paid, and supports you if a loss happens. Broker commission is built into the insurer's premium, so using a broker doesn't add to your cost.

Related:General accident insurance · Workmen's compensation guide · All guides