Why businesses in the UAE should seek financial advice

John Sharp | 13 April 2019

If you were sick, do you think it would be wiser to self-diagnose or see a doctor?


That seems a ridiculous question, however, businesses are not following the same logic. The vast majority of businesses in the UAE do not use financial advisers. Instead they go direct to insurance companies, which is akin to going straight to the pharmaceutical company and ordering drugs after self-diagnosis.

Insurance and group employee schemes can be incredibly complicated to fully understand, so an adviser can help you understand the details of a policy and also work out what level of cover you need so that you are adequately protected.

If the worst happens and you do have to make a claim, an adviser will act on your behalf, liaising with the insurance company to negotiate the best possible outcome.

If you’re a business owner, here are some financial planning services to consider: 


Group health insurance

Health insurance is a key factor in an employee’s decision to come on board and stay with a firm. Health care is an area undergoing rapid, innovative change. There are ways to control costs. Does your coverage meet your needs? Are you aware of all the options available to you as a company, especially the recent developments designed to maintain quality health care services while controlling costs?


Group pension schemes

Providing a group pension scheme for employees can be a very cost-effective way to recruit and retain high quality employees. Investing on behalf of your employees is also the best way to reduce the liability on your books for gratuity pay outs or end of service benefits. However, to make the most of this, advice is required to navigate the various complex options.


Key person insurance

If you don’t have key person insurance on your most valuable people, you ought to at least explore its advantages. If you, a partner, or a key employee died or became disabled, the loss to the company could be devastating to your business.


Business continuation, business interruption insurance and property cover

A fire, vandal, or storm can wipe out your business in minutes. If your facilities were destroyed, would your business be able to recover?


Succession planning

This type of plan helps ensure that your family is appropriately compensated for the business if anything happens to you, by providing the money for partners to buy your share of the company from them.


Professional liability insurance

Also known as errors and omissions (E&O) insurance, covers a business against negligence claims due to harm that results from mistakes or failure to perform. There is no one-size-fits-all policy for professional liability insurance. Each industry has its own set of concerns that will be addressed in a customised policy written for a business.


A professional financial adviser can save you time, money and future headaches. Just like an accountant or lawyer who provides you with professional advice, based on years of training and experience, a qualified financial adviser can do the same with your business’s financial needs.

Using an adviser doesn't necessarily cost more. In fact, it is likely to cost less because advisers have in-depth knowledge of the insurance market and the ability to negotiate competitive premiums on your behalf. More to this, because advisers deal with a range of product providers directly, they are able to access policies that are not directly available to companies and consumers.

If you would like to discuss your business requirements, please feel free to contact me directly.

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