Oman Insurance Company (OIC) has launched a new 'Business 360' product to address the complex SME insurance requirements.

The simple pre-underwritten, multi-line solution is a first in the UAE. It offers the largest range of covers, with unique solutions for Group Medical, Motor Fleet, Property All Risk and Liability, said the Omani insurer in its statement.

With one simple application, Business 360 offers a wide range of insurance covers, catering to different industries, it added.

Speaking at the launch, CEO Patrick Choffel said "SMEs in the emirates tend to under insure their business risks, due to the complexity of multi-contract insurance relationships, which are difficult to understand and to administer! Business 360 simplifies this necessary exercise, as it brings together all the key insurance covers into a simple solution."

Additionally, the online platform allows to quote and bind new policies instantly, making it a quick and easy process, said the company in its statement.

Optional cover extensions add the flexibility necessary to tailor the insurance policy to meet more specific business needs.

Importantly, Business 360 fulfills mandatory insurance requirements in certain UAE Free Zones, with the ability to issue Free Zone insurance certificates. The Business 360 insured SME will benefit from competitive pricing and covers, tailor-made for the UAE market by the company, it added.-TradeArabia News Service