Business Banking Takaful Plan
Maintaining a successful business requires a number of essential ingredients. Protection is one of them. Whether you run a small or medium enterprise, you can now cover your business and its assets against various risks. All you need is a single comprehensive, yet affordable plan: the Business Takaful Plan. The Business Takaful Plan is suitable for companies with a property value up to SAR 1,000,000. It gives you a choice of four standard packages – Basic, Silver, Gold and Platinum.
From as little as SAR 1,000 a year, you can sign up for the Basic Plan that provides comprehensive coverage for your business.
Takaful concept
Takaful means 'guaranteeing each other' in Arabic. It is an Islamic system of mutual insurance built around the concept of 'tabarru' (donation/gift). 'Tabarru' contributions are made with the intention of helping other participants faced with difficulties and eliminating the resemblance of Takaful to gambling and exploitation. Each participant contributes to a fund to cover expected claims, while also benefiting from a share of investment returns.
SABB Takaful’s role is to manage the Takaful operations and invest the Takaful contributions in line with Shariah principles. Planholders share in the surplus of the fund on the understanding that this may be forfeited to cover losses. When there is surplus, it is jointly shared.
Key features and benefits
Peace of mind
The Planholder can rest assured that this Plan is fully Shariah compliant and is approved by SABB Takaful’s Shariah Committee. The Shariah Committee members are:
- Sheikh Abdullah Bin Sulaiman Al
- Sheikh Dr. Abdullah Bin Mohammed Al Mutlaq
- Sheikh Dr. Mohammed A. Elgari Bin Eid
Coverage
Cover under the Plan can be arranged simply and easily. Just fill in the application form, ensuring that all sections are completed and then attach a method payment, cheque or debit note. The application will then be sent to SABB Takaful for approval.
Takaful Benefit
The Takaful Benefit is payable in the event of partial or total loss of the covered business.
Distribution of Takaful Surplus
The Planholder may be eligible to receive a share of any declared Surplus from the Takaful Fund. This is a key feature of a Takaful Plan.*
Coverage Property All Risks cover
“All Risks” coverage for your property includes buildings, furniture, fixtures, fittings, plant, machinery and stock, against any sudden unforeseen accidental loss of or damage to the covered property, unless such loss or damage is specifically excluded. Cover includes loss or damage due to Fire, Lightning, Riot, Strikes, Malicious Damage, Flood, Storm, earthquake, Vehicle Impact Damage and Burglary/Theft following violent forceful entry to or exit from the covered premises. Standard pre-agreed coverage up to SAR 1,000,000.
Cover is extended to accidental breakage of Plate Glass at the covered premises of up to SAR 10,000.
Increased cost of working
A pre-agreed amount up to SAR 100,000, depending on the Plan, will be paid for up to a maximum of 60 days to cover the increased cost of doing business, due to an interruption following a covered loss under the Property “All Risks” cover.
Loss of money
Coverage against loss of money up to SAR 75,000. Coverage can also be extended to cover money in the Proprietor’s / Partner’s / Director’s residence or kept in a locked safe after office hours. In addition, there is Personal Accident cover for any employee who sustains bodily injury as a result of a robbery or hold-up while carrying money.
Personal accident
24-hour global coverage for the Proprietor / Partner / Director (aged between 18 and 60) for Accidental Death or Total and Permanent Disablement anywhere in KSA or worldwide for business trips. Coverage is up to SAR 300,000 in the case of Accidental Death or Permanent Total Disability. The Plan also covers Accidental Death or Permanent Total Disablement due to riot, strike and civil commotion; murder; hijack; drowning; suffocation by smoke, poisonous fumes or gas.
Public Liability
The Plan offers Legal Liability coverage arising from negligence on the part of employees causing Accidental Death, injury or damage to public property. Legal expenses will also be payable by us in addition to the limit of liability
Special benefits
Coverage against liability related to Food and Drink; Tenant’s Liability; Neon Advertising Signs; Loading or Unloading; Worldwide Extension for employees on Business Travel; Social/Recreational activities coverage Sum covered : Up to SAR 1,000,000 per claim.
Fidelity Guarantee
Coverage for loss of money and/or goods by fraudulent or dishonest acts committed by your employees Sum covered: Up to SAR 150,000 (for up to 3 employees)
Goods in Transit
Coverage for loss of or damage to your property caused by any accident, collision and over-turning, whilst in transit in any vehicle owned or hired by the Covered business/company anywhere in KSA Sum covered: Up to SAR 75,000 (per conveyance)
Business Travel Cover
Provides a comprehensive Travel Takaful Plan for the Proprietor/Partner/Director – covering Credit Card reimbursement, Emergency Medical Expenses, Repatriation of Remains and Funeral Expenses, Baggage and Personal Effects, Delayed Baggage, Personal Money and Travel Documents, Personal Liability, Travel Delay, Loss of Deposit or Cancellation
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Limit of Cover (SAR)
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BASIC
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SILVER
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GOLD
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PLATINUM
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Property All Risk
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100,000
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250,000
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500,000
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1,000,000
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- Plate glass
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10,000
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25,000
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50,000
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75,000
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- Increased cost of working
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10,000
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25,000
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50,000
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100,000
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Money
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- In locked safe24 hours
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5,000
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25,000
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50,000
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75,000
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- In closed drawer during business hours
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2,500
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12,500
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25,000
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37,500
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- In Transit
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2,500
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10,000
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25,000
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50,000
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- In locked safe at proprietor's residence after business hours
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2,500
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10,000
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25,000
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50,000
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Personal Accident for Proprietor/Partner/Director
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50,000
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100,000
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200,000
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300,000
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Public Liability
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100,000
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250,000
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500,000
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1,000,000
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Fidelity Guarantee
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- Any single occurrence
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10,000
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25,000
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50,000
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75,000
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- Annual aggregate
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25,000
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50,000
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100,000
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150,000
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Goods in transit
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10,000
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25,000
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50,000
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75,000
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Travel Protection for Proprietor
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As per standard Annual (Multi-Trip) Travel Plan
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Annual contribution
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1,000
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1,750
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3,300
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5,100
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The list of benefits above is only indicative and not exhaustive. Please refer to the Plan Terms and Conditions for the full list of exclusions.
Apply for Business Banking Takaful Plan now!
Important notes
The Business Takaful Plan is underwritten by SABB Takaful Company
P.O. Box 9086 Riyadh 11413 Kingdom of Saudi Arabia
Tel: 800 124 5666 Fax: (+966 1) 402 5832
Website: www.sabbtakaful.com
* Distribution of the declared Surplus is in accordance with the Co-Operative Insurance Companies Control Law of theKingdom of Saudi Arabia and subject to the approval of the Board of Directors of SABB Takaful Company.
