What is in a standard Commercial Combined insurance policy?

Businesses require a wide range of insurance policies to be covered against a variety of eventualities. Commercial combined insurance is a common solution for organisations who require cover for multiple liabilities. No matter your business size or industry, having the right insurance policies in place is critical. In this guide we will cover the definition of commercial combined insurance, what is covered and the risks of not having cover in place.

• What is a commercial combined insurance policy?
• What does commercial combined insurance cover?
• Why is commercial combined insurance crucial for businesses?
• What are the risks of not having commercial combined business insurance?

What is a commercial combined insurance policy?

Commercial combined insurance is a policy which includes various types of key business cover in one. In most cases, this type of insurance will include property damage, business interruption, employer’s liability, public liability, personal accident cover, money and goods in transit. Combined commercial insurance is suited to companies who require complete protection, tailored to your requirements, without the hassle of handling multiple policies.

By choosing one combined commercial insurance policy, you will benefit from just one premium to pay. With most commercial combined insurance options, you have the flexibility to choose the types of cover you need.

What does commercial combined insurance cover?

Commercial combined insurance can be tailored to your businesses needs to include the levels of cover and policies that meet your requirements. Typical policies included in commercial combined insurance are:

• Public liability insurance: This cover protects you against claims from the public and will cover legal costs should you be liable to pay out. Public liability insurance can include cover against damage to property, accidental injury, costs of medical treatments, trespassing and unlawful detention.
• Product liability insurance: Product liability is similar to public liability insurance and is often included in the same policy. It is a necessary cover for anyone who manufactures or distributes products of any kind. This protection includes loss, illness or damage caused by your products.
• Employer’s liability insurance: It is a legal requirement for any business with employees to have employer’s liability insurance. This cover will pay out for damages and costs associated with disease, illness or death to employees while working for your business.
• Property damage insurance: You can choose to include property damage cover within your commercial combined insurance policy. This will protect you against loss or damage to such items as buildings, machinery, furnishings and stock in trade.
• Business interruption insurance: This type of cover provides protection if your business needs to close, such as due to flood or fire, for example. Business interruption insurance can pay out for loss of profit, revenue, increased cost of working and loss of book debts. Different policies will cover different events so check with your insurer to find out under what circumstances you would be protected.
• Personal accident insurance: Personal accident insurance will protect your company should something happen, resulting in accidental bodily injury, and you or your team can’t work. This insurance will pay your business in the event of death, bodily injury or disablement. The compensation provided can be used to pay for temporary staff or cover the cost of overtime for other team members.

Why is commercial combined insurance crucial for businesses?

Failing to have the right cover for your organisation can be very costly and could leave your business in a dangerous position. Not only is it important to have the right level of cover in place, but there are many other benefits to combined commercial insurance, including:

• Tailored policies: Commercial combined insurance can be tailored to meet the exact needs of your business. No two companies are the same and this kind of insurance is as bespoke as your business.
• Simplicity: With combined commercial insurance there is no need to deal with 10 different policies and 10 different providers. Everything is handled in one place, saving you both time and money.
• All-round protection: From public liability to business interruption, these combined policies protect your business from various risks.
• Cost savings: Combining all of your insurance needs into one policy with one provider can often save you money in premiums. Many insurance companies offer bulk discounts for taking out various policies together.

What are the risks of not having commercial combined business insurance?

Every business should have some form of insurance, either for your own protection or to meet legal requirements. Failing to have adequate insurance in place is risky and could result in your business being forced to close.

Not having combined commercial insurance could leave you unprotected against certain eventualities and vulnerable to losses further down the line. For some companies, just having employer’s liability and public liability insurance might be enough, but for others, additional cover is necessary. Combined insurance is the perfect option for any organisation which needs to protect itself against a large number of risks.

Your commercial combined insurance broker will be able to advise which insurance policies you require to cover all eventualities. It is important to make sure you have sufficient cover to make sure you don’t find your business unprotected when you need it most.

For example, if a fire breaks out at your premises, you might have contents and buildings insurance, but if you don’t also have business interruption insurance your future trading could be vulnerable. Commercial combined insurance help make sure these areas are considered and adequately covered.

We’re here to help guide you through the different types of insurance your business needs. For more information on commercial combined insurance speak with our expert team today on 01603 218000.