Commercial combined insurance protects your business assets from a number of unforeseen losses including damage, theft, fire, natural disasters (such as floods and storms), and vandalism˳ This insurance provides cover for your buildings, machinery, business stock and equipment, and all other contents within the building premises˳
No matter what size your business maybe you need to protect your business from various risks and any other claims that might arise during the course of business˳ The purpose of commercial combined insurance is to integrate different types of business insurance into one policy that covers all the important areas of a business˳
Commercial combined insurance generally includes buildings insurance, stock insurance, employers’ liability insurance, public liability insurance and building contents insurance˳ Sometimes it can include professional indemnity insurance and product liability insurance as well˳ The exact cover will vary depending on the nature and size of your business˳
It is always advisable to consult a professional prior to opting for commercial combined insurance˳ Different businesses require different elements of insurance cover, therefore, a professional will be able to make sure that the combined policy provides you with the maximum cover and does not limit other important areas of cover˳
Some commercial combined insurance policies allow any adjustments to the amount of cover such as in the case of public liability insurance where you can raise the cover from £1million to £2million by increasing the cost of the policy by a fixed percentage˳ Making adjustments can bring about a lot of savings in premiums˳ This type of policy is more suited to large companies that require many different areas of cover˳ Prior to choosing a commercial combined insurance companies need to determine the element of risk their business is likely to face˳ This risk assessment may require a visit to the premises by an insurance professional˳
Among the biggest risks are liability to third parties and the costs and damages arising from claims made against a company˳ Employers’ liability insurance is mandatory according to law, therefore an essential element of any commercial combined insurance package˳ This insurance protects employees from all potential risks or accidents that may occur at the workplace˳ Public liability insurance is also essential as it protects a company against any claims made by any visiting public while on its business premises˳ Other areas of cover include Product Liability insurance which protects companies from any claims made due to any manufacturing defects in the company’s products˳ Directors and Officers insurance (D&O) is also available in a commercial combined insurance policy where a company’s directors can protect themselves against any liabilities arising during the course of the business˳
Property damage cover is important since fire and floods can cause extensive damage to commercial property˳ Companies that carry large stock will benefit when this type of insurance is combined so that it minimises losses due to deterioration or damage of stock˳ There are other commercial risks such as loss of trade licence, goods in transit cover, commercial vehicle insurance and more˳ Purchasing the right commercial combined insurance may be a daunting task, especially when the risks are not straightforward˳ Therefore, it is advisable to seek the services of an insurance professional so that you procure the appropriate policy at the right price˳
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