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.
Source: Ezine Articles – Richard C Clark