What is Commercial Combined Insurance?
Commercial combined insurance is a comprehensive insurance policy that consolidates multiple types of coverage into a single package tailored to the needs of your business.
This type of insurance is particularly beneficial for businesses with complex risk profiles, such as manufacturers, as it provides broad protection under one policy, simplifying management and potentially reducing costs.
An overview of what commercial combined insurance typically includes:
| Property Insurance | Protects physical assets such as buildings, machinery, stock, and contents against risks like fire, theft, vandalism, and natural disasters. |
| Business Interruption Insurance | Covers loss of income and additional operating expenses if the operations are disrupted due to a covered event, such as a fire or flood. |
| Public Liability Insurance | Protects against legal liability for injury to third parties or damage to their property that occurs in connection with the business. It provides financial protection against legal claims and covers legal fees, settlements, and judgments, safeguarding the business’s financial health. |
| Employers’ Liability Insurance | This insurance covers legal liability for employee injuries or illnesses that occur as a result of their work. |
| Product Liability Insurance | Protects against claims of injury or damage caused by products manufactured, sold, or supplied by the business. |
| Goods in Transit Insurance | Covers goods while they are being transported from one location to another, protecting against loss or damage during transit. |
| Engineering Insurance | Protects against risks associated with machinery and plant equipment, including breakdowns and accidental damage. Covers repair or replacement costs for essential equipment, minimising downtime and financial impact from equipment failures. |
| Legal Expenses Insurance | Covers legal costs associated with various business-related disputes, such as employment issues, contract disputes, and regulatory compliance matters. |
What are the advantages of Commercial Combined Insurance?
The key benefit for a business is that it simplifies the insurance management process by consolidating multiple coverages into a single policy with one insurance broker. You are only dealing with one person who knows your business and level of cover in place.
A combined policy ensures broad and thorough coverage to reduce the risk of gaps in insurance protection. A common problem businesses encounter with insurance is when a level of cover isn’t placed at all or when levels of cover come into play with a claim, there is a gap.
Working with an independent insurance broker ensures that policies are tailored to meet the specific needs and risks of the business, ensuring relevant and adequate coverage.