A Guide to Commercial Combined Insurance
What commercial combined insurance and how can it protect your business in difficult circumstances
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An expert guide on how commercial combined insurance can protect your business
We produced the below guide to understand how commercial combined insurance can protect your business in a variety of circumstances from financial losses and property damage.
As a Willis Towers Watson Network broker we can consider how best to tailor your insurance under a single commercial combined package policy to save your business money.
What you need to know about commercial combined insurance
Comparing commercial combined insurance quotes can seem like a challenging task. We work with several specialist commercial combined insurers to provide flexible and tailored cover to meet your business needs.
Each business is different and while commercial combined insurance is a standard product, it provides the flexibility to be tailored to your individual needs. Below we explain which industries typically purchase and how it can protect your business.
What is commercial combined insurance?
Commercial combined insurance, otherwise known as business combined insurance, is a flexible policy with a variety of different covers that can be tailored to the requirements of a wide range of business activities.
There are many industries which can benefit from a commercial combined policy including but not limited to manufacturers, distributors, and wholesalers. The policies are designed to provide a wide range of property and liability insurance covers under a single policy.
Why do businesses package their insurance under a commercial combined policy?
There are many different covers available to consider, such as public liability, product liability, employers’ liability, buildings, stock, business equipment, plant, machinery, business interruption, personal accident, and legal expenses, which can be tailored to meet the needs of the business.
> Flexible Covers
Flexible covers can be added and removed such as money insurance, stock in transit, loss of licence, deterioration of stock, are also available.
> Tailored Policy
Commercial combined covers can be tailored to meet the needs of most businesses depending upon its individual circumstances.
> Cost Savings
By packaging these covers together under a single policy, cost savings can be made when purchasing your business insurance.
What business insurance covers are available under a commercial combined policy?
There are a wide variety of covers available under commercial combined policies. Which covers you decide to purchase under will depend on several factors.
Even companies operating in the same sector are likely to have different business models, processes, machinery, staff numbers, therefore insurance requirements.
Property Damage Explained
Property damage insurance, otherwise known as material damage, will protect your company's buildings and contents against loss or damage from a range of insured perils. Examples of such perils include fire, theft, accidental damage, storm, flood, escape of water, impact, explosion and riot.
Business Interruption Explained
Business interruption insurance will protect against the loss of income from being unable to trade because of an insured event. Covering the consequential loss of the interruption to trade by indemnifying against for the loss of income as a result of the insured peril.
Public Liability Explained
Public liability insurance will protect your company against claims arising from injury or property damage of persons other than your employees (i.e., customers, suppliers, contractors or third persons) in the course of your business.
Employers Liability Explained
Employers’ liability insurance will protect your company against claims arising from injury or illness of your employees. All companies have a legal duty to protect the safety of their employees at work. Learn more about employer's liability insurance.
Product Liability Explained
Product liability insurance will protect your company against claims arising from injury or property damage as a result of a fault with a product you have provided. Learn more about product liability insurance.
Specified All Risks Explained
Specified all risks insurance will protect specific company items against defined perils (i.e. accidental damage and theft). These items will be specified on the schedule of the commercial combined insurance policy and will be covered up to a sum insured value.
Stock in Transit Explained
Stock in transit insurance will protect against damage to property (i.e. merchandise, goods and tools) in transit by vehicles owned by or operated by you, or the custody or control of a third-party carrier. The insurance will cover the insured value of such property.
Personal Accident Explained
Personal accident insurance will in the event of an accidental bodily injury to any insured person, provide financial support as defined in the schedule. Benefits will be payable for death or disablement and related medical expenses.
Legal Expenses Explained
Legal expenses insurance will assist your company with expert legal advice through a telephone legal advice service. In the event of a claim, the insurance can provide legal representation in a range of circumstances relating to your property, employment, or contract disputes.
Which types of business should consider commercial combined insurance?
There are many different types of business that can consider commercial combined insurance because it offers a cost-effective means to purchase several different covers under one combined tailored policy.
> Wholesalers
Any business or individual that sells goods in large quantities, typically at lower prices to retailers will need to consider a range of property and liability covers provided under a commercial insurance product.
> Manufacturers
Any commercial enterprise that produces finished goods from materials by using various tools, equipment, and processes will need to consider property insurances and liability covers with a specific focus on product liability insurance.
> Warehouses
Any business or individual where raw materials or manufactured goods may be stored prior to their distribution for sale will need to consider insuring against the loss or damage to the goods, in addition to liability covers.
> Factories
Any commercial enterprise that owns a building or group of buildings with facilities for the manufacture of goods will need to consider insuring those buildings, in addition to the potential liabilities and damage to the goods being produced.
> Importers or Exporters
Any business or individual that brings goods into the UK from abroad for sale, or that sends goods another country for sale, will need to consider both property and liability insurances, in addition to marine cargo insurance.
Commercial Combined Insurance FAQs
Should we tailor our commercial insurance under one combined package policy?
Tailoring cover under a commercial combined insurance policy is important because of the number of different options available. You don't want to be paying for covers you don't require, neither do you want to be underinsured against future claims. With variations of covers and sub-limits, it is worth considering alternative quotes to compare whether you purchase the most appropriate business insurance at the most affordable cost.
How do insurers calculate your commercial combined insurance cost?
Your turnover, % split from different territories, number of employees and wage roll, in addition to the goods you are working with will be insurers most important considerations when calculating your commercial combined insurance cost.
What is Engineering Inspection Insurance?
Engineering inspection insurance will offer a periodic inspection of machinery, appliances and equipment stated in the commercial combined insurance schedule. In addition to offering a written report to meet the legal statutory regulations, if required.
What is Equipment Breakdown Insurance?
Equipment breakdown insurance will in the event of machinery and plant, owned or leased by the policyholder, suffers damage during the course of business.
What is Money Insurance?
Money insurance will protect against accidental loss, destruction or damage to money and non-negotiable instruments in a variety of defined situations. The insurance will indemnify the policyholder for such loss.
What is Deterioration of Stock Insurance?
Deterioration of stock insurance will protect against damage to property, being stock in any cold chamber, by deterioration or putrefaction in consequence of an insured event. The insurance will cover the insured value of such property.
What is Loss of Licence Insurance?
Loss of licence insurance will protect against the licence for the sale of excisable liquors being forfeited, suspended or withdrawn. The insurance can provide cover for loss of gross income, depreciation in the value of the premises and expenses.
What is Terrorism Insurance?
Terrorism insurance will protect against loss from damage to property and potentially consequential loss resulting from acts of persons carrying out activities directed towards the overthrowing or influencing, by force or violence, of any government.