- What is commercial combined insurance?
- Do we require commercial combined insurance?
- What does commercial combined insurance cover?
- > Property Damage Insurance
- > Business Interruption Insurance
- > Specified All Risks Insurance
- > Public Liability Insurance
- > Employers Liability Insurance
- > Product Liability Insurance
- > Personal Accident Insurance
- > Equipment Breakdown Insurance
- > Legal Expenses Insurance
- > Engineering Inspection Insurance
- > Money Insurance
- > Stock in Transit Insurance
- > Deterioration of Stock Insurance
- > Loss of Licence Insurance
- > Terrorism Insurance
- Should we tailor our commercial combined policy to meet our needs?
- How to compare commercial combined insurance quotes?
Choosing the correct insurance for your business can seem like a challenging task, when you appreciate there as so many different options available. Below we take a closer look at commercial combined insurance and identify each of the covers typically offered.
However, before we consider what protection is available under commercial combined insurance you should consider your needs. Each business is different and while commercial combined insurance is a standard product, it provides the flexibility to be tailored to your individual requirements.
What is commercial combined insurance?
Commercial combined insurance, otherwise known as business combined insurance, is a modern and comprehensive policy with a variety of covers that can be tailored to the requirements of a wide range of business activities.
Each insurers commercial combined policy can vary, and the terminology may alter, however the broad covers available are comparable under the below sections:
As a specialist commercial combined insurance broker
, we can identify a range of covers available through our digital on-boarding process
Do we require commercial combined insurance?
Any industrial or commercial
business will typically purchase commercial combined insurance
because it offers a cost-effective means to purchase a number of insurance covers under one policy.
The above are traditional buyers of commercial combined insurance, however some insurers offer taliored policies to various different sectors to accommodate their specific requirements.
What does commercial combined insurance cover?
Which covers you decide to purchase under your commercial combined insurance will depend on a number of factors, including your business activities, size, location, contents, machinery and risk appetite.
However, even companies operating in the same sector are likely to have different business models, processes, machinery, staff numbers. Therefore, the cover you purchase should be tailored to reflect your individual requirements. Commercial combined insurance can include, but is not limited to:
> Property Damage Insurance
Property damage insurance, otherwise known as material damage, will protect your company's buildings and contents (including options for stock and computer equipment) 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 Insurance
Business interruption insurance will protect against the loss of income from being unable to trade as a result of an insured event (i.e. property damage). The insurance will cover the consequential loss of the interruption to trade by indemnifying the policyholder for the loss of income as a result of the insured peril.
> Specified All Risks Insurance
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 policy and will be covered up to a sum insured value.
> Public Liability Insurance
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 Insurance
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. It is one of the few types of insurance which is compulsory under UK law.
> Product Liability Insurance
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. Purchased by businesses which design, manufacture or supply products to their customers.
> Personal Accident Insurance
Personal accident insurance will in the event of an accidental bodily injury to any insured person, provide financial support as defined in the policy schedule. Benefits will be payable for death or disablement and related medical expenses.
> 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. The insurance will provide financial support as defined in the policy schedule.
> Legal Expenses Insurance
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 or unforeseen legal costs in a range of circumstances, typically relating to your property, employment, or contract disputes.
> Engineering Inspection Insurance
Engineering inspection insurance will offer a periodic inspection of machinery, appliances and equipment stated in the policy schedule. In addition to offering a written report to meet the legal statutory regulations, if required.
> 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.
> Stock in Transit Insurance
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.
> 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.
> 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 reasonable expenses.
> Terrorism Insurance
Terrorism insurance will protect against loss from damage to property and potentially consequential loss resulting from acts of persons carying out activities directed towards the overthrowing or influencing, by force or violence, of any government.
Commercial combined insurance definitions do vary and it's worth considering the terms and features to consider what cover best meets your demands and needs.
Should we tailor our commercial combined policy to meet our needs?
Tailoring cover under your commercial combined policy is important because of the number of different options available.
With variations of cover and sub-limits available it is worth considering alternative quotes to benchmark whether you purchase the most appropriate cover at the most affordable cost. If you would like to discuss your specific requirements, please contact us
and well be happy to investigate what solutions are best suited to meet your needs.
How to compare commercial combined insurance quotes?
Please complete our online application
and we can identify no-obligation quotes from the wholesale market. At get indemnity
we continue to see soft market conditions and reductions in premiums available for small to medium sized businesses.
Upload your current commercial combined insurance policy and we can identify any specific amendments designed for your business. We recommend you engage with your commercial combined insurance broker early in the renewal process to ensure you obtain a satisfactory renewal.
Compare and save on your existing commercial combined insurance
with a digital insurance broker
This guide is for information purposes and based on sources which we believe are reliable, the general risk management and insurance information is not intended to be taken as advice with respect to any individual circumstance and cannot be relied upon as such.