Commercial Combined Insurance
A package solution that combines property and liability insurance covers under one policy
What is commercial combined insurance?
Commercial combined insurance is a package policy designed to include different covers such as property damage, liability insurance, and business interruption under the one insurance policy. The business insurance offers a holistic approach to safeguarding company assets and mitigating liabilities, making it an essential consideration for enterprises of all sizes and industries.
A commercial combined insurance policy addresses the complex needs of modern businesses by packaging coverage for a wide range of financial risks such as property damage, bodily injury, theft, third-party liability claims, and business interruption. This versatility allows companies to tailor their coverage to match their specific risks, ensuring comprehensive protection against a wide range of potential threats.
By consolidating multiple coverages such as public liability insurance into one package policy, a commercial combined policy will often be more cost-effective than purchasing separate policies. It can also reduce potential gaps or overlaps in coverage by having one policy with one insurer, simplifying the administrative processes, saving time and resources.
We work with the leading insurers to ensure we can secure your commercial combined insurance at the most afordable rates available. However, it's important that you understand your property and liability risks and arrange the right cover that is appropriate to meet your business needs. Talk to us today and arrange a call-back
Key covers provided under a commercial combined insurance policy:
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Property Damage: Covers damages to physical assets like buildings, machinery, and stock.
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Business Interruption: Ensures you can continue to function financially even when a covered incident disrupts operations.
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Employer’s Liability: Required by law, this covers claims from employees who suffer illness or injury due to their work.
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Public Liability: Protects your company against claims from third parties for injury or property damage.
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Product Liability: Offers protection against claims from customers who have been harmed by a defective product you supplied.
How does combined insurance differ from standalone policies?
Coverage
One of the biggest advantages of commercial combined insurance is its ability to cover multiple risks under a single policy. This simplifies management and ensures companies aren’t left vulnerable to unexpected risks. Policies can then be tailored to specific needs, from large manufacturing companies to small retail outlets.
Administration
With a single renewal date, one premium to pay, and fewer policies to track, enterprises benefit from a more streamlined management process. One insurer can potentially meet your all your requirements with one business combined policy which includes a variety of different covers and can offer protection against a wide range of workplace risks.
Premium
Bundling multiple covers often results in premium discounts, making a commercial combined policy a more affordable solution compared to purchasing individual policies. Your projected turnover, number of employees and annual wage roll, in addition to the goods you are working with will be insurers most important considerations when calculating your premium cost.
A wide range of industries will purchase a commercial combined policy including wholesalers, manufacturers, warehouses, factories, importors, exporters, outlets, and retailers
Wholesalers - for example any wholesaler that holds and distributes goods in large quantities, will need to consider a range of property, business interruption, and product and public liability covers.
Warehouses - anyone with warehouse facilities where raw materials or manufactured goods may be stored prior to their distribution will need to consider insuring against the loss or damage to the goods, in addition to liability covers.
Factories - for example 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 - anyone 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 public and product liability insurance, in addition to marine cargo cover.
Choosing the right commercial combined policy
Selecting the right policy requires careful evaluation of your specific needs and risks. It is always recommended that you speak with a broker about your commercial insurance needs.
Industry-Specific Risks
Different industries face unique risks. For example, an importer and exporter will need to consider cargo cover. Whilst a factory may wan to consider engineering inspection protection.
Size and Location
The number of employees, size of operations, and location will significantly impact your policy needs. Larger enterprises may need higher levels of liability and property cover.
Policy Coverage
Ensure that the limits for each coverage area are adequate to meet your requirements. Plus it's important to review the terms and conditions to understand what is not covered by the policy.
Compare commercial combined quotes with Get Indemnity™. Talk with one of our experts about your requirements
Premiums can start at £321 per year for basic liability and property coversWhat does our expert say?
"We want to get to know your enterprise and take a collaborative approach to your risk management. We can help you reduce risk exposures and ensure business continuity with effective risk transfer solutions. Talk to one of our account executives today about your commercial combined needs."
Additional resources
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AXA Risk Management Tools
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Health and Safety Executive (HSE)
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Health and safety at work - UK government
Related Pages
Frequently asked questions
What about regulatory compliance?
Regulatory compliance is a critical consideration when purchasing commercial combined insurance. In the UK, businesses must adhere to specific regulations, such as the Employers’ Liability (Compulsory Insurance) Act.
Non-compliance with Health and Safety regulations can result in severe penalties, including fines and legal action. Additionally, failure to meet regulatory requirements could mean that claims are denied if an incident occurs.
Read about: Health and Safety Executive (HSE)
How to make a claim?
Making a claim under a policy, typically follows these steps:
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Incident Occurs: Document the incident staight away. It's important to take photos, collect witness statements, and keep detailed records of what happened.
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Contact Your Broker/Insurer: Notify your insurer as soon as possible, delays can complicate the claims process. It's always worth speaking with your broker in the first instance.
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Submit Documentation: Provide all necessary documents, including proof of damage or loss, repair estimates, and any relevant contracts or agreements.
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Insurer Assessment: The insurer will assess the claim. In some cases, they may send an adjuster to evaluate the damage or loss.
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Claim Resolution: If the claim is approved, the insurer will compensate you according to the policy terms. In the case of disputes, mediation or arbitration may be necessary to resolve disagreements.
What additional covers can typically be included under a policy?
Money - covers accidental loss, destruction or damage to money.
Loss of licence - covers the loss of licence for the sale of excisable liquors being withdrawn.
Terrorism - covers losses arising from acts of terrorism.
Why you should engage with the process?
By having a clear understanding of what your cover protects against, business owners can make informed decisions about their cover needs and create a robust risk management strategy. It's important to regularly review and update your policies to reflect changes in your business operations. A insurer policy is not just a safety net, but should be viewed as a strategic asset that can safeguard against catastrophic losses.
Related articles and guides
Fair Presentation of Risk is defined by the Act as an insured's duty to disclose every material circumstance which the insured knows or ought to know, or failing that, to disclose sufficient information that would put a prudent insurer on notice to ask further questions.
Learn about what the Financial Ombudsman Service does and how it protects consumers against a range of problems arising from various financial services. The Financial Ombudsman Service acts as independent and impartial organisation in the UK dedicated to resolving disputes between consumers and financial service providers.