Businesses need a large range of insurance policies to cover a variety of eventualities. Commercial combined insurance is a common solution for organizations that need cover for different liabilities. No matter your business industry or size, having the ideal insurance policy in place is important.
Commercial combined insurance
Commercial combined insurance is a policy that includes different types of business cover in just one. In many cases, this type of insurance will include employer’s liability, public liability, property damage, business interruption, accident cover, money, and goods. This type of insurance is suited to companies who need complete coverage customized to your requirements without the hassle of managing multiple policies.
By selecting commercial combined insurance, you will be benefited from just one insurance premium to pay. With most insurance options, you have got the flexibility to select the types of cover you need.
What is covered by commercial combined insurance?
This insurance can be customized to your business requirements to include the levels of cover and insurance policies that suit your requirements. General policies included in this insurance are the following:
Employer’s liability insurance
It is the most common and legal requirement for any type of business with employees to have employer’s liability insurance. This cover will pay out for costs and damages connected with injury, illness, or death to employees while working for your business.
Product liability insurance
It is often included with public liability insurance as they are similar. It is an important cover for anyone who manufactures or distributes products of any type. This cover includes loss, illness, or damage by your products.
Public liability insurance
This cover will protect you against claims from the public and will cover legal costs should you be responsible to pay out. Public liability insurance can include cover against property damage, accidental injury, costs of medical treatments, trespassing, and illegal custody.
Property damage insurance
You can select to include property damage cover within your insurance policy. This will cover you against damage or loss to items such as machinery, buildings, furnishings, and stock in trade.
Business interruption insurance
This kind of cover gives cover if your business has to close such as due to fire or flood. Business interruption insurance can pay out for loss of profit, income, increased cost of working, and loss of book debts. Different insurance policies will cover various events so check with your insurance provider to find out under what conditions you would be covered.
Personal accident cover
This will cover your company if something happens, resulting in accidental bodily injury, and you or your team can’t work. This insurance will pay your business in the event of injury, death, or disablement. The compensation provided can be used to pay for temporary staff or cover the cost of overtime for other team members.
Is commercial combined insurance important for business and why?
Failing to have the right cover for your business can be expensive and could leave your business in a tough situation. Not only it is necessary to have the right level of cover in place but there are some other advantages to commercial combined insurance including:
Complete coverage
From public liability insurance to complete business interruption, these combined insurance policies cover your business from different risks.
Customized insurance policies
This sort of insurance can be customized to suit the exact requirements of your business. No two companies are the same and this sort of insurance is customized to your business.
Cost savings
Combining all of your insurance requirements into one policy with one insurance provider can often save you money in insurance premiums. Many companies provide heavy discounts for taking out different policies together.
Risks involved in not having commercial combined insurance
Every business must have some sort of insurance, either of your own covers or to suit legal needs. Not having suitable insurance in place is risky and could result in your business being have to close.
Not having adequate insurance could leave you uncovered against particular eventualities and vulnerable to losses further down the line. For some companies, just having public liability and employer’s liability insurance might be enough, but for others, additional protection is important. Combined insurance is the ideal option for any organization which requires to cover itself against a number of risks.
Your commercial combined insurance provider will advise which insurance policies you need to cover all eventualities. It is necessary to ensure you have suitable cover to ensure you don’t find your business uncovered when you need it most.
How does this insurance work?
Commercial combined insurance is like a jumble for your business. You explain your requirements to our team, we can find the most relevant covers and put them together for you in one simple and easy policy. The following factors amongst others will play a big role in the contents of the package we will provide to you such as your business size, location, revenue, number of employees, industry sector, market reach, processes, activities, and machinery used.
Getting to grips with your business intricacies will help us to better understand the risks it is facing on a routine basis and recommend a customized solution to cover you, the business owner from them.
Salient Features of commercial combined insurance
The flexibility of our commercial combined insurance helps us to make a customized cover for a number of business types including but not limited to wholesalers, warehouses, installation services, manufacturers, service and repair companies, exporters, importers, retailers, distributors, contractors, printers, and precision engineers.
Risk management
Managing and decreasing your business risks can help lower your insurance premium. Your insurance provider will give you endorsements applicable to your insurance policy which in turn away highlight specific safety measures.
Our insurance advisors can help you find different ways to decrease risks and arrange discounts on your behalf. Our commercial combined insurance can be customized to meet your business requirements. Tell us your needs and we will combine commercial covers to create a simple policy. We can provide you with what you need.
