All businesses face a range of risks, including fire, flood, theft, business interruption, cybercrime, and more. You will need adequate insurance to cover your business should anything ever go wrong.
As an alternative to getting separate policies to cover individual risks, many businesses instead choose a commercial combined insurance policy.
In this post we will discuss what a commercial combined insurance policy is, and what it covers, to help you decide whether it is the right choice for you.
What is Commercial Combined Insurance?
A commercial combined insurance policy includes various types of business insurance cover in a single policy. Getting a commercial combined insurance policy can be the most convenient choice for many businesses. Rather than taking out multiple policies to cover multiple liabilities, businesses can instead get extensive cover with a combined policy.
What Does Commercial Combined Insurance Cover?
Most insurers will tailor your commercial combined insurance policy to meet all the risks you face in your business. Most policies will include the following:
- Buildings Insurance – Cover for damages to your business premises, alongside any machinery, equipment, furnishings, and stock.
- Cyber Insurance – This can cover any liabilities and expenses you might face if your business falls victim to a cyberattack, or a data breach.
- Business Interruption Insurance – If you are forced to temporarily cease trading due to a fire, a flood, or another covered event, business interruption insurance can cover your loss of revenue, your increased costs of working, and other specified expenses.
- Public Liability Insurance – If a member of the public gets injured on your premises, or if you damage public property while conducting business, public liability insurance can cover any legal costs you may be liable to pay.
- Employer’s Liability Insurance – All businesses have a legal duty to get employer’s liability insurance if they employ any staff. It covers any compensation an employee may be entitled to if they sustain any illnesses or injuries on the job.
- Product Liability Insurance – If you manufacture and distribute products as part of your business, product liability insurance will cover you for any loss, illness, or other damages linked to your products.
Find out more about what our Commercial Combined Insurance policies cover and who they’re for.
What Are The Benefits of Commercial Combined Insurance?
Having a commercial combined insurance policy over separate policies can be beneficial for a number of reasons, including being:
- Convenient – With a commercial combined insurance policy, there is no need to shop around for multiple policies to cover every aspect of your business. Plus, if you ever need to make a claim on your policy, you will only ever have to make one call, which can streamline the process.
- Cost-Effective – Some insurers offer discounts if you buy a combined commercial insurance policy in place of multiple policies. Plus, if you have multiple policies, there may be overlaps in your cover. This might mean you end up paying more for insurance you do not really need.
- Comprehensive – Get all the cover you need in one policy, and you will not need to worry about underinsurance, or in any gaps in your cover. Plus, most insurers will tailor your commercial combined insurance policy to ensure it meets your exact needs, including your budget needs.
We Can Help You Get All The Cover You Need At The Best Price
James Hallam is an independent Lloyd’s broker with access to a hand-picked selection of A-rated insurance providers.
If you want to get all of your cover needs met by a combined commercial insurance policy, we can help you ensure your policy ticks all of your boxes at a truly competitive price.