For many organisations, getting the insurance cover they need can be a time-consuming business. Insuring their vehicles, premises, stock, and protecting their liabilities can lead to costly multiple policies with different renewal dates and lots of admin when it comes to both getting an insurance quote and making claims. Fortunately, a simple solution to these problems is commercial combined insurance.
In this latest blog from Coversure, one of the UK’s leading independent insurance brokers, we’ll explain what commercial combined insurance is, how it can benefit your business, and answer some frequently asked questions about commercial combined cover.
We hope it will be helpful, but if you’d like personalised advice on insuring your business, please get in touch with your local Coversure office. They’ll be happy to give you the benefit of their expertise and can compare their markets to find you a commercial combined insurance quote.
What Is Commercial Combined Insurance?
Commercial combined insurance, or combined commercial or business combined insurance, is a packaged cover that allows you to cover a range of risks on one policy. It can protect against significant risks, such as public liability, employers’ liability, business interruption, stock, and even legal action against an organisation’s directors and officers.
What Can Commercial Combined Insurance Cover?
One of the great advantages of commercial combined insurance is that it allows organisations to include a wide range of risks in one policy. The menu of options* is extensive, as you can see:
- Public liability insurance – is a common business combined insurance policy element, it provides cover should a member of the public injure themselves or have their property damaged as a result of your business’s activities
- Employers’ liability insurance – an essential choice if you have staff – be they full-time or part-time, then employers’ liability insurance is a legal requirement
- Business interruption – a really useful policy element, business interruption insurance – BI insurance as it’s also known – will provide you with an income should you be unable to trade following a disaster such as a fire, storm, or essential equipment breaking down
- Stock cover – this is included by businesses as varied as manufacturers, restaurants, warehouse owners, and shops. It can cover all manner of stock, from raw materials and finished goods to food and electronic goods
- Commercial buildings insurance – if you own the building you operate from, then business buildings insurance will protect you from the cost of repairing or rebuilding it if it’s damaged by risks such as floods, fires, acts of vandalism, or even terrorism
- Product liability – many people don’t realise that if they make or supply products, they can be held liable if that product causes harm or damage. Having product liability insurance as part of your business combined insurance cover can help protect you in the event of a claim
- Fixtures and fittings – an excellent element for shop, office, and restaurant owners, most contents insurance policies don’t cover fixtures and fittings, and this can protect them from things like fire, theft, or damage
- Business machinery – if your business uses machinery, business machinery insurance will cover the cost of repairing or replacing it
- Goods in transit insurance – if you deliver goods to customers or move supplies from location to location, goods in transit insurance will protect them from theft, loss, or damage
- Directors’ and officers’ insurance (D&O) – as the business’s leaders, senior figures can often be personally liable for a business’s actions and face hefty financial losses should legal action go against them. Directors’ and officers’ insurance – or D&O insurance as it’s also known – protects your senior members from potential financial losses, meaning they can focus on doing their jobs.
- Personal accident – protects your organisation should someone be involved in an accident at work and can cover everything from compensation for injuries to the cost of hiring staff to cover the injured party
- Tenants’ improvements – if you undertake improvements to your rented business premises and disaster strikes, your landlord’s business buildings insurance won’t cover your losses
- Money – should cash be lost or stolen from your premises; it can be covered up to agreed limits
- Book of debts insurance – this covers the cost of recreating your debts records and chasing up debtors should your original records be destroyed. This will protect you if your records are lost in a cyber-attack, a comforting thought given there was a 15% rise in the number of attacks in 2022**
Who Can Get A Commercial Combined Insurance Policy?
Commercial combined insurance’s flexibility lends itself to businesses of all shapes and sizes, including:
- Office-based businesses
- Logistics businesses
- Builders and construction firms
- Hauliers and trucking firms
- Importers and exporters
- Food and drink companies
- Warehouse owners
The list goes on and on, but if your organisation has multiple insurance needs and wants a simple solution to covering those risks, getting a commercial combined insurance quote is a good option.
What Are The Benefits of Commercial Combined Insurance Through Coversure?
Getting the right insurance is obviously vital – especially for complex businesses that have multiple insurance needs – and there are several benefits to commercial combined insurance from Coversure, including:
- Save money – a single business combined insurance quote can work out cheaper than buying individual policies
- Independent advice – getting the right cover starts with getting the right advice. Your local Coversure office will take the time to understand your needs before recommending a package of cover
- Save time – if you have individual policies and need to make a change, you’ll have to go through each one. Similarly, if you need to make a claim or renew your cover, having only one policy to deal with can save you a lot of time and hassle
- Cover that’s tailored to your needs – Coversure can tailor your commercial combined insurance so that it fits your needs perfectly. We know that no two companies are the same and this kind of insurance is as bespoke as your business
Commercial Combined Insurance FAQ
Commercial combined can be a complex area of cover so to help you get the protection you need, here are our frequently asked commercial combined insurance questions. We hope that they will be helpful, but if you’d like personalised independent advice, you can talk to your local Coversure office.
- What does ‘commercial combined insurance’ mean?
A. Commercial combined insurance is a policy that allows you to add various commercial or business risks to one policy
- What can be covered on a commercial combined insurance policy?
A. A commercial combined policy can cover everything from your employers’ and public liability insurance to your machinery, stock, fleet, and commercial buildings insurance
- Who can get commercial combined insurance?
A. If you have a business, charity, or other organisation that needs to insure against multiple risks, then commercial combined insurance could be for you
- Is commercial combined insurance a legal requirement?
A. No, but if you have employees, you will need employers’ liability insurance
- Can a commercial combined insurance policy cover fire?
A. Yes, it usually covers loss or damage to insured items and property caused by fire and other risks such as lightning, aircraft, explosion, earthquake, riot, civil commotion, malicious damage, storm, tempest, flood, escape of water, etc.
- How much does commercial combined insurance cost?
A. That will depend on factors such as the size of your business, the type of work you are doing, where and for whom you are working, whether you have employees, and your claims history
- Can I insure vehicles on a commercial combined policy?
A. Yes, you can insure your business vehicles on a policy. You can insure vans, trucks, business cars, and even plant equipment such as diggers and forklifts
- Can a commercial combined policy protect my stock and supplies?
A. Yes. It can cover your raw materials, part-finished goods, parts, and stock against loss, damage, or theft. It can also protect expensive items such as machinery or office equipment
- How can I get a commercial combined insurance quote?
A. Getting a quote is easy; contact your local Coversure office or start your commercial combined insurance quote today
Coversure Commercial Combined Case Studies
When it comes to commercial combined insurance, Coversure is the team you can trust as the following case studies and testimonials clearly show.
The Coffee Machine Maker
In 2017, a UK manufacturer and distributor of coffee machines took out commercial combined insurance through Coversure. Their cover had previously been with several different brokers, none of whom had taken the time to explain what it was they were insured against, what the terms and conditions meant, and who generally provided poor levels of service.
Following the move to Coversure, they now receive a free comprehensive review of their risks by a team who have gained a deep understanding of their business. The company has grown to become one of the largest coffee machine manufacturers in Europe, exporting all over the world and turning over £14m. Coversure continues to be one of their key service providers, ensuring their growing business enjoys the comprehensive protection it needs while providing consistently excellent service.
The Garden Equipment Wholesaler
A national garden equipment wholesaler recently moved their insurance to Coversure by taking out a commercial combined policy. As is so often the case, the client chose Coversure thanks to the exceptional service they received. Before cover was arranged, a member of the team visited the customer’s premises, assessed their needs, and took them through the quote, cover, and exclusions. By tailoring a commercial combined policy to their needs, they made protecting a complex business simple, something the client had struggled with. They’ve been so impressed with Coversure’s service that they have recommended them to several of their customers.
Why Get A Commercial Combined Insurance From Coversure?
Service comes first at Coversure, and as the following feefo testimonials from some of our commercial combined insurance customers show, we’re the team you can trust with your business.
A good place to get insurance.
I have a lot of my insurance with Coversure and know the staff well now. They are also excellent at finding good value deals for me. I had a claim recently, and they sorted things out for me too. Very pleased.
Suits my needs and best price.
100 percent recommend them I’ve used them for years. No foreign call centres, dealing directly with friendly people who know what they are talking about.
Excellent customer service, very helpful with my enquiry and great premium.
Ideal cover for my situation with a reputable company.
I have been with them a good few years now. They have never failed me.
Great company who takes great care of their people.
Get A Commercial Combined Insurance Quote
If you’d like a commercial combined insurance quote from Coversure, please get in touch with your local Coversure office or start your quote here. Our specialists will search their markets to find the right policy at the right price to protect your business.
*Policy information is correct at the time of writing. Policy details, limits, and exclusions are subject to insurer’ changes. When taking out a policy, your local Coversure office can advise you of the specifics of your cover.
**Vodafone Business Report 2023