Commercial Combined Insurance can be a business critical cover, the protection the policy offers can fully protect your business from a variety of risks, in a single easy to manage policy. A recent survey conducted by the Insurance Business Magazine found that it is the second most sort after policy type by small to medium sized businesses, second only to liability insurance, which shows that you need to consider commercial combined insurance for your business, no matter if you run a warehouse or a manufacturing plant.
This cover is uncommon in the way that it is one of the rare policies that doesn’t do what it says on the tin, while some policies such as fleet and landlords insurance are quite clear. In this article we will look at what a commercial combined policy actually is, and most importantly what can this great insurance policy cover.
What does Commercial Combined actually cover?
Well, it very much depends on what you’re insuring, a small distribution company will need different cover to a massive processing plant. The simplest way of defining Commercial Combined, is that it’s several standard policies pulled together to create a policy that works around your business, making it one of the most flexible insurance policies on the market.
Let’s look at a hypothetical example, say you’re a manufacturer making high-end audio equipment. Now to find a range of individual policies that cover your high value stock, could prove to be costly and time consuming to you, especially when you’re trying to run a business. Ultimately commercial combined works around you to ensure you’re covered to a level that suits your needs.
What can the cover include?
- Property cover options – Cover for your property in case of damage
- Contents cover – Protect your contents against damage. This can be a vital part of your policy if your business relies on selling products to your clients
- Business interruption – Protect your income if you are forced to close your business for a period of time
- Commercial legal expenses – Financial protection from legal disputes. Can include support and advice if you defend yourself
- Cyber insurance – Cyber insurance is becoming a vital cover for businesses of all sizes, a data breach for example can run up costs into the thousands
- Employers liability cover – Do you have any employees? If so, this cover is a legal requirement to protect your employees from accidents in the work place
- Machinery cover – Machinery is a vital part of a lot of businesses and keeping it running can be vital for your income. Making sure you are protected if your machinery is damaged can be crucial, as you will know, your machinery can be expensive
- Goods in transit – Do you move goods around? If so you will want to protect them in transit, goods in transit insurance does just this, and can cover all goods including high-risk and valuable items
- Money cover – Money cover can protect your business’s money while it’s on the property, this can include theft either from an employee or an external party
- Public and product liability – Protecting yourself is vital, public liability protects you if someone is injured while on your property
- Terrorism – Covers your business if it suffers any damage due to the result of terrorism
- Theft by employees – Theft by employees can be a problem for businesses, this cover will allow you to replace stock as well as help cover any legal costs.
How do you know what you need?
Speaking to an insurance broker, like Coversure, is one of the best ways to ensure you’re getting the right cover. They can take the time to understand your business, the requirements of your industry and the insurance needs of your business. On top of all this, an insurance broker can offer advice on suitable cover options to include in your commercial combined cover. Coversure Insurance Services have experience with a wealth of policies, such as commercial combined and can discuss with you your options from a panel of some of the biggest and best insurance brokers in the country.
What to know more?
Coversure’s commercial combined policies are tailored to your business and can be one of the best options for your business. If you would like to talk to your friendly, local Coversure branch, then find your local office by clicking here.