Combination business insurance protects your business assets from a number of unforeseen losses, including damage, theft, fire, natural disasters (such as floods and storms), and vandalism. This insurance provides coverage for your buildings, machinery, business stock and equipment, and all other contents within the building premises.
No matter the size of your business, you may need to protect your business from various risks and any other claims that may arise during the course of business. The purpose of business combination insurance is to integrate different types of business insurance into one policy that covers all important areas of a business.
Combination business insurance typically includes buildings insurance, stock insurance, employers’ liability insurance, public liability insurance, and buildings contents insurance. Sometimes it can also include professional indemnity insurance and product liability insurance. Exact coverage will vary depending on the nature and size of your business.
It is always advisable to consult a professional before opting for commercial combination insurance. Different businesses require different elements of insurance coverage, so a professional will be able to ensure that the combined policy gives you the maximum coverage and does not limit other important areas of coverage.
Some commercial combination insurance policies allow any adjustment to the amount of cover, as in the case of third party liability insurance, where you can increase cover from £1 million to £2 million by increasing the cost of the policy by a fixed percentage. Making adjustments can lead to significant premium savings. This type of policy is best suited for large businesses that require many different areas of coverage. Before choosing a commercial combination insurance company, companies must determine the element of risk their business is likely to face. This risk assessment may require a site visit by an insurance professional.
Among the biggest risks are third-party liability and costs and damages arising from claims made against a company. Employers’ liability insurance is required by law, making it an essential element of any commercial combination insurance package. This insurance protects employees from all possible risks or accidents that may occur in the workplace. Liability insurance is also essential as it protects a business against any claim made by any visiting public while on its business premises. Other areas of coverage include product liability insurance that protects companies from any claims due to manufacturing defects in the company’s products. Directors and Officers (D&O) insurance is also available in a commercial combination insurance policy where the directors of a company can protect themselves against any liability that arises during the course of business.
Property damage coverage is important as fire and flood can cause extensive damage to commercial property. Companies that carry large stocks will benefit when this type of insurance is combined in a way that minimizes losses due to deterioration or damage to the stock. There are other business risks, such as loss of business license, goods-in-transit coverage, commercial vehicle insurance, and more. Shopping for the right commercial combination insurance can be a daunting task, especially when the risks are not straightforward. Therefore, it is advisable to seek the services of an insurance professional to obtain the right policy at the right price.