Every business is different. The risks you face will depend on what you do, where you operate, the people you employ, the property and equipment you use, and the products or services you provide.
That’s why it’s important to consider whether your business insurance provides appropriate protection for the risks you face.
For some businesses, a Commercial Combined insurance policy can bring several areas of cover together within one insurance programme.
What is Commercial Combined insurance?
Commercial Combined Insurance is designed to bring together different types of business insurance within a single policy.
The cover available will depend on the insurer and the individual policy, but a Commercial Combined policy can potentially include areas such as:
- Material Damage
- Business Interruption
- Public, Products and Employers’ Liability
- Personal Accident
- Goods in Transit
- Legal Expenses
Bringing different areas of cover together can make an insurance programme easier to manage, while also allowing the cover to be considered in the context of the wider risks facing the business.
However, not every business will require every type of cover. The appropriate level and combination of insurance will depend on the nature and circumstances of the individual business.
What cover might my business need?
Employers’ Liability
Employers’ Liability insurance can provide protection against claims made by employees in connection with work-related injury or illness.
Most businesses that employ staff are required by law to have Employers’ Liability insurance, although there are some exemptions.
The level of cover and the circumstances in which a policy responds will depend on the policy terms and applicable legal requirements.
Public Liability
Public Liability insurance can provide cover for certain claims made against a business by members of the public or other third parties in connection with its business activities.
For example, a claim could arise following an accident involving a member of the public or damage to third-party property.
The risks and appropriate level of cover will depend on the nature of the business and the activities it carries out.
Products Liability
Products Liability insurance can be particularly relevant to businesses that manufacture, supply or distribute products.
It can provide cover for certain claims arising from injury or damage allegedly caused by a product, subject to the terms and conditions of the policy.
Businesses should consider their responsibilities within the supply chain and whether their existing insurance arrangements appropriately reflect those responsibilities.
Personal Accident
Personal Accident insurance can provide a benefit following certain accidental injuries or death, depending on the policy.
For some businesses, this may form part of a wider approach to protecting employees or key individuals against the financial consequences of an accident.
The cover provided will depend on the policy terms, including the definitions, exclusions and benefit limits that apply.
Business Interruption
An unexpected event such as a fire, flood or other insured incident could prevent a business from operating normally.
Business Interruption insurance can provide cover for certain financial losses resulting from an insured interruption, which may include loss of income or additional costs incurred to help maintain operations, depending on the policy.
Getting the level of cover and indemnity period right is important, as the financial impact of an interruption may continue for some time after the original incident.
Why work with an insurance broker?
Understanding the risks facing your business is an important part of arranging appropriate insurance.
An experienced broker can work with you to understand your operations, consider the risks that may need to be insured and help you navigate the options available from insurers.
At Anthony James, our commercial insurance specialists take the time to understand our clients’ businesses and their individual insurance requirements.
We work with a network of insurers to identify insurance solutions based on the risks and requirements identified during the process.
As your business develops, your insurance requirements may change too. Changes such as acquiring new premises, employing additional staff, purchasing new equipment, taking on new contracts or expanding your activities may all be reasons to review your insurance arrangements.
Regular conversations with your broker can help ensure that changes to your business are considered as part of your insurance review.
Could Commercial Combined insurance be right for my business?
There is no single insurance solution that is right for every business.
A Commercial Combined policy may be suitable where a business has a range of commercial risks that can be considered together, but the appropriate cover will depend on the individual circumstances and requirements of the business.
If you would like to discuss your commercial insurance requirements, contact Anthony James on 01509 274000.
Insurance cover is subject to the terms, conditions, exclusions and limits of the policy. Your insurance requirements will depend on your individual circumstances.
