What is commercial combined insurance?
Commercial combined insurance is a general term that refers to the bringing together of a range of insurance risks that are most commonly required by businesses. Packaging these risks together in a single policy has the benefit of increased competitiveness, fewer opportunities for gaps in cover and easier and simplified administration.
Why would I need commercial combined insurance?
Whatever size of business you run, you need to protect it from various risks and other claims that might arise during the course of business. The purpose of commercial combined insurance is to bring together different types of insurance into one policy that covers all the important areas of business.
Commercial combined insurance generally includes buildings, stock, contents, employers' liability and public liability. Sometimes it can include product liability as well. The exact cover will vary depending on the nature and size of your business.
What is Business Interruption Insurance?
Business interruption insurance is one of the cover you can include with your commercial combined insurance. The main aim is to provide financial assistance when your business has a reduced turnover following a claim on your policy. The time taken for your business to recover from a claim can be longer than you think. The British Insurance Brokers' Association recommends minimum cover of no less than two years.
Dont Underinsure: If you don't arrange sufficient limits on your property insurance, the average clause may apply. In real terms , this clause means that if your £200,000 property is underinsured by 50 per cent, your financial claim sum is reduced by 50 per cent. So if you suffer a loss of £80,000 the maximum your insurer pays is £40,000. bear in mind that you are insuring for rebuild costs and not the market value of the property.