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We have been engaged in the arrangement and provision of business insurance for over 35 years, and are able to tailor a solution to your commercial combined insurance requirements from the products of the leading and specialist insurers engaged in the commercial business insurance market.
We aim to deliver a cost effective business insurance programme to you, utilising modern technology, but with a firm foundation of the knowledge of our broking team whom have many years experience in arranging commercial combined insurance for both very small and very large businesses.
What is commercial combined insurance?
Commercial combined insurance is a generic term that refers to the bringing together of a range of covers that are most commonly required by businesses. This packaging of the risks has the advantages of increased competitiveness, fewer opportunities for gaps in cover and simplified administration for the client.
This type of policy is suitable for a wide range of businesses and activities
What is covered under a commercial combined insurance policy?
The commercial combined insurance policy is a package policy in that it brings together a range of various commercial insurance covers under one policy. The contract is highly flexible and a a wide range of different insurance needs may be met under the same contract and whilst there are many different policies, some tailored to specific trades and industries, available the commercial combined policy is based upon a fairly common group of core covers.
This covers loss or damage to the physical assets of the business whilst at your premises. You need to split the value of your assets between buildings (if you own the buildings or are responsible for the insurance), contents/machinery, computers and stock. The buildings, contents/machinery and computers need to be valued on a ‘new for old’ basis and stock valued on the cost of replacement not sales value. Subsidence is not included as standard, and you should ask for a quotation to include this particularly if you are insuring the building. The premium is dependent upon the insured values, location of premises, usage, construction, security and claims experience. Cover may be restricted or excluded if there are inadequate or inferior risk features, e.g. no alarm, non-standard construction. The policy can be extended to cover assets whilst away from your premises, e.g. for portable equipment or goods at third party premises
Business Interruption or “Loss of Profits”
The Indemnity Period should be the length of time it will be take your business to recover following the claim, to the position your business would have been in had the claim not happened. The Indemnity Period is usually 12 months, but this can be increased if 12 months is not enough but you will need to insure for an amount reflecting the longer period. If you will not lose business in the event of a claim, cover can be restricted to cover increased costs only, e.g. renting alternative accommodation, and you will need to insure for an amount adequate to cover the increased costs.
The premium is dependent upon the same factors as the Property Damage and the Indemnity Period. The policy can be extended to cover your loss of profit following loss or damage (due to risks covered by your Property Damage insurance) at other locations, e.g. suppliers, customers and storage locations. Other extensions of cover are available, e.g. transit, denial of access, utilities, notifiable disease, death or suicide.
Business Cash and Money
There are standard limits for non-negotiable money, and for money on premises out of business hours not in safe and money at the homes of authorised employees. Cover for money in transit has a requirement for the minimum number of person that must accompany the money or for a security company to be used, dependent upon the limit required. The limit provided in a safe depends upon the make and model of the safe, with each safe having its own rating. The cover usually extends to include cost or repairing or replacing to safe in the event of a claim and personal accident benefits covering death or specified serious injuries following an assault.
The premium charged will be dependent upon the limits covered, the annual value of money in transit and claims experience.
Public and Products Liability
This insurance tends to have limits starting at £1,000,000 per incident for Public Liability but in total in the year for Products Liability, with higher limits available if needed. You need to select a limit that is adequate for your business, but you may have contractual requirements requiring a minimum level cover that you will have to comply with. Higher risk trades may have cover restricted or excluded, and you should always check the policy conditions and exclusions carefully. Exports to USA/Canada, safety critical and automotive/aerospace products, use of heat and work at high risk locations are particular problems requiring close attention to the cover provided.
The premium charged depends upon the type of goods and services provided, geographical split of wageroll and turnover, claims experience and limit of indemnity required. Extensions of cover are available, e.g. Financial Loss, Care/Custody/Control Property, Legionella. If you have mobile plant that is driven on roads you will need a separate motor insurance policy.
This insurance has a standard limit of £10,000,000 per incident inclusive of the legal costs, with higher limits available if needed. The premiums charged depend upon the activities of the employees, wageroll and claims experience.
Goods in Transit
This covers loss or damage to your goods whilst in transit within the UK in your own vehicles or carriers’ vehicles. The amounts insured should represent the maximum sales value of your goods in any one vehicle and in any one location for goods sold or the replacement value of other assets in transit. The premium is dependent upon the annual value of goods moved split between own and carriers’ vehicles, the amounts insured and claims experience. If cover is required for goods in transit outside UK , a separate marine insurance is required.
As a result of our understanding of this line of business we are able to offer quotations based simply on you own requirements or alternatively we can discuss your requirements with you providing you with the information to make an informed decision.
To obtain a quotation, simply visit the quotes page from the menu on the left, or if you would prefer, please call us directly on the number shown above.