By Callum Watkins
Like it or lump it, running a business means dealing with risks each and every day. Accidents happen. Your staff can trip at work, your delivery vans can break down, or a huge snow storm can sweep the nation and force you to shut up shop. You need peace of mind, and no insurance policy offers more than a commercial combined policy.
What Is a Commercial Combined Policy
Put in simple terms, a commercial combined insurance policy is a singular policy that provides comprehensive and unbeatable protection for businesses. This is because the policy combines a wide range of insurances into one package. It could include insurance for the contents of your building, stock, delivery vans, public and employers liability, for example.
Who Needs It
In its early days, combined insurance was a great option for the small business who wants the simplicity of dealing with one policy, or businesses with complex risks such as manufacturers and second-hand car dealerships. Today, it’s used by all businesses from the local coffee shop that makes the cappuccino you love, to the large delivery fleet that always hogs the road on the way to work.
3 Reasons to Consider Commercial Combined Insurance
If you are still unsure if commercial combined insurance is right for you, here are three reasons it may make sense to consider it.
Reason 1: It offers complete peace of mind.
Possibly the main benefit a commercial combined policy offers business owners is its ability to provide complete peace of mind. By combining many different insurance protections together in one policy, you get the confidence that your business is fully protected from all scenarios. Be sure to clearly outline your businesses needed to give your insurer a clear idea of what protection you need. Your insurer may then add:
- Employers’ liability (claims arising from injury to employees)
- Public liability (accidental injury to any person or damage to their property)
- Product liability (personal injury or damage to property caused by your product)
- Business interruption (loss of income if unable to trade)
- Legal expenses (including employment tribunals)
- Cover against material damage and theft
- Goods in transit cover
- Money cover
- Cover for engineering inspections
- Personal accident and/or sickness risks
As you can see, a combined package can be fully comprehensive and be as complete as you need it to be. This will help safeguard your business operations, minimize business disruptions, protect you from large payouts/lawsuits, and ensures your business continues to operate profitably.
Reason 2: Policies are completely bespoke.
Combined policies can be as bespoke as you need it to be as they are completely tailored to the needs of your business. This is the second key benefit of commercial combined insurance, and why we find many businesses consider them.
Some businesses are more complex than others. Without a commercial combined policy, smaller businesses can often leave themselves under-protected, and larger businesses can find themselves with expensive policies coming out of their ears. In both situations, it’s a waste of money.
Commercial combined policies can be tailored to the size of your business, the number of staff, your industry, business operations, and location. We always recommend making a firm list of all your risks to make each policy as beneficial as possible.
Reason 3: One simple policy.
Simplicity is the ultimate sophistication. These wise words from Da Vinci are just as true 600 years on. Running a business can be complicated enough, so why make insurance a complete headache?
We find that one of the main reasons businesses choose a combined policy is due to its simplicity. Instead of dealing with 10 different companies or 10 different policies, you deal with one company, and one policy. This saves time, hassle and makes your insurance easier to manage.
One key benefit of combining all your insurance on one policy is it offers cost savings. It’s often cheaper to combine all your insurance needs into one package as it often attracts bulk discounts from your insurer. This makes it cheaper than having multiple, individual policies. Don’t forget, having one price makes it easier to compare prices at your renewal date.
Commercial Combined Insurance Summary
So there we have it, we have outlined the main benefits businesses can gain from choosing a commercial combined insurance policy. In a nutshell, it’s all about being fully protected, without all the hassle and headache of dealing with multiple separate policies.
Hopefully, now you will review your own insurance and consider the layers of protection you may be missing. If you are, get those added. When it comes to renewing your policies, consider looking for a commercial combined policy to replace your current plan.
It will not cost as much as you might think, and you will save yourself a lot of time, hassle, and risk! We always recommend you talk to a reputable insurance broker with at least five years experience.
Photo credit: Insurance concept from Billion Photos/Shutterstock