Save Money With Commercial Combined Insurance

Commercial combined insurance is designed to protect your business assets from damage

, theft, fire, vandalism and natural disasters such as floods and storms. It provides cover for your building/s, plant and machinery, contents, and business equipment and stock. Most importantly, it also covers public and product liability and up to GBP 10 million in terms of employers' liability cover. There may be times when your business may lose its continuity due to several reasons. However, any business interruption can be protected with adequate commercial combined insurance.

The level of cover depends on the nature of your business and varies between insurance companies as well. Some include terrorism cover as well. The main objective behind this type of insurance is to integrate various types of business insurance into a single policy while covering all the important aspects of your business. Insurance companies offer flexible policies, since certain types of cover may not pertain to your business. In some cases, professional indemnity insurance can also be included in this type of insurance. Breakdown cover is also a common option that offers protection to your business equipment in the event of any breakdown leading to a temporary loss of business.

As a business owner, you will have various issues to deal with on a regular basis. Finding adequate, individual insurance cover for every aspect of your business can be a tedious task. By combining numerous insurance policies into one single policy you can save time, money, and the convenience of dealing with one insurance company. Purchasing individual policies can result in higher premiums. However, in a combined insurance policy, service providers offer discounts that could save you a significant amount on premiums every year.

A commercial combined insurance policy will ensure that your business property, staff and vehicles are all protected under a single policy. Moreover, any issues can be dealt with much quicker when you are dealing with one insurance company. Renewing your insurance policy is also easily accomplished in a commercial combined insurance policy. A singe renewal date saves you time and having to deal with a lot of paperwork as well. Considering the current economic climate, a combined insurance policy is a welcome reprieve for many commercial business establishments.

One way to save on premiums in a commercial combined insurance policy is to adjust the amount of cover. Some policies allow you to raise public liability insurance cover from GBP 1 million to GBP 2 million. This can be achieved by raising the cost of the policy by a certain percentage. In order to establish an appropriate premium, the insurance company will appoint an insurance professional to visit your business premises and determine the element of risk that your business is likely to face. It would be prudent to consult a professional advisor in order to establish the amount of cover required at the right price, without compromising on other areas.

The biggest risks arise from claims pertaining to costs and damages, making liability insurance an essential element of commercial combined insurance. On the other hand, employers' liability insurance is compulsory as per law. Property damage is another element of risk due to fire and floods that can cause extensive damage to your business property. Assessing these risks is easy if you consult a professional insurance advisor.

by: Paul Delaney

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