WHAT IS COMMERCIAL COMBINED INSURANCE?
What is commercial combined insurance?
Your business is unique, which is why specialised insurance that’s bespoke to your business needs is often the best fit for small business owners. Just as a florist with a retail premises won’t need to the same cover as a contractor in the construction industry, your business may need tailored cover.
Commercial combined cover is a solution that ensures you’re protecting your business against the unexpected, however you do business. David Perry, Managing Director of FSB Insurance Service, answers your frequently asked questions about commercial combined insurance policies and what they cover.
What is commercial combined cover?
A commercial combined policy is made up of different sections, each tailored to your business’ needs. It brings together sections that are sold as individual policies into one bespoke policy. An insurance advisor can help you to understand what specialist cover your business requires and how this can be achieved.
Each policy is different, but common sections include:
- Material Damage
- Business Interruption
- Public Liability
- Product Liability
- Employer’s Liability
What are the benefits for my business?
When looking at insurance, you might find that your business doesn’t fit into standard policy packages. With the challenges of a hardening insurance market resulting in less cover being available from a more limited market at a higher cost, preparing early for your commercial insurance renewal is more important than ever.
With commercial combined insurance, you’ll have:
- Tailored protection for your business in one policy
- Peace of mind that you have the right cover
- Advice on the cover that will suit your business needs
- The ability to change your cover as required
For example, most retail shops might find that a generic package policy designed for all shops is sufficient. However, if you also manufacture, deliver or install products or services, then you will need additional cover beyond the standard package. Due to its flexibility, commercial combined insurance is one of the most popular options for small business owners. It’s not one size fits all, but it might be the right policy for your business.
Here’s how we supported FSB member and FSB Insurance Service policyholder, Gavin Barlow of Armoured Engineering, who needed help finding a policy to insure tanks.
“We were intrigued when we visited this client in Kent and discovered that Armoured Engineering build and repair working tanks and artillery. To our surprise we found that a requirement of the client was to be able to insure their armoured vehicles for use on the open road, a unique request for us, as tanks are an unusual road worthy vehicle.
FSB Insurance Service were able to find Gavin and his team the right insurance for their enterprise, including road cover, enabling Armoured Engineering to deliver the service their customers deserved in confidence.”
David Perry – FSB Insurance Service Managing Director
Do I need more than one commercial combined policy?
If you only have one business, you shouldn’t need more than one. if you have different business interests, you can have one for each.
What do I need to look out for in the policy wording?
Most smaller businesses start with a package policy. This is a form of commercial combined insurance but packaged up for specific types of businesses, for example tradesperson and professionals insurance. These have terms and extensions which suit most businesses under this category. However, you may find your business needs a bespoke policy for your specific business needs, in which case commercial combined may be a better fit.
Seeking advice from an insurance broker is essential. FSB members registered with FSB Insurance Service can call our insurance advice line.
What is a commercial combined proposal form?
This is the form which you may be asked to complete, giving all of the details about your business needed for an Insurer to provide terms. It will include detail about what you do, how and where you do it, the things which you want to insure and how much for. You should be as specific as possible.
If my business has previous claims, can I still take out a commercial combined policy?
Claims should not stop you from buying a commercial combined policy but insurers will want full details and to understand that action has been taken (if possible) to prevent the same thing from happening again.