Many modern businesses rely on lots of integrated elements working together to keep processes and operations flowing smoothly. If there’s any disruption in the whole system, it can end up having a knock-on effect impacting other parts of the business too.
Finding insurance cover for every potential risk factor in your commercial business can be a mammoth task and cause quite a headache when trying to manage individual policies. This means keeping track of different policies for different aspects of your business, possibly across different insurance providers and even with different renewal dates.
By combining lots of elements together into one comprehensive commercial insurance policy, you can save a lot of precious time as well as saving money. Commercial combined cover aims to take the hassle out of your business insurance, allowing you to get on with running things as you normally would.
To meet the many aspects of your business that require insurance, providers are able to offer cover across as wide variety of commercial areas. In fact, it would be a lot easier to list the types of insurance you wouldn’t typically find in a combined policy.
Some of the most common types of commercial insurance suit a wide range of businesses in different industries and environments. Of these, the most important are employer’s liability and public liability insurance.
Employee and public liability
If you have anybody working for you – even just one employee working part-time – you’re legally obligated to have employer’s liability cover. Alongside this, it’s strongly advisable to include public liability cover if you will regularly have customers visiting your premises. These covers will offer you financial protection if an employee or member of the public becomes ill or injured in your workplace and pursues a claim.
Buildings and contents insurance
Whether your work takes place in an office, shop unit or large warehouse, there will always be a small amount of risk surrounding your actual premises and vital equipment inside. Extreme weather, accidental fire or criminal activity could result in damage to your building or assets like computers and furnishings. With commercial fire and theft cover too, you can add greater protection to your buildings and contents.
Product, stock and money cover
It can be a nightmare for retailers or restaurants that rely on vast stock levels if products become damaged, lost, stolen or spoiled. Having to replace large quantities of stock will generally come at a significant cost, leaving you out of pocket. Additionally, if you keep cash on site – in a safe or in cash registers – you may also wish to add money protection to claim back amounts that may get stolen.
Business interruption insurance
Unexpected events that force you to temporarily close your business can potentially leave you suffering from a lack of income. It can take a long time to bounce back from a large disaster like a fire or flooding, while disruption to your energy supply, running water or even phone line can be enough to halt your operations for a short time. By including business interruption insurance for each of these aspects, you can benefit from the financial protection offered if you can’t earn any income for a while.
If your business ends up involved in a legal dispute, it can end up being quite costly dealing with solicitors and going through various procedures. Whether someone takes action against your business or you pursue action against another party, expenses can mount up and leave you out of pocket if you don’t have appropriate cover. Legal expenses cover provides you with a safety net so you can go through the process without the added worry of rising fees.
With so many aspects of your commercial business to cover off in one go, you need to be sure that you have a top broker to ensure your combined policy is tailored to your requirements. Arkwright’s team of brokers have the specialist knowledge and experience to find you exactly what you need.
To speak with one of our team about getting a quote, call Arkwright on 01204 392 525. You can also send us a few details using the “Get a quote” button and we can get back in touch with you to discuss a range of insurance options for a commercial combined policy.