The moment you start selling your product or service, your company goes wild. The mere existence of a business exposes it to risks such as fires, floods, lawsuits and cyberattacks. We hope you never have to deal with any of these, but many business owners choose to protect against them just in case.
With so many options, it can be difficult to know where to start. Commercial compound insurance can take some of that stress away by allowing you to purchase more than one type of coverage at once. That’s why it’s called “combined” insurance, in that one policy can handle many different issues, like the Swiss Army knife of insurance.
How does commercial combined insurance work?
You can also compare commercial combined insurance and package holidays. Purchasing different types of business insurance together can save you money and effort in the long run and allow you to tailor it to your needs.
Suppose you run a manufacturing business that makes parts for airplanes. The factory space has all the equipment, machines and people working for you. Along with vehicles for transporting finished aircraft parts to paying customers, you will also have a place to store your crafted aircraft parts.
All of these areas can be insured, including staff, inventory, warehouses, equipment, and goods in transit. If you prefer, you can also go to different insurance companies and purchase individual policies that cover each specific risk. Alternatively, you can consult a single provider and have it all sorted out in one fell swoop.
The actual process of getting commercial combined insurance is similar to other types of commercial insurance. Providers examine your business by looking at your sales volume, claims history, industry sector, and more, consider what you need insured, and assess your overall operational risk. They then use that information to come up with a policy that works for you, and you can work with them to fine-tune it.
What does commercial combined insurance cover?
If you are in the market for one type of commercial insurance, you may be able to factor it into your composite policy. So while the available coverage is fairly broad, many package policies tend to include one or more of the following:
- Public liability insurance: Coverage when customers or members of the public take your business to court for personal injury or property damage claims
- Employer Liability Insurance: A type of insurance that you are legally required to have to protect your business from claims in the event of employee illness or injury while on the job.
- Product liability insurance: Coverage related to products that your business manufactures, repairs, or supplies to cover defects and damages to those products
- Warehouse insurance: With this type of cover, you can prevent theft or damage to your inventory stored in your warehouse
- Business interruption insurance: Insurance to cover financial losses due to fire, flood and other unforeseen circumstances
It can also protect against license loss, inventory deterioration, and even terrorism. The same applies to insuring computers, other equipment, cash you keep on premises, and many other areas. It all depends on what kind of business you are in and what events could cause you a loss, stop trading or ultimately take you to court.
Why do companies purchase commercial comprehensive insurance?
One of the main advantages of combining policies is that they are flexible. With combined commercial insurance rather than a one-size-fits-all approach, you get something more personalized, with elements that you can typically adapt, add, or remove as needed.
Another reason companies want packaging policies is to save money, such as buying in bulk. But it can also give you peace of mind as a business owner. Having all the bases covered means your business can benefit from extensive protection.
Comprehensive commercial insurance is also not a one-time purchase, as premiums are paid monthly, possibly over decades. Save yourself the hassle of dealing with multiple providers and payments by consolidating all your insurance policies. So perhaps the biggest benefit is that it saves a lot of headaches for administrators.
What types of companies participate in commercial combined insurance?
Composite insurance appeals to a wide range of industry sectors because it can incorporate such a wide range of insurance coverage. It all depends on what your business is and what kind of insurance you are looking for.
However, if you’re performing fairly specific operations, you may not need something so exhaustive. Commercial combined insurance is best suited for companies with a large number of moving parts and benefits from grouping all premiums under his one umbrella. Builders and developers are a good example. Because we deal with real estate, contractors, employees, transportation, equipment and more, and sometimes face potentially dangerous working conditions. 360 degree insurance protection can be an important part of any development project.
However, there are many other complex businesses that can also benefit from commercial composite insurance. You may run a wholesale business, an accounting firm, a group of restaurants, or something else entirely. Whatever you do, talk to your insurance company representative first to help determine what is right for your business.
Can I still get commercial combined insurance if my business has previous claims?
When an insurance company puts together a compound policy, they look at the potential risks you pose to the company. A large part of it could be claims you’ve made in the past.
Even if you’ve made claims in the past, it’s never a deal breaker, but you can do yourself a favor by showing that you’ve taken action to reduce the chances of something similar happening again. You can. It might enhance security, change the way you work, or improve your company’s processes. Either way, it definitely doesn’t hurt to show what you’ve learned from the past.
Ultimately, the best insurance policy is a two-way street with advice from your provider and careful consideration from you. It’s all about protection. By addressing all potential risks at once, you can implement that protection in a much simpler way.
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Now that you’ve looked at why commercial combined insurance can help your business, you may have realized that you want protection or want to assess your current coverage.
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