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There are many complications involved with running a business, such as tax, payroll, supply chain, marketing, a raft of business insurance policies and simply ensuring the day to day needs of the business are met.

When it comes to insurance, however, simplifying is a simple matter of choosing the right combined insurance policy.

A business combined insurance policy consolidates a range of insurance policies into one single payment and premium, which is easier and often cheaper than managing the policies separately.

Whilst a combined insurance policy is built around the needs of individual businesses, there are some typical coverage areas that most comprehensive insurance policies cover.

These can include:

  • Property Damage– This covers damage to the building, stock, and contents, with different policies covering different types of damage. Third-party, fire and theft are common parts of this insurance.
  • Business Interruption –As the last year has shown, major events can disrupt if not outright stop operations, such as pandemics, natural disasters and damage caused by nearby buildings such as fire or other safety issues.
  • Indemnity– Indemnity protects against claims from customers who end up suffering personal or financial damage as a result of a mistake made by the business, such as by giving mistaken advice.
  • Liability– Legal liability is when your business is found to be responsible for damage to employees or members of the public, often as a result of products or services.
  • Legal Fees – This covers the cost to your business of seeking legal advice.
  • Equipment Breakdown –If you have business-related machinery that is required to continue functioning, you can claim for the repair or replacement cost.

There are many other parts to a combined policy as well, and some insurance providers will provide cover for specified other risks that are described to them.