Commercial combined insurance is a policy that includes various types of key business coverage in one. In most cases, this type of insurance will cover property damage, business interruption, employer’s liability, public liability, personal accident cover, money, and goods in transit. Combined commercial insurance is ideal for businesses that need comprehensive coverage catered to their needs without having to deal with managing several policies. Commercial combined insurance is a comprehensive insurance policy designed to provide coverage for businesses against a wide range of risks. While specific coverage will vary among insurance providers, some common areas typically covered by commercial combined insurance are as follows:
Property Damage
This includes coverage for damage to buildings, contents, and equipment due to perils such as fire, explosions, theft, vandalism, and natural disasters like storms or floods.
Business Interruption
This coverage helps businesses recover lost income and additional expenses incurred as a result of an insured event that interrupts business operations, such as a fire or a flood.
Public Liability
This coverage protects your business against claims from third parties for bodily injury or property damage that occurs on your business premises, or as a result of your business activities.
Employers’ Liability
This coverage is typically a legal requirement in Ireland and provides protection against claims from employees who suffer injury or illness while working for your business.
Product Liability
This coverage protects your business against claims arising from defects or faults in products you manufacture, sell, or supply.
Stock and Goods in Transit
This coverage provides protection for your business’s stock and goods while they are being transported or stored off-site.
Equipment Breakdown
This coverage offers protection against the cost of repair or replacement for mechanical or electrical breakdowns of machinery or equipment used in your business.
Money and Theft
This coverage provides protection for loss of money, including cash held on your business premises or in transit, as well as theft of business property.
Professional Indemnity
This coverage, which offers defense against allegations of carelessness, mistakes, or omissions in the advice or services rendered, is especially pertinent for companies that offer professional services.
As always with insurance policies, it is important to note that coverage will vary depending on the specific policy and insurance provider. It’s advisable to consult with an insurance broker to get a detailed understanding of the coverage options available under a commercial combined insurance policy to ensure that you get a policy that meets your specific needs.