Commercial Combined Insurance


commercial-combinedCommercial Combined Insurance is a generic term for an amalgamation of different types of commercial business insurance giving businesses multiple types of non-motor insurance under one single insurance policy. As the premier insurance broker in the Tamworth, Lichfield and Sutton Coldfield area we will talk to you about your business and recommend what your specific business needs and then get you the best cover at the best possible price.  You are not an insurance expert, but we are and this is how we have earned our reputation for professional advice and exceptional customer care.

Different insurers have many variations of Commercial Combined Insurance which are designed for specific trade sectors, for example, manufacturers, wholesalers, leisure, plastics, metalworkers – but they all have certain common characteristics.

This type of policy has certain core aspects, called covers, which can be added to as required. The three principal areas of covers are Assets, Earnings & Liabilities.

The Assets section of the Commercial Combined Insurance

This is also called the Material or Property Damage section and can cover your buildings, stock, machinery, fixtures & fittings.  Quite simply this can cover any physical property for its replacement, or you could choose to receive the second-hand value, including removal costs, professional fees and all associated costs in the event of damage occurring. If you have a mortgage or any financial interest in your equipment then this aspect of Commercial Combined Insurance will usually be a condition of the loan that the item concerned be fully insured with a known and acceptable insurance company.  At Prizm Solutions we only work with the best and most reputable insurance companies.

The Earnings section of the Commercial Combined Insurance

The Earnings section covers lost profits in the event of damage occurring. Were the worst to happen then the insurance company would, in most cases, replace or repair or reinstate your lost stock, buildings, equipment and so on but it could take months to get your business back to the same state it was in before the damage occurred. Whilst you’re out of business your competitors will pinch your clients or customers so you need to buy Earnings as part of your Commercial Combined Insurance to keep the profits pumping into your company until you’re back to 100% of where you were before.  In our experience this can take two years or longer. Most businesses who do not have Earnings insurance, which can also be called Business Interruption or Loss of Profits insurance NEVER recover from a serious claim.

The Liabilities section of the Commercial Combined Insurance

The Liabilities section covers your legal liabilities to employees, your Employers Liability <please put link to Employers Liability page> , members of the public, your Public Liability <please put link to Public Liability page> and liabilities arising from the products you supply, your Products Liability. We all accept as a society we are much more claim focussed. Whatever accident happens it’s always someone’s fault so legal redress is required from anywhere in the world. You also need to consider legal costs which are not cheap.  A recent claim involving a Prizm Solutions client resulted in solicitors fees of over £100,000, in addition to an injury payment to the injured person of over £70,000. Without insurance, the company would have been ruined.

A Commercial Combined Insurance policy of this nature can be tweaked to cover all sorts of additional risks such as Goods in Transit, Machinery Breakdown costs, Terrorism, Money – it will be designed for your bespoke business requirements.  Talk to us and then it is our job to determine what you need, give you our advice and recommendations, then get you the best cover at the best price.  Traditionally policies of this nature were not cheap but technology has resulted in massive savings with policies now available for less than £250 per annum, depending of course on what needs insuring and what the risks are!

However, regarding costs what can help and what makes us different from most brokers offering this type of insurance is that in most cases we don’t take a commission from the insurance companies for placing the business with them. Instead, we prefer to work on a fee basis so that our earnings are transparent, which we feel is more ethical.

Whether you are the Director or Proprietor of a business you can be assured of our expert advice and knowledge of your business sector.  Please click here to arrange a call back or to email us if you would like a quotation.

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