This type of policy is all encompassing and aimed at individuals, organisations & companies that operate for commercial reasons. It can also cover “not for profit” or charitable concerns as well. The main product types are listed below, but not limited to:-
Rather than underwrite a bespoke offering for each Retail Business, insurers offer cover as part of a “Package Policy”. By operating in this way, it keeps costs down for the insurer, which in turn helps with pricing and also offering a very comprehensive policy. Most retailers will have similar requirements, albeit the sums insured will vary dependant on the trade and nature of the business. Retailers policies usually offer buildings or tenants improvements, stock, general contents, liabilities, business interruption, money along with many others.
Businesses being operated from an office are quoted as “Package Policies”, in so much as insurers provide a multitude of covers as part of the overall price. Office policies generally have higher sums insured for Electronic Equipment/Computers and Accessories. The main covers available are Buildings or tenants improvements, electronic equipment, book debts, liabilities, and money and business interruption to name a few. In respect of business interruption this can be insured on the basis of Gross Profit or Increased Working Expenses.
Commercial Combined Insurance
There are times when a business will not fit into a “package policy” and needs to be underwritten on a bespoke basis. These polices are called “Commercial Combined” and work by way of the insured choosing which sections of cover they feel are most relevant to their exposures. Generally speaking, these types of policies cost more, as insurance cover is tailored to provide solutions for a specific business’s needs.
Hotel & Guesthouse Insurance
This is a very diverse industry, with each business owner having their own challenges and insurance requirements. Insurers are able to provide cover for the Buildings, Contents, Business Interruption, Money and Liabilities amongst many others. Hotels may provide a variety of different services such as Gym Facilities, Swimming Pools & Adventure Play Areas, all of which come with their own risks to the business and in turn the businesses insurer. We have a large panel of insurers, so please speak to us for advice and a recommendation.
Public House & Restaurant
Insurers will cover the property and contents as part a “package policy”. The contents will include stock of Beers/Wines & Spirits which are deemed “Target Stock” from an insurer’s perspective as they are very susceptible to theft. It is also worth noting that some insurers will automatically include cover for Frozen Foods, but others may need a specific sum insured. Public & Products is a necessity for these business too, what with the supplying of goods and having the general public on the premises.
Motor Trade Insurance
This is a combined policy which covers both the Property/Workshop along with the relevant Road Risks Policy. It can be split down into “internal”, which covers the machinery & plant, contents and tools etc. along with “road risks” which allows the business to drive vehicles in their custody or control. Included within this policy will also be Public Liability/Defective Workmanship, should there be negligence which gives rise to either a personal or property damage claim being made against the trader.