Monthly Archives: July 2017

Commercial Insurance Combined

Commercial Insurance is a wide genre with many business types, covers and risks.

A commercial insurance combined policy is modular with a basic set of cover options included. This allows various risks and cover options to be added to the policy as desired by an individual business in an incremental fashion or at a later date during the policy term, if business needs require.

The modularity of the underwriting and premium calculation allows proposers to tailor the covers to fit their individual trade or business insurance requirements whilst retaining the widest range of policy options to cover all enterprises requirements, under the same policy wording.

Most commercial and business insurance is packaged in some way, with a basic blanket level of cover and indemnities to which further options can be added. However it is possible to buy standalone commercial insurance cover for public liability and professional indemnity insurance and also for most types of commercial property insurance, for example where just buildings cover is needed.

At the sales and marketing level, commercial insurance combined packages are differentiated and sold by the various trade and business types.

This is because different business types require differing liability and cover limits, depending upon the particular risks in that business sector. For example a shop insurance package may place high value on including window and glass cover in its package, however this wouldn’t be much use to a painter and decorator who is just looking for tradesman’s public liability and tools cover. Similarly the shop owner would not find much use for a contractors all risk option but requires goods in transit cover for his deliveries.

Good commercial combined packages allow flexibility in their underwriting to cater for all variations of trade risks and online services allow you to freely add and remove options to build up a combination of covers that suits your business risks and pocket.

A combined policy will always contain a liability section as standard. This provides options to add employers and product liability to the basic public liability cover.

If the business owns or rents commercial property then buildings and contents cover can be added if required. Certain combined policies, such as for office insurance will offer office contents as a separate option. Similarly a shop insurance package will offer cover for stock held in the premises.

Commercial packages aimed at various trades usually also offer a plethora of add-on options for an additional premium.

Some of the more popular of these covers include business interruption insurance or loss of profits insurance which covers a businesses losses whilst being unable to trade due to a claim. Professional indemnity insurance which covers negligent advice is available under combined liability policies. Fidelity guarantee insurance protects a business against fraud or theft of money by an employee. Group personal accident cover and income protection is often available on combined policies which cover staff against accident and sickness.

How a Commercial Insurance

Insurance brokers have become increasingly more important today compared to many years back. Given the heavy loads of competition in the California insurance market, customers should be kept well-informed so that they won’t be led astray into getting frivolous deals. Most especially in the aspect of commercial insurance, entrepreneurs are usually better off with brokers beside them.

What is a Commercial Insurance?

Commercial insurance is just an insurance to protect businesses in the state. It is considered as one of the most vital investments for business operators. Depending on the specific type of commercial insurance, this security protects various aspects of the business. It can provide financial security in times of theft, liability, property damage, work-related employee or customer injury and even during times of business interruption. Those who have not secured insurance for their business are at risk of sudden financial depression. It has also been observed that uninsured businesses place the personal assets of the owner at risk.

Before setting out for an insurance hunt, make sure that you are already equipped with ample knowledge of what you really need. For example, you may be better with one specific type of commercial insurance, rather than having all forms of commercial insurance in one package. If you don’t have company vehicles for operating your business, you can do away with auto insurance and just go for property insurance instead. But you still need to know everything about these specific insurances because nobody is certain when your business might expand. Together with this growth is an expected change in insurance needs.

Looking For an Insurance Broker

Finding the right commercial insurance in California involves tapping the services of a trusted insurance broker who, as much as possible, is specializing in business insurance. It is important that you interview more than two brokers and check who among them makes you more at ease when it comes to dealing things. It is expected that he discusses the different options that surround commercial insurances.

As there are various classes of business insurance, your broker can guide you through the entire process. Using his expertise, he can easily recommend the most suitable plan for your immediate needs. A good place to start looking for brokers is the Internet. If not, search for them via networking organizations for local businesses. Your friends in the industry or business advisers may also refer you to seasoned brokers in the state.

Insurance brokers are in place to make it easier for business owners to get the right insurance. However, even with their ability, it may be difficult for some to get one most probably because of their company background. For example, if the business has already suffered some degree of loss in the past then it may be considered a high-risk entity. This means most insurers will back out from making any deals with you. Another reason for the increased difficulty in procuring commercial insurance is the owner’s history of making frequent claims, which easily makes him a liability. In addition, new businesses will surely have a harder time getting insured because of not having a proven history of business sustainability and strength compared to more established businesses. Still, business owners have higher chances of sealing the best deals with a broker nearby.

Two Unexpected Areas Commercial Insurance

The average person tends to mostly associate the term ‘commercial insurance brokers’ with business and corporate insurance, a link which is neither unwarranted nor off the mark. In fact, the majority of these companies’ business tends to revolve around helping corporations and small businesses be properly insured.

However, some companies are not satisfied simply sticking to the standard, typical areas of expertise for commercial insurance brokers. For some of these experts, it is a challenge to attempt to expand to areas outside what would normally be associated with them, and as a result, their companies tend to offer services in fields they would not necessarily be expected to operate in. This article highlights two of the most unusual fields commercial insurance brokers may offer insurance solutions for.

Charity

The name ‘commercial insurance brokers’ hints at the fact that these companies mostly operate within profit-driven sectors; that is why it can come as so much of a surprise to discover that some of them offer solutions specifically tailored for charities and not-for-profit organisations.

Commercial insurance brokers who offer these types of services tend to focus their efforts on ensuring said organisations are protected against medical malpractice, abuse, negligence and accidents. Further, they seek to provide cover for any events these groups may seek to organise, as well as insure their property as much as possible. It is not unusual to see commercial insurance brokers who offer solutions for charity offering cover for vehicles, such as minibuses, as well as insurance in case of business interruption. The intent is to ensure that, much like profit-driven businesses, these organisations are able to minimise financial damages in case of an accident or misfortune. This is particularly important in the case of charities, as they tend to survive on donations and grants; commercial insurance brokers who deal with these types of institutions understand this, and this is why they tend to be particularly thorough when tailoring insurance solutions for not-for-profit clients.

Education

Education insurance is another field many commercial insurance brokers very often branch off into when looking to widen the scope of their services. While not strictly businesses, schools and academies often tend to have many of the same needs a typical company or corporation will have, and hence many commercial brokerage companies find that they are well-equipped to offer solutions in this field as well.

Typical insurance solutions for schools and academies also tend to overlap with those offered to charities and not-for-profit organisations, as these types of institutions tend to have the same needs and many of the same goals as educational establishments. However, packages for schools do offer a number of additional options, such as cover for school and field trips, cover for governors and trustees, and hirers’ liability. This helps ensure both students, staff and school property are fully insured and covered, a measure both welcome and necessary when dealing with minors. Child protection is one of the main concerns of modern western society, and it therefore comes as no surprise that most of these packages are specifically designed to ensure both a school’s students and the adults responsible for overseeing them are as safe and secure as possible in the context of their learning activities.

It is clear, then, that while many commercial insurance brokers are perfectly happy sticking to the tried and true areas of the insurance field implied in their name, just as many are willing to branch out and offer cover to sectors and fields of modern society they would not normally be expected to get involved in. Doing so, in turn, allows them to widen their potential pool of clients, all while earning a reputation as versatile insurance providers able to manoeuvre within different fields.