At Stanmore Insurance, we have specialised in supporting businesses and their insurance needs since 1962 and running a business means responsibility. Whether that is to your staff or customers, you serve them in a multitude of ways. But things can and do go wrong.
That is where commercial combined insurance policies come in. With one policy, one partner, we bring multiple policies together and manage them for you. So, what does a combined commercial insurance policy give you?
Understanding commercial combined insurance policies
Commercial combined insurance policies are aimed at firms that could require protection, whether that’s in the property, media, construction or other sectors.
You pay a monthly or annual premium and have the peace of mind that you are covered against an array of business risks.
Did you know that millions of UK businesses take the risk of having no cover every year? Around half of SMEs have no employee or public liability insurance. It is the strategic move that can have catastrophic financial consequences. Some take the risk because of the cost, whereas others take it due to the complexity.
Under our approach, Stanmore acts as your partner, coordinating with every provider to reduce complexity, whilst ensuring you pay the lowest rates possible for great cover.
What is included in a commercial combined insurance policy?
Your commercial combined insurance policy will depend on the type of business you run.
However, you will usually find several core insurance types under these umbrellas, including:
- Property and Contents – To protect your properties, machinery, stock and equipment against covered events.
- Business Interruption – To offer financial support to your business if you’re unable to trade.
- Public Liability – To provide cover if a member of the public is injured on your premises, or if a third party’s property is damaged and it’s the fault of your business.
- Employers’ Liability – To defend against claims made by employees against your firm if they suffer from injury or illness due to their work. Note, this is a legal requirement for nearly all UK businesses with staff.
Beyond these coverage types, you can also add coverage types, like cyber insurance, professional indemnity, management liability, and more.
What you really need depends on the nature of your business activities. With so many coverage options, though, it’s easy to see why the combined approach makes sense for most companies in reducing complexity, confusion and cost.
Tailored commercial combined insurance to your business
No two businesses are alike. What works for someone else will not necessarily work for you. You want coverage that gives you peace of mind, whilst avoiding paying for the protection you do not need.
Any good commercial combined insurance policy must be developed based on the specific risks your firm faces.
It should be tailored to issues like:
- Business activities
- Your premises
- Asset value
- Number of employees
- Industrial sector
- Day-to-day risks
Personalised policies get the best results, which is why we work to understand our clients and their needs from the outset.
We invest time in understanding who you are and what you do. With this knowledge, we can shape a commercial combined policy that’s fully adapted to your operations. Crucially, this ensures you not only get the cover you need, but also do not pay for the cover you do not.
Why you need commercial combined insurance
In a BIBA study, they found that almost 75% of businesses didn’t have a plan in place for dealing with the potential impact of terrorism. In the UK, many SMEs are underinsured for a range of reasons, such as:
- Outdated policies
- Coverage gaps
- Insufficient coverage limits
And many business owners do not even realise it until it is too late.
The benefits of commercial combined insurance vs multiple policies
Jargon and legalese should not be a barrier to proper coverage. According to the Association of British Insurers (ABI), complexity is one of the leading reasons for coverage gaps.
Taking out a commercial combined insurance policy, instead of relying on multiple policies, delivers simplicity. You are no longer worried about dealing with multiple insurers because all your cover is managed in one place.
Think reduced administration, straightforward renewals and full transparency over what you are paying every month.
There are also practical advantages. Instead of arranging multiple policies in isolation, a combined policy makes it easier to review your cover at a glance.
In short, you are:
- Reducing duplication in your policies.
- Revealing coverage gaps that could cost you.
- Ensuring that the protection you have matches up with the risks you’re actually facing.
Additionally, a combined commercial policy gives you a single point of contact for all your insurance needs. Whether you need to switch your coverage, review your existing policies or make a claim, it happens in the same place from a single point of contact.
Why choose a commercial combined insurance policy with Stanmore Insurance?
At Stanmore Insurance, we are proud to have supported businesses across Bolton, the North West and across the UK since 1962. Over the years, we have built a reputation as the “Insurance People” for the way we do business.
Unlike other insurers, we are not purely focused on the breadth of coverage we provide, but on how that coverage is delivered.
Take out cover with us, and you are getting a single point of contact, a team that understands your business and, ultimately, coverage that kicks in when you really need it.
If you are looking for an insurance provider that has your best interests at heart, look to us for your commercial combined insurance policy. To learn more, contact Stanmore Insurance today.
