Commercial Combined Business Insurance Policy. "Small Size Business Owners this is for YOU!"

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 Commercial Combined Business Insurance Policy

Small Size Business Owners this is for YOU!



Commercial combine policy is an insurance cover written to cover at least three or more risk that exposes a business or commercial property. 


According to Marsh & Co an Independent Insurance Broker(n.d.), a commercial combined insurance policy is a comprehensive business cover in a single policy, bringing together a range of the covers most commonly required, primarily designed for smaller businesses.


The standard cover accepted by insurers for this kind of business include; fire, theft, goods in transit, employers liability, public liability,  money, glass, electronic equipment, assaults, personal accident, business interruption (BI), and more base on the type of business you operate. 


It should be noted that apart from the standard covers above there are some covers that an insured can request for, to be included in the policy as an EXTENSION and it is optional for an additional premium to the standard premium that will be charged for covering the risk. An example of such extensions may be; refrigerated stock, the business 'All Risk', legal expenses, The Malta Insurance Training Centre. (2017). 


Also, it should be noted that this policy covers the properties of the insured except for items such as cigarettes, wine, spirit.


Advantages or Benefits of this Policy to Insured


-There will be one premium rate charge for the whole business risk combined unlike charging separate rates for every risk your company is exposed to.

-You will get a reduced premium to compare to if you were to get separate policies to cover a particular risk your business is exposed to.

-There will be one renewal date for all the policies covers you will take. This makes the administrative tasks easy for the company.

-Finally, you will have just one policy booklet that manages all the policies. This is advantageous to the secretariat management of the business....' hey you administrative secretary you understand what I am talking here'. The Malta Insurance Training Centre. (2017). 



Are we saying this type of policy cover does not in any way benefit the insurer oh NO it does benefit the insurer in plenty of ways; The Malta Insurance Training Centre. (2017). 

-It is an easy policy to handle by an insurer

-Reduces administrative cost

-Increase the staffing relationship with insured (clients)

-Easy to renew and analyze


Conclusively I should be categorical, to the fact that a Commercial combine insurance policy is the best cover for small businesses because of the reasons examine above, not leaving out its pros to the insurer as well.  As a small business owner after reading this short article take the advantage of the knowledge you just gained and go for a Commercial combine insurance policy. 


Keep an open eye on our next Write-up!


Newton Bezeng

Founder BeNew Insurance

Email: newtonbezeng@outlook.com

Website: https://benew.business.site

Blog: benewinsurance.blogspot.com

Facebook: https://web.facebook.com/Benewinsurance

LinkedIn: https://www.linkedin.com/company/benew-insurance

Twitter: @newtonbezeng



References 


-Malta International Training Centre (MITC), (2017). COMMERCIAL PROPERTY INSURANCES. MODULE 3 COURSE BOOK

-Marsh & Co, (n.d.). Commercial Combined (Business) Insurance.

https://www.marshcompany.co.uk/commercial-combined-business-insurance/

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