Commercial Combined

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Guide to cover

What is a Commercial Combined Insurance Policy?

Commercial Combined Insurance is a single policy specifically designed to protect your business against the risks associated with the day to day running of it.

At CoverMarque we focus heavily on our service ensuring we understand exactly what your business does and that you understand exactly what you are covered for.

We will work closely with you to create you a tailored policy with one of our A+ Rated Insurers that combines a range of essential covers into one policy with one renewal date.

Please call us on 01962 77 44 21 if you would like to discuss your Commercial Combined Policy. Alternatively please complete our form Renewal Date below and we will get in touch to arrange a quotation.

Renewal Date

Available Covers

  • Public and Employers Liability

  • Property Damage

  • Business Interruption

  • Money Cover

  • Goods In Transit

Faqs

Do I need Employers Liability Insurance?

Employers have a legal obligation to carry Employers Liability Insurance which indemnifies the employer in respect of injury to its employees for which it is legally responsible. It is generally accepted by members of the Association of British Insurers that the minimum indemnity limit should be £10m. An employee is deemed to be any individual under a contract of service or apprenticeship with the insured, whether the contract is actual or implied.

There is a common misconception that Employers Liability is not required for subcontracted labour. For Marquee Companies this is invariably not the case because under the terms of the relevant law, if the employer has direct control over the activities of such persons or provides tools or equipment for them to use, then the employer can be liable. Employers Liability is not normally required in respect of ‘Bonefide’ contractors, who will complete a given job without supervision, using their own tools and equipment. Typically these jobs will form part of the overall contract, for example, provision of an erected marquee, installation of lighting or sound systems, or catering. It is important to ensure that these contractors have their own appropriate insurance cover in force.

The legal penalties of failing to effect adequate Employers Liability insurance are severe, but perhaps even more significant are the implications of the potential cost of a successful claim against an uninsured company. In an increasingly litigious society, personal injury claims are becoming frequent and of greater magnitude.

What is Business Interruption?

Following a loss of equipment or premises, a business may not be able to trade as normal until a replacement has been made.

At the beginning of the marquee season, the production lead time of suppliers can be lengthy, causing a major disruption. Business Interruption insurance enables a company to claim for resultant loss of ‘Gross Profit’ or ‘revenue’ relating to contracts which it cannot complete. The insurer can often minimise the claim by enabling the insured to complete contracts by funding the temporary hire or replacement equipment, i.e. the increased cost of working. This is also beneficial to the marquee company as their clients will not be let down, enabling future repeat business and recommendations.

What is the Business Interruption Indemnity period and how do I know what Indemnity Period I need?

The Indemnity period under the policy should be the period during which the business is affected by the property damage loss and that period can only be decided by the business itself as circumstances will vary from business to business. For example, you should consider how long it will take to get your business back to its position prior to the damage taking into account factors such as time to find alternative premises or rebuilding, lead times to replace stock and even keeping your valuable employees and customers. For example, a shop has a fire and is unable to trade. If it takes 24 months to rebuild that shop and they are unable to trade in that period, 12 months indemnity would not be enough. Indemnity periods can start at 12 months and can go up to 24, 36 and even 48 months. Many people choose 12 months but if your property is large, or listed, extensive damage can easily take over a year to repair, leaving much of your interruption period uninsured.

Is Public & Products Liability a Legal Requirement?

Although not a legal requirement, Public & Products Liability should be considered essential. Public Liability provides indemnity in respect of the legal liability for damage or injury caused to third parties or their property by the company. Products Liability indemnifies in respect of the damage caused by an inherent defect in a product supplied.

Large companies and Local Authorities will normally insist on any subcontractor having a minimum of at least £2m indemnity limit as a prerequisite to tender. Temporary increases in cover can be arranged but these short term premiums are relatively expensive.

SPEAK TO OUR INSURANCE ADVISORS

Always on hand to provide you with information, advice and guidance.

01962 774421 info@covermarque.com

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