Business Combined or Commercial Combined insurance is a package of insurances combining the covers which are essential for your business. These may include:
· Protection for your business premises and contents
· Equipment – your own, hired and for which you are responsible
· Business Interruption
· Business money on premises and in transit
· Goods in transit
· Your business liabilities – Public, Products and Employers
· Personal Accident
Of course, you may choose those covers which are applicable to your business from this list. The key ones for archaeology businesses / charities are equipment cover (on-site and in storage) and the liabilities. Employers liability is the only one which is mandatory if you are employing people or utilising volunteers.
Professional Indemnity Insurance is generally offered separately because the insurers who underwrite it are often specialists which do not offer the broad range of covers within the business combined package. However, it is often a good idea to have your PI insurance renewing on the same date as your business combined insurances – for ease of admin.
Over the coming weeks, we will investigate each aspect of Business Combined Insurance with specific reference to the archaeological products which we have created at archaeology-insurance.co.uk. We will also look at the calculations behind the pricing mechanisms and look at ways of reducing the premiums through risk management. We will also demystify the dreaded policy wording - which, like every archaeological document is full of acronyms and terms which are not fully understood outside of the industry!!
Call me to discuss your insurance needs on 0208 2550617 / 07768 865983