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BUILDING THE RIGHT COMMERCIAL COMBINED POLICY
A Simple Framework for Choosing Covers & Limits
Every business is different - but the process of choosing the right insurance follows the same logic: identify your biggest risks, understand legal and contractual requirements, and then set realistic limits based on worst-case scenarios. This page explains how to do that step-by-step.
Step 1: Decide Which Covers You Actually Need
Start with the essentials, then layer on additional protections specific to your operations.
- Employers’ Liability – legally required if you employ staff.
- Public Liability – protection if third parties are injured or their property is damaged.
- Product Liability – if you sell, supply or manufacture products.
- Buildings Insurance – if you own the premises.
- Contents & Stock – for equipment, fixtures, inventory and stock.
- Business Interruption – to protect income after an insured event.
- Cyber & Data Risk – if you hold client data or take payments.
- Professional Indemnity – where you provide advice or design.
- Tools, Plant & Equipment – for trades and contractors.
- Legal Expenses – for contract disputes, employment and regulatory issues.
Step 2: How to Set the Right Limits
Think in terms of realistic worst-case scenarios, contractual obligations and regulator expectations.
Property & Stock Limits
- Use full rebuild value for buildings, not market value.
- Include fixtures, fittings, machinery & specialist equipment.
- Base stock sums insured on peak levels, not average.
- Account for seasonal / promotional stock spikes.
- Consider replacement cost, not book value.
Liability & Business Interruption Limits
- Check customer contracts for minimum liability requirements.
- Consider the scale of work and potential injury/claim costs.
- For BI, estimate how long it would realistically take to recover.
- Use gross profit or revenue to set appropriate BI limits.
- Review annually as your turnover and headcount grow.
Step 3: Match Cover to Your Risk Profile & Industry
Different sectors face very different exposures - your insurance should reflect that.
Lower-Risk Examples
- Offices, consultants & professional services.
- Small retail units with limited footfall.
- Light warehousing and storage.
- Lower hazard manufacturing & assembly.
Higher-Risk Examples
- Heavy industry, fabrication & engineering.
- Construction, contractors & trades on-site.
- Businesses with hazardous materials or high-value stock.
- Operations with significant public footfall or mass events.
Why Get Advice When Choosing Covers & Limits?
- Avoid under-insurance that could reduce claim payouts.
- Ensure you meet contractual and legal obligations.
- Tailor your policy to your actual risk profile.
- Save money by avoiding unnecessary cover.
FREQUENTLY ASKED QUESTIONS
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How do I know which covers are mandatory?
In the UK, Employers’ Liability is a legal requirement if you employ staff.
Certain regulated sectors may have additional compulsory requirements,
and client contracts often specify minimum liability and PI limits.
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What happens if I underestimate my sums insured?
If you are under-insured, insurers may apply “average” to a claim,
meaning only a proportion of the loss is paid. It’s important to use
realistic rebuild, replacement and stock values.
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How often should I review my covers and limits?
At least annually, and whenever there is a major change - such as moving
premises, taking on larger contracts, hiring more staff or investing in
expensive new equipment.
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Can I change my limits mid-term?
In many cases, yes. If your risk profile or contract requirements change,
limits can often be adjusted mid-term, subject to insurer acceptance and
premium adjustment.
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Can you help me review my current policy?
Yes - Insure24 can review your existing cover, identify gaps, and recommend
appropriate covers and limits for your sector and size of business.
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How do I know which covers are mandatory?
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What happens if I underestimate my sums insured?
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How often should I review my covers and limits?
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Can I change my limits mid-term?
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Can you help me review my current policy?
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