If you run a company whose sole income operates on the intake and distribution of large quantities of stock or goods then you can be forgiven for not being extra vigilant when acquiring the correct insurance policy to safeguard the smooth the day to day running of your firm.
But then again you can be excused for being a bit oblivious of what really needs to be covered, or what policy you require if you’re just starting out.
A lot of clients are unfamiliar from this terminology but if your business operates from a warehouse or factory then the likelihood is the insurance policy you require is a “Commercial Combined” Insurance policy.
All insurance policies serve a purpose but a Commercial Combined policy perhaps provides the most important safety net for its suitors.
Picture the scene; you are a well-established clothing retailer/wholesaler, you have a large warehouse where all your goods are stored and stock levels range well over £200,000. Within the warehouse, you have an office with tens of thousands worth of computer equipment, hundreds of business records and let’s say you own the entire building too.
Imagine the damaging effect something like a fire to the warehouse could impact your business; your stock is extremely flammable, records and computers would be destroyed in the blaze, and you lose one of your business assets (the building) in the disaster.
The domino effect would be, loss of income and in severe cases the business closing down – not however if you have a comprehensive Commercial Combined insurance policy.
In this worst case scenario, what you can expect to be covered is replacement of stock, reimbursement of loss of income to keep the business running, costs to replace business records, fees to rebuild the property and in some cases alternative accommodation whilst repairs take place.
With the above standard covers included is Public liability (including work away if require), employers liability, goods in transit, money on premises and much more.
So you can understand that those who are involved within the aforementioned trades make sure that the insurance policy they have is the very best available given that it could potentially one day save the life of their business.
For more info or a quotation, contact one of the Goldcrest team regarding a Commercial Combined policy.
