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Simplifying Commercial Insurance: The Pros & Cons of Commercial Combined

When discussing liability policies, it can be a challenge to find something that’s one-size-fits-all. This is especially the case when it comes to more complex risks or involved requirements. Partly, this confusion – especially for end customers unfamiliar with commercial insurance – comes from an overcrowded market of suppliers with far too many options to pick from. But clarity can be just as vital to the insurance brokering process as the tiny details, perhaps even more so in some cases.

The traditional choice for many is individual liability policies. Customers often fall into the trap of considering separation the optimal choice, without acknowledging the additional requirements placed upon them by choosing to separate their policies. Employer’s liability is a typical example, where meeting the precise needs of a business is vital for the overall viability of a policy. But combining insurances into one, consolidated package can often be the ideal choice for many businesses.

Generally, the average business holds several types of insurance. From public liability to environment impairment liability, products liability and more, individual policies can be seen as an easy choice for businesses. But combining those different types of liability insurance into one packaged format can hold far more advantage when it comes to the bigger picture.

So, why aren’t more businesses choosing Combined Commercial insurance?

One of the primary reasons is the perception that additional time & effort is required to set-up a Commercial Combined policy. While more information about the business is needed to bind a policy and complete the cover process, that extra added detail and insight is vital to provide comprehensive all-encompassing cover; something that separate insurances simply can’t offer. When each type of liability is independent, adequate cover may not be in place for every instance. Combined insurance offers a better option that covers just about every eventuality, for the vast majority of trades and professions.

It’s also assumed that combined liability insurance is more general than tailored liability policies; a more general policy is often perceived to not have the same specificity as less overarching options. But this couldn’t be further from the truth. Choosing Commercial Combined insurance that’s both tailored to the specific needs of business or trade and all-encompassing is easily accessible. Because of the nature of combined cover, it casts a wide net when it comes to the protection it offers. This means customers are protected from even entirely unexpected circumstances or incidents that a less complete solution would not help with.

With Century’s Commercial Combined insurance, for example, the policy wording is designed to be as all-encompassing as possible. Everything from professional indemnity extensions to terrorism cover can be included, to ensure protection even in the most unexpected situations. Much of the fear surrounding combined liability insurance is the idea that, by spreading thinner, less is offered. Commercial Combined insurance is, however, far more than the inferior option it is perceived as and is a viable alternative to the fuss and headache of multiple individual policies.

The benefits of combined insurances

There are several reasons why customers may be hesitant to opt for combined or packaged insurance options. By covering the frequently asked queries and covering the inaccuracies that customers may have surrounding commercial combined insurance, it’s possible to have an unbiased view of exactly what value combined insurances can bring to modern businesses.

The most significant advantage of choosing commercial combined liability insurance is that it is a practical and time-effective solution, for both the broker and their end customer, in comparison to multiple different policies. This means customers can purchase insurance inclusive of all that is required, with no extra steps or obligations, and be fully covered for virtually any risk their business is exposed to. The opportunity to streamline the purchasing process is always going to be appreciated, especially by the broker. A single policy understandably requires far less paperwork, management and general maintenance than multiple liability policies.

Another of the most vital benefits of choosing commercial combined insurance over separate liability policies is the ability to offer a simpler, more effective claims process. This is especially true when it comes to claims in grey areas, where multiple insurance policies are likely to contradict each other. For brokers, this reduces the amount of support required to complete the process, providing a smoother and faster service for customers with less hand-holding. Combined insurance offers one single, centralised location for claims, making it easier for customers and a more efficient process overall.

Finally, combined insurance is particularly advantageous when it comes to managing renewals and all other admin. A single renewal date not only offers an easier way to budget for businesses but also ensures they are always fully covered. There is less opportunity for lapsed policies or forgotten renewals with all-in-one insurance.

So, why doesn’t every business just opt for Commercial Combined business insurance?

Understandably, the primary goal for any broker is to ensure their end customers are fully covered for their specific need or niche. Whilst commercial combined insurance is a great option for a huge range of trades and professions, the decision ultimately comes down to choice and potential complexity.

What this means is, that if the business has significantly complicated multiple risks and complex business operations, it may be that a range of individual liability policies will provide greater cover. But this is where a good underwriter can add value and provide expert advice to help with the decision.

The value-adding advantages of utilising an MGA for Commercial Combined Insurance

For many brokers, their customers rely on them to handle all elements of insurance on their behalf. Understandably this can be a lot of work. But by working with a Managing General Agent (MGA), it’s possible to place some of that responsibility on their shoulders; ensuring customer requirements are in the safe hands of expert underwriters whilst removing the many repetitive tasks to get cover from composite insurers. There are numerous ways an MGA can add value to the insurance process, from start to finish.

Primarily, using an MGA offers a swifter, more streamlined process for both brokers and their customers. Typically, thanks to the one-to-one contact between broker and underwriter, the more complex and often slower parts of organising combined insurance, such as quotes, amends and even requirements for further information, can be made more efficient. This allows customers to experience shorter wait times for their quotes, and provides brokers with a specialised resource, in the form of an easily accessible underwriter, to call upon as and when required to ensure policies are tailored effectively and accurately.

With an MGA, it’s possible to create products even more tailored to specific business needs. In part, this is thanks to the underwriter’s experience and industry knowledge combined with easy direct access to the underwriter themselves. Along with their ability to access multiple capacity providers and meet the needs of customers, an MGA can provide excellent value to the insurance process in several ways.

For brokers, commercial combined insurance policies are the right option for more customers than ever before. Streamlined, efficient and all-encompassing, there are plenty of ways businesses can benefit from commercial combined insurance. To find out more about the combined insurance plans we offer at Century, contact us today.

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