Commercial Insurance
The traditional risks of a business can normally be grouped under a “commercial insurance package” which combine a number of standard covers for assets, revenue interruption, cash, employers liability, public and product liability, and legal expenses. This grouping controls cost and enables very wide policy wordings and “add on covers” to be obtained easily and efficiently.
“In 40% of claims the business interruption interruption sum insured was too low by a factor of on average 45%”
Chartered Institute of Loss Adjuster’s Report, 2012
Whilst commercial policies are seen by many as straightforward they are far from this, often running to more than 100 pages of print. Particular attention needs to be paid to, inter alia:
- Basis of valuing assets
- Revenue sum insured calculation
- Supply chain dependencies
- Adequate business description
- Insurers standard security conditions