Commercial Package Policies are marketed under a variety of trade names. These policies are designed to provide a range of covers automatically for particular trade sectors, e.g. shops and offices. The policy selection has been carefully researched so that the majority of those in the particular trade are catered for.
- Core Cover: Property Damage
This cover insures owned buildings alongside almost everything in the trade premises including fixtures, fittings and internal decorations. A contents sum is selected by the policyholder, subject to a maximum figure of between £200,000 and £500,000. This cover includes glass, money, target stock, professional fees and debris removal following an incident.
- Core Cover: Business Interruption
This cover insures against loss of earnings, and the increased cost of working to avoid a loss of earnings. It may be on a gross profit basis, a gross fees or income basis, or an increased cost of working only basis. There will be a maximum indemnity period, usually of 12-36 months.
- Core Cover: Liability
Public, products and employers’ liability policies are a key feature of this cover. It typically provides up to £2 million of public liability cover. Liabilities arising from work which takes place away from the insured’s premises may be excluded depending on the trade.
Public and products liability included with this cover is subject to exclusions, typically including liabilities arising from motor vehicles, the cost of rectifying defective work/products, professional negligence, or loss of property in the control of the insured.
- Office Policies
This package can be tailored to include; goods in transit, temporary removal of contents and documents, portable equipment, loss of accounts receivable and damage to property at exhibitions. Each cover will have its own indemnity limit.
- Shop Policies
This package can be tailored to be include; damage to external blinds and signs, freezer contents, loss of accounts receivable, goods in transit and seasonal increase in stock. Each cover will have its own indemnity limit.
- Additional Services
Insurers typically offer additional non-insurance services including a claims line, helplines, counselling service, authorised repairers and suppliers. Contact your provider to find out more.
Your Office Insurance or Shop Insurance policy can be extended to include extra benefits such as:
- Goods in transit
- Damage to external blinds and signs
- Lock and keys
- Loss of accounts receivable
- Rent liability
- Freezer contents
- Seasonal increase in stock
- Damage to property at exhibitions
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