Business Insurance, often arranged as a Business Pack policy, can combine several types of business cover under one policy.

Business Pack policies are generally modular, which means the sections selected can be tailored to the business.

Depending on the insurer, available sections can include:

• Property Damage
• Business Interruption
• Theft
• Money
• Glass
• Public and Products Liability
• General Property or portable equipment
• Machinery Breakdown
• Electronic Equipment
• Employee Dishonesty
• Tax Audit
• Goods in Transit

Not every insurer offers every section, and the scope of each section can vary.

Property Damage #

Can cover insured buildings, contents, stock and other business property against specified insured events.

Business Interruption #

Can cover certain lost income and additional operating expenses following an insured event that triggers the Business Interruption section.

Business Interruption does not generally respond simply because the business has experienced a reduction in revenue. The circumstances must meet the policy requirements.

Public and Products Liability #

Can provide cover for certain legal liabilities involving personal injury or property damage arising from business activities or products.

General Property #

Can cover selected portable property such as tools, laptops and equipment away from the main business premises.

Theft-from-vehicle and storage conditions can apply.

Does a Business Pack cover every business risk? #

No.

Separate insurance may still be required for exposures such as:

• Professional Indemnity
• Cyber Insurance
• Management Liability
• Commercial Motor
• Workers Compensation
• Contract Works

The appropriate combination depends on the activities, assets, staff and contractual requirements of the business.

Is Public Liability automatically included? #

No. Many Business Insurance packages allow Public and Products Liability to be selected, but a policy described as Business Insurance does not automatically include it.

The policy schedule should show whether Public and Products Liability has been selected, the applicable limit and excess, and any endorsements or special conditions.

The insurer should also have accurate information about the business activities, turnover, products, locations and use of subcontractors.

What risks may need different or additional cover? #

Depending on the insurer and policy, different sections, extensions or separate policies can be required for matters such as cyber incidents, professional advice, registered motor vehicles, employee injuries, mechanical or electronic breakdown, portable property, particular flood or natural hazard exposures and certain contractual liabilities.

Policies can also exclude or limit wear and tear, gradual deterioration, rust or corrosion, defective workmanship, undeclared property or undeclared activities. This is not a complete list.

Review the policy schedule, wording and endorsements together to confirm what has actually been insured.

Contact our team if you would like help reviewing the insurance requirements for your business.