When receiving a new business insurance quote request from a customer, the first thing we ascertain is whether it is a new venture or an existing business.
Where a business is already trading then, in all likelihood, they will have an existing policy is force.
For many types of trade, such as shops, hotels or restaurants, a simple package policy will suffice. For more complex risks, it is more than likely that a commercial combined insurance policy will be in force.
But what exactly is included in such a policy and why are they used? The whole point about these policies is that they are bespoke. You, in conjunction with your brokers professional advice, can effectively pick and choose the sections of cover you need.
For example, a package policy may automatically include cover for goods in transit. If you only send through a 3rd party and they have suitable cover, why pay twice?
A word of warning though, if you are looking for one of these types of policies. Speak to two different advisors and get them to recommend the right policy. One of them may miss out on a few small details which could prove vital in later years.