Every business likes to think they are unique and in a way, by virtue of their name only they are all different.
Following on from this, different companies call what are essentially the same products by different names. This is just one of the things that happens over time, particularly with brand names. Think of MP3 and MP4 players and you will know what we mean.
As far as commercial insurance is concerned, it can be confusing. Each insurer calls their own products by different names. In reality, the products really are much the same. If you have a policy that covers your business, depending on your insurer, the policy could be described as a commercial combined insurance policy. What this is, is a policy that “combines” all of the covers that you could potentially need. They are not automatically included, you need to pick which covers you need from a menu.
The difficulty is, that another insurer, selling exactly the same cover, will call this a traders combined insurance. Don’t worry if a broker tells you to move from a commercial, to a traders or to an umbrella policy. The brokers job is to sell you the best policy they can for the best price, forget about the name – the policy should be the best you need.