This type of product provides a packaged policy solution which allows a business to design cover based on your individual business needs and specific operational risk requirements.
Whilst business pack policies can vary between different insurers, a summary of the typical sections which are incorporated under this product type, are summarised below:
Material Loss or Damage – Covers the physical loss or damage to your business assets (e.g. building, contents and stock), at your premises from certain sudden, unexpected or unforeseen occurrences (perils e.g. fire, storm damage). Noting, flood cover is typically excluded from standard products.
Broadform Liability – Public liability protects your business against the legal costs in where a third party (e.g. customer, member of the public) sustains property damage and or personal injury as a result of your business operations and negligence. Product liability protects your business if you sell, supply or deliver goods in where the product causes injury, death or damage.