Commercial Combined Insurance for Mid-Market - Target Market Statement

What is this product?

This is a Mid-Market insurance product family, covering UK domiciled organisations and businesses with a turnover of typically between £5million and £300million, who want to insure their entity as a combination, or individually, material damage, business interruption, employers' liability, or public & products liability; with cover that is adaptable to their specific trade.

What customer need is met by this product?

  • Covers property damage, business interruption, and legal liabilities
  • Offers flexible, modular cover to suit a wide range of business needs
  • Includes options for sector-specific extensions and add-ons
  • Supports resilience with automatic reinstatement of sum insured after a claim
  • Delivers enhanced risk management advice and tools

Who is the product designed for?

  • Commercial entities based in the United Kingdom of Great Britain and Northern Ireland, the Channel Islands, or the Isle of Man who want to insure risks that are unsuitable for a package product which could include manufacturing, engineering, printing, retail and wholesale, electrical and optical, sports
  • Leisure and entertainment, professional business services, food and beverage

Who is the product not designed to support, or are there any features you should be aware of when offering this product to your customers?

This product is not suitable for:

  • Commercial entities based outside of the United Kingdom of Great Britain and Northern Ireland, the Channel Islands, or the Isle of Man
  • Customers subject to any economic, financial, or trade sanctions imposed by the European Union, United Kingdom, or any other prohibition or restriction imposed by law or regulation of the country of which the policy is issued or would otherwise provide cover
  • Customers who have an existing policy in place providing the same coverage and whereby purchase of this product would give dual cover
  • Consumers

Can this product be sold with or without advice?

  • This product can only be sold with advice, in line with FCA regulations
  • This product is supported by a policy summary

How can this product be sold?

This product can be distributed by brokers who trade with us through our regional offices.

Are there any eligibility criteria, conditions or exclusions that may impact the outcomes that customers may reasonably expect?

The distributor must always consider whether they have the correct product to meet the customers needs.

  • Commercial entities based outside the UK, Channel Islands and Isle of Man
  • Commercial entities with properties based outside of the UK, Channel Islands, and Isle of Man
  • Commercial entities who conduct manual work outside the UK, Channel Islands, and Isle of Man
  • Commercial entities with fewer than 15 employees
  • Commercial entities with typically less than £5m or more than £300m turnover
  • Insuring predominantly residential properties
  • Commercial entities which are suitable for an eTrade package product

Eligibility and risk acceptance criteria will restrict access for certain risks which may be suitable for the product but are outside Zurich's current strategy and/or risk appetite.

How is the value of the product assessed?

  • We assess product value using quantitative and qualitative information, including data from our distributors relating to service and remuneration, as appropriate
  • This product has been approved in line with Zurich’s product governance processes, including consideration of the value of the product. This includes:
    • Cover – whether the level of benefits and relevant exclusions offers value to the customer
    • Utility – whether the product is being used by the customers of the intended target market
    • Zurich service – whether the type and quality of services being provided is reasonable and fair to the customer
  • The outcome of the Fair Value Assessment confirms that this product is considered to provide fair value to customers for a foreseeable period of time. The Fair Value Assessment is valid until 28/08/2026

What are the obligations of our distributors?

  • Manufacturer notification – all intermediaries must review their product distribution at least every 12 months and consider the impact of remuneration against the intended value of their products. Distributors must notify the manufacturer as soon as practically possible if there are any value concerns for which remedial action is required
  • Remuneration – distributors must ensure that any remuneration received for an insurance product does not result in the product ceasing to provide fair value to the customer
  • Provision of information - if so requested, distributors must provide the manufacturer with: (i) information on the distributor’s remuneration in connection with distribution of the insurance product; (ii) information on ancillary products or services that may impact the intended value of the manufacturer’s primary insurance product; and (iii) confirmation that the distribution arrangements are consistent with the obligations of the firm under the FCA Handbook including SYSC 10 (conflicts of interest) and SYSC 19F.2 (IDD remuneration)
  • Price optimisation - if the distributor is a price-setting intermediary, unless there is a reasonable basis, firms should not increase the price of the insurance product based on: (i) policies being subject to auto renewal compared to policies that are not subject to auto renewal; (ii) the customer’s vulnerability or any protected characteristics (unless the firm can rely on them under the Equality Act 2010); and (iii) where customers purchase the policy using retail premium finance