Commercial Package Insurance
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A Commercial Package Policy (CPP) gives business owners a wide range of essential property and liability coverage for the business enterprise. By combining the components of two or more individual commercial insurance policies into one flexible package, the total premium is usually less than the combined premium of the individual policies.
Commercial Package Insurance Policies usually include Commercial General Liability and Commercial Property Insurance, and may also include a variety of other coverages like Commercial Vehicle, Builder’s Risk, Inland Marine, Boiler and Machinery, Business Interruption, and others, depending on the specific nature of the business. But it does not cover commercial auto insurance, which you would have to buy separately.
A variation on this package policy for small to mid-size businesses is known as a Business Owners Policy(BOP). A BOP is similar in concept to a CPP, but usually offers less flexibility and fewer coverage options. Most BOPs only cover Commercial Property and Liability.
Most Commercial Package Policies do not cover Professional Liability (Errors and Omissions) claims. This requires separate coverage.
Worker’s Compensation, Health, and Disability Insurance usually aren’t part of a Commercial Package Policy.
Commercial Package Policies are ideal for businesses that want a comprehensive range of insurance protection in one flexible plan.
Many insurance companies offer customized Commercial Package Policies for specific types of enterprises, such as schools, churches, restaurants, light manufacturing, heavy manufacturing, and health care providers, to name a few.
The basic question to ask yourself is whether you need individual commercial policies or one combined policy. Package policies are usually more affordable and less difficult to manage, but they do require you to put all (or most) of your “eggs” in one insurance company’s basket.
A reputable insurance agent will be able to guide you through the complexities of commercial insurance coverage and work with you to determine your business risks, coverage requirements, and insurance costs.
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