Commercial Package Policy
What is a Commercial Package Policy?
A Commercial Package Policy (CPP) is a type of insurance policy that combines multiple coverages into a single policy for businesses. CPPs are customizable and can include a range of coverages such as General Liability, Property, Commercial Auto, and Crime insurance. By bundling multiple coverages, businesses can often save money on premiums and have a more streamlined insurance experience. CPPs are typically designed for small to mid-sized businesses and can be tailored to meet the specific needs of a particular industry or business.
What are the coverages included in a Commercial Package Policy?
The specific coverages included in a Commercial Package Policy can vary depending on the needs of a particular business. For instance, a business that operates in a high-risk industry may require additional coverages such as Professional Liability or Cyber Liability insurance. Conversely, a business that operates from a home office may only need basic coverage for Property Damage and General Liability. Overall, CPPs are customizable and can be tailored to meet the unique needs of a wide range of businesses.
What additional coverages can included in a Commercial Package Policy?
In addition to coverages such as General Liability, Property, and Commercial Auto, a Commercial Package Policy (CPP) can also include endorsements or riders that provide additional protection. Some of the additional coverages that can be included in a CPP are Professional Liability (also known as Errors and Omissions insurance), Cyber Liability insurance to protect against data breaches and cyber attacks, and Employment Practices Liability insurance to cover claims related to wrongful termination, discrimination, harassment, or other employment-related issues. However, the specific coverages included in a CPP depend on the needs of a particular business and can be customized accordingly.
What is the difference between a Commercial Package Policy (CPP) and a Businessowner's Policy (BOP)?
A Businessowner's Policy (BOP) is designed for small to medium-sized businesses and provides liability, property, and other coverages at a lower cost than buying individual coverages. On the other hand, a Commercial Package Policy (CPP) also bundles liability, property, and other coverages; however, it is geared towards businesses with higher risks. CPP offers coverages and limits that are more customizable, making it a good option for businesses with unique or complex needs.
What Businesses can benefit from a Commercial Package Policy?
A Commercial Package Policy (CPP) is designed to provide coverage for small and medium-sized businesses, including retail stores, restaurants, contractors, and manufacturers, among others. The policy can be customized to meet the specific needs of each business, providing a comprehensive coverage solution in one convenient package.
Some examples of businesses that should consider a Commercial Package Policy include:
- Apartments & Rental Dwellings
- Barber Shops, Beauty and Nail Salons
- Bowling Centers
- Car Washes
- Civic or Social Clubs
- Convenience Stores
- Grocery Stores
- Light Manufacturing
- Lessor’s Risk
- Professional Offices
- Restaurants & Food Services
- Retail Stores
- Vacant Land
Contact an insurance agent for more information
If you own a small business, you should inquire about purchasing a Commercial Package Policy. Contact us for an insurance agent in your area.Find an Insurance Agent Near You