Commercial package policy

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Understanding Your Business Insurance Needs

commercial package policy

Each business has its own unique set of risks. Your companys industry, size, customer base, lines of business and other factors larger contribute to the kinds of risk for which you must prepare. Thus, they also dictate what kinds of insurance coverage you should select. In many cases, a commercial package policy distinctly tailored for your business is the best solution to protect your interests.

What Is a Commercial Package Policy?

Commercially packaged insurance differs from business owner policies, which provide coverage for the typically collections or risks for your industry. With a BOP, you usually receive property coverage, business interruption insurance, equipment breakdown coverage and liability. In contrast, commercially packaged coverage allows you to select individual types of insurance and then bundle them together. While this can incorporate business interruption insurance as well as general liability and property, other products such as business auto, inland marine, cyber liability, crime and customized liability can also be added.

A commercial package policy may be best suited for companies that are large in size, or have diversified into several industries or lines of business. Your policies will be constructed based on risk factors for your individual firm as well as your chosen industries. You’ll need to consult your agent to determine which types of coverages are best for you.

What is a Commercial Package Policy?

Commercial package policy

When you purchase personal insurance, chances are you need more than one coverage option. Most people invest in coverage for their automobiles, homes, and lives. In many cases, they bundle these policies to save money and time. A commercial package policy offers the same benefits for today’s businesses.

Every Business Is Different

Because every business is different, every business insurance needs vary. Some businesses need basic liability coverage and business automobile coverage. Other companies need more extensive policies that include coverage for property, equipment, errors, business interruption, and more. With a commercial package policy, your company can customize your business insurance to meet your specific risks. Instead of carrying multiple policies, you can simply pay for a package that will address all of your needs.

Bundle and Save

Much like personal insurance, package policies can save businesses money. It is usually more expensive to pay for individual commercial insurance policies. This can happen because you are often paying for more coverage that overlaps. A package policy can eliminate the areas that overlap and help you reduce your fees.

To learn more about a commercial package policy and how it can benefit your business, contact an insurance agency today. This is a great way to decrease your risk without spending more money than necessary.