Understanding Your Business Insurance Needs
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.