Imagine a flexible business insurance plan specifically built for your business, a package without the expensive extras or gaps in coverage and one that meets the special needs of your business. A hair salon has different insurance needs than a trucking fleet and one-size-fits-all policies never fit as well as a package custom-tailored to your business. A Commercial Package Policy is often a better fit for some businesses than a standard Business Owners Policy because a Commercial Package bundles the essential coverages you need to protect your business, saving money by combining policies and skipping the costly extras.
As a business owner, a Commercial Package insurance policy can be a very beneficial bundle of protection. It is a great way to combine multiple lines of coverage with the same insurance carrier and save some money. Commercial Packages start out with both General Liability and Commercial Property coverage, and then you can customize your coverage based on your business’ needs. It comes with several bells and whistles that can come in handy, that you might never have thought you needed. Keep reading to determine if a Commercial Package insurance policy is right for you and your business.
Your Commercial Package Policy is designed to meet the insurance needs of your business, including liabilities your business is likely to face.
With a Commercial Package Policy, you’re assured that the package is a fit for your business and that your business will be compliant with government-mandated coverages, protecting your business from liabilities and fines or penalties.
Commercial Packages can vary depending on the insurer who offers the Commercial Package Policy and depending on your specific industry. An accounting firm needs different coverages than a roofing and siding company.
Modern businesses often need a number of policies to fully protect the business and to be in compliance with mandatory insurance requirements such as Workers’ Compensation coverage or Commercial Auto Insurance. Many businesses, sometimes unintentionally, end up with a hodgepodge of policies from a number of carriers that may have gaps in coverage and won’t scale well as your business grows. A Commercial Package streamlines your coverage, often providing additional discounts for bundling multiple policies with the same insurer. As an added benefit, a Commercial Package eliminates the possibility of insurers denying coverage because they state the risk is covered by another insurer.
Your chosen coverage limits start with standard minimums but can be adjusted according to your needs. General Liability Insurance coverage, for example, a staple of any Commercial Package Policy, starts at a $1 million per occurrence limit, with a $2 million aggregate limit. Some business owners elect to choose higher coverage limits. In most cases, coverage limits can be adjusted for each type of coverage within your Commercial Package Policy, making your package customizable to your unique needs.
While the Commercial Package insurance policy is a comprehensive way to provide protection for your business, there are some things to note. Even though it is bundled together, the coverage parts of General Liability and Commercial Property will have similar inclusions and exclusions as if they were separate. Always read your policy and each coverage part as if it is separate. It is essential to understand the bells and whistles and how they work. A package policy like this may have separate limits for specific things like guns, artwork, and money and securities. It is possible that there will be a different deductible if any at all. While you may add coverages such as Cyber Liability, Employment Practices Liability, and Product Recall coverage be sure to know the limits and deductibles as they may be different from the GL and Property portions of the policy. Because there are so many available endorsements that you can add to this policy, it can give you great peace of mind knowing you have a lot of coverage. The word package can have you thinking that it is all inclusive. No insurance policy is all inclusive. Also, be sure to understand your business entity because the policy will most likely cover any partners, members, volunteers, etc. as they are a part of your operations. Make sure that the policy has the best coverage available for any vendors or contracts that you enter into where you agree to indemnify and hold them harmless.
Because a Commercial Package Policy is built specifically for businesses like yours and because you have the freedom to choose coverage limits to fit your exposure, rates can vary from one business to the next. Your trusted agent can provide a quote quickly, explaining your options in plain English, and bind coverage so your business won’t be exposed to uncovered risks. There’s no need to postpone buying insurance because the coverage is too confusing. CoverWallet’s Commercial Packages make it easy to get the insurance you need at a price you can afford.
A BOP is designed for smaller businesses like retail shops, barbershops, and restaurants. A Commercial Package insurance policy is more for medium to large businesses that need to have more customizable options. You can build a Commercial Package policy based on needs, where a BOP is already assembled and cannot be changed very much.
A Commercial Package is not a standardized set of coverage. Most Commercial Packages or custom built.
An insurance plan good for small to medium-sized businesses, BOP packages together elements of General Liability and Commercial Property. Depending on the carrier, a Business Owners’ Policy plan may include elements of Crime Insurance and EPLI.
This type of insurance protects your business’s physical assets, such as workspace and computers. It doesn’t matter if you work from home or lease your work space. The plans vary but are usually categorized by the kind of event that led to the loss. Fires and natural disasters are great examples of this. Plans can be customized based on location and business-type.
This insurance is great for businesses who offer advice to their clients. Professional Liability Insurance specifically covers a business from being liable should an error or omission occur, that leads to a financial loss for the customer.
Just like your personal auto policy, Commercial Auto Insurance, covers liability, collision, and medical payments should an accident occur with your commercial vehicle. Your personal auto policy will not cover damages while the vehicle is being used for business purposes.
Umbrella Liability can be a great solution for a business that needs more liability coverage than what is offered in their General Liability, Employer’s Liability or Auto Liability Plan. Umbrella coverage can be purchased as a standalone policy or can be bundled with a General Liability policy.
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