A Commercial Package Policy bundles property and liability coverages together for a cost-effective solution that provides broad protection. It is a flexible solution that allows the mixing and matching of coverages to provide a custom solution tailored for a wide range of business types. A commercial package also costs less than purchasing coverages individually, which can provide significant savings.
A Commercial Package Policy (CPP) is an insurance policy designed to provide comprehensive coverage for businesses. Rather than purchasing separate policies for different types of coverage, such as property insurance, liability insurance, and business interruption insurance, a CPP combines these coverages into a single, integrated policy.
Custom Packaged Protection For Small- and Medium- Businesses
Commercial package eligibility requirements, coverage components, and coverage limits vary among insurance companies. Our relationships with many insurance providers give us a variety of options and flexibility in building protection packages.
Typical Coverages
A commercial package can include the following coverages:
- Property Insurance – covers building, equipment, and inventory for a variety of risks.
- General And Product Liability – covers situations when products, services, or employees cause bodily injury to people or damage to other’s property.
- Equipment Breakdown Insurance – equipment damage due to a covered loss situation.
- Business Income Insurance & Extra Expense – lost income and extra costs if your operations are suspended due to a covered loss.
- Crime Coverage – situations of employee dishonesty.
- Cyber Liability – data breach and notification costs.
- Personal And Advertising Injury Coverage – libel and slander.
- Hired And Non-owned Auto Coverage – liability coverage for vehicles you borrow, hire, or lease for your business.
- Medical Payments Coverage – medical expenses if others are injured on property you own or rent.
- Professional Liability – errors & omissions for eligible professions; some professions may require a separate policy.
- Employment Practices Liability (EPLI) – protects employees from claims related to sexual harassment, discrimination, unfair hiring practices, wrongful termination, breach of contract, and various other situations.
Additional Points To Consider
It’s important to note that not every insurance policy offers the same standard coverage. Therefore, when purchasing BOP protection, you need to have a clear understanding of what is and is not covered.
A small business requires a separate policy for other coverages in addition to a business owner policy. These include worker’s compensation, commercial auto, and perhaps higher liability limits for particular property and liability risks such as privacy/data breach, EPLI, and professional liability.
Our insurance professionals are glad to meet with you to understand your business’s unique needs and help you determine the policies and coverage options that are best suited for your situation. Please contact us to arrange for a free consultation.
Insurance Companies
At Murphy Insurance, we work with top rated insurance companies and compare options to find the best balance of cost and coverage that meets your needs.
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