Commercial Package Policy

Commercial package policy: a tailored approach to business insurance
By Nicole Ricks Protect your business and your assets with a commercial package policy or CPP. You can tailor coverage for your business by choosing coverage such as liability, property, inland marine, equipment breakdown and crime coverage. When you put policies together into a commercial package policy, you can save money.
 

You may have heard of a Business Operator's Policy (BOP), which requires less than 50 employees and has a cap on revenues. Business package insurance policies (CPPs) do not have a revenue cap or required number of employees. In contrast to the packaged plan of the BOP, there is no limit to the number of types of coverage you can have. Commercial package insurance coverage can include:

1. Liability insurance to cover your legal needs

2. Property coverage to insure buildings and places you conduct business

3. Inland marine, equipment breakdown & crime coverage to get your business up and running after a loss

Protect your company from lawsuits with liability coverage for your CPP

Determine what liability issues your company faces. Think about where you will need CPP insurance coverage, including your premises, contracts, advertising, employee action or inaction, product liability and/or legal defense costs.
Try: The National Association of Insurance Commissioners quizzes you about your insurance knowledge and needs for your small business. Risk Solver identifies liabilities you may face. Try a free 15-day trial membership.

Find out about commercial package policies with property insurance

Insurance companies base property insurance premiums on safety features, location and value of the office. Previous losses may also affect the cost. You can get quotes online to get started.
Try: At least twenty-four insurance companies vie for your business at InsuranceNoodle. On the site, get a quote for business insurance selecting your business line. In addition, you can find more information about the companies, including their specialties and financial ratings. AIG has a variety of specialized property products for commercial properties, real estate and energy industries. You can apply now online.

Choose from inland marine, equipment breakdown and crime coverage for your business package policy

While sounding complex, inland marine coverage is just coverage for items that are movable, such as merchandise or account receivables. Equipment breakdown covers the equipment as well as loss of income that a breakdown can create. Crime insurance as part of commercial package policies covers internal or external theft.
Try: Once you've determined what types of coverage your business needs, look for companies that offer it. PMA Insurance Group can give you more information about inland marine coverage and even provides business package policies specifically for inland marine. Nationwide  discusses the varying types of coverage including inland marine, equipment breakdown and crime coverage and allows you to get a quote.

• Even with commercial package policy insurance, there can be insurance gaps. Your business may need Worker's Compensation coverage, health, life and disability and/or specialized coverage such as Directors' and Officers' Liability and Fiduciary Liability.