Have you ever wished that purchasing and keeping track of all your insurance policies could be simpler? With the diverse risks your business faces, it can be difficult to know how many you actually need. A commercial package policy combines various coverages into one. This strategy not only simplifies matters, but often reduces the cost of your premium.
How It Works
Small- and medium-sized businesses qualify for the lower rates of a CPP because their liability risks are so much less than that of large corporations. Unlike a business owner policy, a CPP is fully customizable to the unique needs of your company.
What Is Covered
Covered under a CPP are risks for which you probably already have separate policies in place. Things covered include the following:
- General liability
- Employment practices liability
- Inland marine coverage
What Is Not Covered
Due to the legalities of workers’ compensation, this type of insurance is not included in a CPP. Likewise, group health insurance is also left as a stand-alone policy when converting to CPP.
If you feel overwhelmed by trying to manage the many different types of insurance policies you carry, it may be time to switch to a commercial package policy. Your insurance agent can help you design one that is just right for your business.