Small to mid-sized businesses can often purchase a business owner's insurance policy (BOP) as a way to combine different regions of liability, which makes it a far more cost-effective and efficient option than multiple policies addressing property damage, bodily injury, commercial auto, or any other liabilities. Large companies have similar exposures but will find that a commercial package policy carries many similar benefits to that of a BOP.
Combination Options
The commercial package plan or CPP offers flexibility in addressing risk areas of a business while still keeping their premium costs down. The kind of industry related to your company is a determining element in the price of an insurance policy, because the financial requirements to address certain risks vary across fields. For instance, a beauty salon would require less coverage than the usual real estate developer. Because the risks are unique, a CPP can be customized to include numerous coverages into one policy. Probably the most commonly included items are:
- Commercial auto
- Commercial property
- Crime Protection
- General liability
Crime protection extends beyond theft or vandalism and can include issues with embezzlement and credit card scams. However, the information at https://www.dsayles.com reveals that coverage isn't readily available for directors’ and officers’ liabilities, workers' compensation plans, and group life or disability plans. You can use your agent to craft a more inclusive policy based on the needs of the business.
