For those companies that may prefer a commercial package policy (CPP), a commercial package policy is typically written for small to medium sized businesses with specialized risks, and includes at least two or more lines of insurance coverage, based on a particular company’s needs.
A commercial package policy works similarly to a business owner’s policy (BOP), except that a BOP has more limitations and covers fewer areas of risk. The eligible classes of business include light manufacturing, processing and service, habitational, retail, office, and wholesale risks.
There are various policies available under CPP insurance coverage
Whether you own your building or lease the premises, property insurance coverage will protect your real property (buildings or structures), along with business personal property (which includes betterments and improvements to real property), as well as any inventory exposures. Property can be insured for replacement cost value or actual cash value. This coverage can be tailored to fit your individual needs.
General Liability (GL) insurance helps protect your assets by providing a defense against a variety of claims for alleged negligence or wrongdoing. Subject to the insuring agreements and exclusions contained in your policy, your GL coverage is designed to keep your operations running smoothly and without interruption.
Inland Marine Floaters, another coverage available under CPPinsurance, are specifically designed for the property you own that is movable or moving. You may also want to consider commercial automobile coverage as a way of protecting any vehicles you own and operate in the course of doing business.
Other important coverages to consider include business interruption and crime insurance, umbrella liability, equipment breakdown and employment practices liability. In addition, a range of other coverages can also benefit your business, such as electronic data processing, pollution liability, professional liability, supply chain risk, and terrorism, all of which can be bundled into a commercial package policy.
There are some standard policies that cannot be included in your CPPinsurance package, and these include directors and officers, health and disability, life insurance and workers compensation coverage. These coverages, if required or needed, must be purchased separately. Speak to an agent about any and all insurance needs.