What Types of Individual Policies Can a CPP Include?
CPPs are highly customizable, and package policies can include a wide array of individual policies. Examples of individual policies that might be included in commercial package policies are:
- General Liability Insurance, which offers broad protection from many potential liability suits
- Commercial Property Insurance, which can usually be used to insure buildings that businesses own and contents kept in the buildings
- Business Interruption Insurance, which helps protect against covered reductions in revenue
- Employment Practices Liability Insurance, which may protect businesses from lawsuits employees file over hiring, firing, and similar decisions
- Inland Marine Insurance, which businesses that transport equipment to job sites may need
- Pollution Liability Insurance, which businesses that work with chemicals (e.g. pool chemicals or fertilizers) might need
- Commercial Auto Insurance, which most businesses that own vehicles have to have
The list of potential coverages could go on. These are just a few of the many different individual policies that commercial package policies can provide.
(Workers compensation, health, and disability insurance usually aren’t available through commercial package policies. They’re typically purchased separately, instead).
What’s the Difference Between Business Owners Policies and CPPs?
In some ways, CPPs are similar to business owners policies (BOPs). They’re both package policies that offer multiple individual commercial policies within them.
BOPs, however, are usually only useful to small businesses that have minimal insurance needs. While BOPs provide crucial coverages, like business interruption and general liability coverage, they aren’t designed to provide specialized policies that many businesses need. Both large businesses and businesses in certain industries often need more protection than BOPs afford.
A CPP, in contrast, can meet the needs of most businesses because it’s highly customizable. Small businesses, large ones, and ones that have unique insurance needs can often adjust a commercial package policy to their needs. Through a CPP, businesses can get many different types of coverage that aren't neccessarily available in a BOP.
How Can Businesses Compare Commercial Package Policies?
Businesses looking for a commercial package policy can quickly compare quotes from multiple insurers with the help of an independent agent. An independent insurance agent will be able to help a business decide what coverages it wants, and then look at policies that offer those coverages and select the best one.