What is a Commercial Package Policy?
Businesses face a multitude of potential risks, ranging from damage caused by fire or vandalism to lawsuits over employment practices or employee injuries. A commercial package policy provides protection from many of the risks that businesses face, and it can be customized for a particular business’ insurance needs.
A commercial package policy is a bundled insurance policy that contains several individual insurance policies within it. The individual policies are all business, or commercial, policies (as opposed to personal policies), and they can be adjusted if necessary. Commercial package policies are sometimes abbreviated as a “CPP.”
What Benefits Does Purchasing Policies Together Offer?
Many of the individual policies offered through commercial package policies could be purchased as individual, stand-alone policies. Getting them together through a package policy, however, makes managing premiums easier. Businesses just have one premium payment instead of several. It also usually nets businesses some savings, as many insurers offer discounts for bundling multiple policies together.