A commercial package policy (CPP) consists of multiple policies that provide protection for numerous perils, including property and liability risk. Commercial package policies allow a business owner to take a more flexible approach in order to obtain adequate insurance coverage. The term “commercial policy” is often used interchangeably with “business policy.”
There are many different types of businesses. A business is considered a commercial entity, when it is engaged in the buying, selling, renting, leasing, or manufacturing of tangible personal property, or if it has a place of business. In other words, a commercial policy will cover your company if you purchase any real estate, if you hire any employees, if you build any buildings, or even if you run any business out of your home or apartment. Depending on the type of business you conduct, there are many different ways that a commercial policy can be tailored to meet your needs.
One way that a commercial policy can be customized is by adding additional coverage to the policy that was previously offered. Some businesses, however, do not need additional coverage. If you are the type of business owner who does not have an excess, then you do not have to pay anything extra for coverage beyond what is required by your existing policy.
Another way that package insurance policies can be customized is by adding or removing features to the policy. For example, if you own a restaurant, then you may wish to add a restaurant liability policy so that your restaurant is covered for injuries that occur on your restaurant property. However, if you do not have an excess and do not plan to open another restaurant in the future, you may want to consider removing the restaurant liability coverage completely.
When shopping for package insurance policies, you should make sure that you are getting the maximum amount of coverage without increasing the premiums. In addition, a commercial policy should include adequate coverage even if you are operating an unlicensed or non-conforming business. You should also look at the fine print of the policy to make sure that your business does not suffer from a “disability loss” scenario.
There are several ways that you can purchase commercial packages. You can purchase the policy over the Internet by filling out the necessary paperwork, or by speaking with an agent directly from the company.