For most small to mid-sized businesses, bundling a couple of standard property and liability policies is often a good way to go. This is commonly referred to as a business owner’s policy or BOP. But for larger or more specialized businesses, owners should seek out a company that offers a commercial package policy, or cpp insurance, which covers any combination of property, liability, crime and inland marine insurance coverages.
A CPP that includes equipment breakdown coverage will usually cover a wider range of issues that many of these companies often face, plus additional coverage is available to any and all qualified customers. Fortunately, a CPP is designed to add flexibility and customization that might not be offered in a standard business owner’s policy, or BOP. This policy also offers a great advantage to commercial clients that have a business with a higher than average risk, or for those owning the type of business that is generally considered “too unique” to fit into a standard one-size-fits all policy.
Many owners enjoy the benefits of purchasing a CPP
By packaging multiple policies into your cpp insurance, as the policyholder you will often be provided with extended coverage (and/or lower premiums) that you would otherwise not receive were you to purchase each policy individually. By taking advantage of these customized policies, you’re able to make one low payment that covers all necessary items and won’t end up paying for coverage that does not apply to your situation.
It’s equally important to know what’s excluded from your insurance cpp policy as well as knowing what’s protected. Customizable bundles don’t offer a couple of necessary items like workers compensation or directors and officers insurance. Workers Comp is required by law in most states depending on the amount of employees you have and must be purchased as a separate policy.
Directors and officers policies are necessary for non-profit organizations. Group life and disability policies are also separate items, each containing different policy choices and decisions. Think of it this way; policies that can be packaged together include items covering property and liability, as where items that cover people and HR must be purchased separately. When in doubt, ask a qualified independent agent.