Commercial Package Policy
Regardless of the type of business, the size of operations, there are risks that business owners face every day. Any loss and damage fall squarely on the owner who is responsible for their business. The good news is that there’s a way for the owner to protect themselves from such calamities. Investing in a commercial package policy protects the business against lawsuits by offering combined coverage for multiple damages under one package.
Cost of Commercial Package Policy
A standard package policy for a small business is based on the location, size, industry, and experience.
Types of Coverage Offered by Commercial Package Policy
A commercial package policy, as mentioned, can be tailored to meet the specific needs of a business. It offers a flexible approach to offering insurance policies.
The options include
Commercial General Liability
Protects the business owner from third-party liability claims. Should a client get injured at your business, it will cover the medical expenses, legal fees, and any compensation you must pay.
The policy covers damages caused to your property by fire, theft, or vandalism.
If your company uses vehicles for business, the policy covers accidents that occur when using the vehicles.
A business that transports products, equipment, and tools from one location to another. The policy covers the products while on transit.
Provides coverage for losses caused by the breakdown of equipment. It covers the cost of replacing and repairing the equipment.
Commercial package policy allows up to a certain degree of customization on two or more policies merged into a single policy. It is ideal for small to medium-sized businesses.
There is a difference between a commercial package policy and a business owner’s policy- BOP. A BOP offers multiple coverage’s that may not necessarily be of interest to the business owner. A commercial package policy offers coverage specifically picked by the business policyholder.
Before you pick the policy, the business owner is essential to understand the risks your business faces by involving a reliable insurance agent.
Since commercial insurance covers specific needs, it is easy to find yourself as a business owner without coverage of certain events.
The bottom line, as a business owner, you want to ensure your customers, staff, and business are protected from many risks and exposures you face.