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Abstrakt Marketing Administrator2023-04-04 09:00:002023-06-05 15:28:11What Do EPLI Claims Look Like?What Is a Commercial Package Policy?
Finding the right coverage for your medium to large enterprise isn’t easy. And once you get every policy into place, it can be challenging to keep up with different renewal dates, insurers, and policy premiums. Luckily, you can streamline your coverages and even save money in the process by purchasing a commercial package policy.
Before you start canceling your standalone coverages, it’s important to know what you get with a package policy. Keep reading to learn:
How Does a Commercial Package Policy Work?
As its name suggests, a commercial package policy combines two or more coverages into one place. Instead of buying a handful of standalone policies, you can customize your package policy to cover your most significant business risks, from property loss to employee lawsuits.
Business Owner’s Policies vs. Commercial Package Policies: What’s the Difference?
Commercial package policies aren’t the only bundled insurance options for small businesses. Business owner’s policies (BOPs) also combine a few essential coverages into one place, making it easy to keep track of limits, renewal dates, and claims. However, there are two differences between BOPs and package policies: their target business type and level of customizability.
BOPs are designed for small to medium-sized businesses with a low or moderate risk level, and they generally come with certain coverages you can’t remove. Additionally, BOPs have a limited selection of extra coverage options.
Commercial package policies are ideal for medium to large enterprises that need a broad range of customizable options. Instead of wasting money on coverages designed for smaller businesses in a BOP policy, larger enterprises can customize a package policy to only include what they need.
Benefits of a Commercial Package Policy
- Convenience: Do you have to write checks to a dozen different insurance companies and keep track of several renewal dates each year? With a package policy, you only have one renewal date, policy premium, and insurer to deal with.
- Flexibility: You can customize a package policy to fit nearly any business type and add extra coverages as your needs change.
- Cost: Combining coverages is often cheaper than buying several standalone policies.
What’s Included in a Commercial Package Policy?
Though every package policy looks slightly different, most begin with two core coverages: general liability and property insurance.
General Liability Insurance
Whether you own a construction firm or a consulting agency, you need general liability insurance. This coverage protects you from lawsuits related to personal injury, property damage, or reputational harm resulting from your work.
Commercial Property Insurance
Property insurance helps protect your business from financial loss when your building, equipment, inventory, or furniture gets damaged or destroyed.
Additional Commercial Package Policy Coverages
A major benefit of commercial package policies is the ability to customize your coverage options to fit your business. In addition to property and liability insurance, you can add some or all of these extra coverages to your policy:
- Commercial auto insurance: Whether you own a fleet of vehicles or require employees to drive personal cars for business, you can protect your risks on the road by adding auto coverage to your package policy.
- Business interruption insurance: If a loss event prevents you from continuing normal operations, business income insurance can cover lost profits, rent or mortgage payments, payroll, and more.
- Umbrella insurance: Buying umbrella coverage is an affordable way to increase your liability limits across the board.
- Crime insurance: From burglaries to employee theft, crime insurance protects your business from several types of business crimes.
- Equipment breakdown insurance: If your mechanical, electrical, or communication systems go down, equipment breakdown insurance can help you replace lost income and inventory in the aftermath.
- Employment practices liability insurance (EPLI): This coverage helps pay for lawsuit costs if former, prospective, or current employees allege discrimination.
- Inland marine insurance: Property insurance doesn’t cover equipment in transit or at third-party sites. Companies that move or store goods need inland marine insurance to protect from losses.
Consult your insurance agent if you need more specialized coverages than those listed above. You may be able to protect your professional liability, pollution, farming, or supply chain risks with additional package policy options.
Not sure if a package policy is the right option for your business? Explore your coverage options and learn why this convenient policy is perfect for most enterprises.
What Is Not Included in a Commercial Package Policy?
Commercial package policies may seem like the only insurance option you need, but there are a few risks they don’t cover. You need to purchase separate policies for the following:
- Workers’ compensation insurance: Nearly every business needs workers’ compensation insurance to comply with state laws and protect employees from financial loss after an accident.
- Directors and officers insurance: If members of your leadership team get personally sued for business decisions, this coverage helps cover their lawsuit costs.
- Employee benefits: Commercial package policies don’t include policies for your employees, like group health coverage, disability insurance, and life insurance.
Need a Commercial Package Policy? Turn to Southpoint
Are you ready to streamline your most important policies, simplify the buying and renewal process, and save money on your insurance premiums? Southpoint Insurance can find the perfect package policy for your business.
If you’re unsure what to include in your package policy, our experts can help you assess your risks and help you decide which add-ons you need. Whether you’re looking for a simple package of liability and property insurance or a combination of specialized coverages for your enterprise, we’ll work with our carrier partners to gather the most affordable quote options.
Get in touch today to learn more about our commercial package policy options.
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