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Commercial Package Policy: What Does It Consist Of?

9/20/2019

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​Your business can benefit from a commercial package policy by combining multiple package and coverage. It can protect your business in the event of commercial risk. As a business owner, you are exposed to all sorts of risks, hence you should have a commercial package policy.
What Are The Components Of Commercial Package Policy?
In a CPP, these following elements are included:

Coverage. It is an essential factor in a commercial package policy. You can see the flexibility of the CPP in its available coverage. This is because you are able to combine any of the following in the list below:
  • Farm coverage
  • Equipment Breakdown insurance or Boiler and Machinery coverage
  • Commercial Crime coverage
  • Commercial General Liability coverage
  • Commercial Inland Marine coverage
  • Commercial Auto coverage
  • Employment Practices Liability coverage
  • Professional Liability coverage
  • Commercial Property coverage

Each of the coverages above has its own endorsements (obligatory and optional), covered cause of loss, declarations, and conditions. As a policyholder, you may add riders to your coverage. 

Declarations. These refer to the type of coverage, property covered, and the policyholder in the commercial package policy. It includes the business information, premiums, period of the policy, coverage, as well as the name and address of the insured. 

Common Conditions. These indicate both the obligations and rights of the policyholder and the insurance company. The Common Policy conditions apply to every one of the coverages under the CPP. These include:
  • Examination of Books and Records
  • Transfer of Rights and Duties
  • Premiums
  • Cancellation
  • Policy Changes

What Is A Commercial Package Policy?
In general, insurance companies designed CPP for small businesses. These businesses usually have smaller liability requirements considering that they are not running large establishments. Another reason is that these businesses only need extra protection from insurance for small risks. 

Before you buy a commercial package policy, make sure that you know and understand the risks it covers. CPP only covers certain risks. For example, if you do not add insurance coverage against a specific situation, you may find yourself with no coverage in the end. Also, this policy does not include disability, health, life, or workers compensation. 

Conclusion
A commercial package policy can be confusing for a business owner. Talk to an insurance agent now, so you know what you are buying for your business as protection. 

At Desmond Insurance, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (859) 491-5100. Get your free quote today by CLICKING HERE.
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