Desmond Insurance Blog
If you have a small business with no specialized risks, you need a BOP or business owner's policy insurance. But if your business is growing and is providing more complex services or products, you must consider a commercial package policy or CPP. Let's find out what this type of insurance covers and why it's the best for you.
Available for Many Types of Businesses
CPP will let you bundle different types of coverages in one policy. It covers property insurance that will take care of damages or destroy equipment, inventory, structures, and many more. CPP also has general liability insurance, which will cover any injury that happens within your business or damage due to the use of your products or services.
You May Add Coverages
CPP lets you add a wide variety of coverages, including business income insurance or business interruption insurance which replaces your revenue and expenses if you need to close or relocate due to unforeseen issues. You may add a business vehicle or fleet insurance that covers cars that you use.
You may also add business crime insurance covering losses due to burglary, fraud, and other business crimes. You should also consider adding electronic data processing coverage and equipment breakdown in your CPP if you use computers to collect and process data.
Equipment breakdown is needed to cover losses due to malfunctioning equipment, including boilers, air conditioning, electrical systems, communication systems, and many more.
Cover For Employee Issues
Some business owners secure employment practices liability to cover costs due to employee termination, sexual harassment, discrimination, and other employee issues. Finally, pollution liability coverage is for expenses that are related to pollution, such as pollution clean-up and injury or damage due to commercial waste. Updated CPP coverage includes professional liability, terrorism, farming losses, and many more.
CPP Won’t Cover the Following
CPP also has limitations. It won't cover life insurance, health, and disability, workers compensation, and directors or officer's liability. These should be purchased apart from your CPP. Every business has specific needs; find out what your company needs by consulting a professional.
Consider commercial package insurance for your complex business. Talk to an expert to find out your business insurance needs.
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.