Pros and Cons of Commercial Package for Small Businesses

From the start of planning to build a business to establishing one, owners should know the risk. But, what specifically are the risks? Companies are all different from one another, and each faces distinct circumstances. It means that each should also have personalized coverage to sustain the business operation.
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As a start, businesses can opt for Commercial Package Policy. It is wise to customize the company’s needs and turn away from unnecessary expenses. Small businesses issues are often the additional cost for the insurance. However, with this policy, businesses can get the bang for their buck.

​Pros:

• It has more flexibility than other types of business insurance.
• It caters to the broad scope of businesses.
• Group policies that make it cheaper than having several coverages separately.
• It covers for multiple scenarios and situations.
  
  

Meanwhile, these are some of the coverage you can get from Commercial Package Policy (CPP):

• Business crime insurance – it includes scenarios of burglary as well as computer fraud, and employees’ dishonesty. When you are starting a business, you can’t risk it with your employees. You need to keep a workforce that is always true to you and won’t harm the company in any way. Your information stored in computers must also have protection. As the business grows, it will be safe for companies to gather and keep all business records.
• Property insurance – covers the destruction of equipment, buildings, inventory, and more. Small businesses need to take care of its equipment. The malfunctioning ones may cause a delay in operation or loss of profit. Also, the building is one of the greatest assets of the business. It will also be a significant loss if something happens to the premises.
• Business income insurance – it will be harder for small companies to get up if there is business interruption. It is an investment to have this insurance that can cover lost revenues and additional expenses during this mishap.
  
  

Cons:
While it has the flexibility small businesses need, there are still policies that owners must purchase separately, and those are:

• Life insurance
• Health and Disability
• Directors and Officers Liability (D&O)
• Workers Compensation
• Professional Liability
• Fiduciary Liability
  
  

Determining what the business needs the most will save lots of money and can benefit the company for years to come.

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.