It goes without saying that every business: large or small: should be protected by insurance coverage. Sometimes a basic business owner’s policy is all that is needed, particularly for small businesses that are not exposed to many liability risks. However, if your company is growing and/or is especially vulnerable to liability claims, it may make financial sense to purchase a commercial package policy.
What Is Included
A basic package policy includes property and general liability insurance. Property insurance protects against damage to inventory, property and equipment. General liability insurance protects the business against claims of injury both at the business location or by someone injured while using the company’s product or services.
What Can Be Added
The ability to customize coverage to meet each company’s unique needs is what makes packaging so appealing. What’s more, by bundling with the property and liability policies, premiums can be kept to a minimum. Here are a few examples of optional coverage that can be combined in a single commercial package policy:
- Equipment breakdown, also known as boiler and machinery insurance
- Employment practices liability
- Business income insurance
- Business vehicle insurance
- Commercial umbrella liability
- Business crime insurance
If you are looking for insurance coverage that offers increased flexibility and more bang for the buck, the commercial package policy may be a good choice. Consider your company’s needs and investigate your insurance options.