A commercial package policy is a policy that includes both commercial general liability insurance and commercial real estate insurance. A commercial package usually lowers expenses, broadens coverage, reduces premiums, and simplifies the purchasing process. Unlike the BMOP, which is generally used for large and high-risk companies, the CPP is mostly used to cover smaller and more often medium-risk companies. The main difference between the BMOP and the CPP lies in the amount of protection and amount of risk covered by the policy.
There are four types of commercial package policies. The first is the Covered Package. It is most often used to cover businesses that offer services such as: catering, cleaning, laundry, food preparation, or other similar services. A company that offers such services would be considered a Covered Package business if it meets certain criteria.
The second type of commercial package policy is the Uncovered Package. This type covers businesses that are required by law to have liability insurance on a regular basis. Uncovered Package policies are often less expensive than Covered Package policies because liability insurance is required by law, but it is not necessary for a business to have insurance in order to sell products, operate a business, or provide services.
The third type of commercial policy is the Mixed Package. This is also known as a Business Pool Policy. It covers businesses of all types, but it does not cover all kinds of risks.
Finally, there is the Specialty Policy which is designed specifically for business owners with specialized skills or knowledge. This type of policy covers a business owner’s skills and knowledge in addition to his or her assets and liabilities. For example, a business owner with accounting experience can obtain this type of policy, but a business owner who runs an auto body shop will not.
Although there are many benefits to obtaining a commercial package policy, it is important to compare different options to find the one that is right for your company. With a comprehensive package, your company can enjoy the security of knowing it has protection from the costs of medical malpractice, damages caused by employees, and claims made by customers or employees against your company, among other things.
When selecting a Commercial Package Policy, consider the policies that are included and the benefits you can expect to receive. Remember that each policy has its own unique benefits and coverage levels, so the more you understand about your coverage options, the better off you’ll be in terms of getting the right policy for your company.
Package policies are a great way to cover your business without having to spend a lot of money. They provide maximum coverage for a small premium amount and can be purchased individually, with the amount and benefits you want, for a small fee. You won’t have to pay high premiums for a plan that is inadequate for your business.