Meeting Your Risks With a CPP
Small to mid-sized businesses can often purchase a business owner’s insurance policy (BOP) as a way to combine different areas of liability coverage, making it a more cost-effective and efficient option than multiple policies addressing property damage, bodily injury, commercial auto, or other liabilities. Large companies have similar exposures but will find that a commercial package policy carries many similar benefits to that of a BOP.
The commercial package plan or CPP offers flexibility in addressing risk areas of a company while still keeping their premium costs down. The type of industry associated with your company will be a determining factor in the cost of a policy, as the financial requirements to address certain risks vary across fields. For instance, a hair salon would require less coverage than a real estate developer. Because the risks are unique, a CPP can be customized to include a number of coverages into one policy. The most commonly included items are:
- Commercial auto
- Commercial property
- Crime Protection
- General liability
Crime protection extends beyond theft or vandalism and can include issues with embezzlement and credit card fraud. However, the information at https://www.dsayles.com reveals that coverage is not available for directors’ and officers’ liabilities, workers’ compensation plans, and group life or disability plans. You can work with your agent to craft a more inclusive policy according to the needs of your business.