Commercial Package Policy

Embroker’s Commercial Package Policy includes premium commercial property insurance, general liability insurance, and business interruption insurance. Get it in minutes, not days.

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What Is a Commercial Package Policy?

Our Commercial Policy Package can be looked at as a premium version of our Business Owners Policy (BOP), offering advanced coverage for business owners with more sophisticated liability and property risks to address.

While our BOP package can provide most small and medium-sized businesses with the basic liability and property coverage they need, the Commercial Policy Package is designed to cover larger companies or companies that have more complex risks who need their coverage to be more robust and specific.

The Commercial Policy Package allows businesses to combine premium general liability, commercial property coverage, business interruption, and any other corresponding coverage they may need in one convenient package.

Who Is It For?

The biggest difference between a CPP and a BOP is the options and flexibility in terms of coverage that each provides. A BOP will usually be perfect for small businesses that don’t have a huge number of employees or a lot of property to worry about, especially if they are not working in an industry that is considered a high-risk one.

A business owners policy will provide a cost-effective option to provide these types of low-risk small businesses with the right amount of coverage in one convenient package that can be easily managed. The CPP, on the other hand, can be used to address more specific coverage needs.

A CPP is much more flexible and provides businesses with greater options in terms of making sure that they are able to protect against complex and specific risks while avoiding gaps in coverage. This means that while a CPP will usually always include general liability, commercial property, and business interruption insurance as the basis of the package, larger businesses that have more complex coverage needs can bundle policies such as umbrella, commercial auto, and equipment breakdown to secure an expanded range of coverage.

Both BOPs and CPPs serve the same essential purpose, allowing businesses to bundle related policies instead of buying each one separately, which allows them to save money on their coverage. Whether a BOP or CPP is the best option for you depends on your business risk profile.

Why Do You Need It?

Having the right commercial package policy provides your business with peace of mind, knowing that if your property was to be significantly damaged or a third-party was to injure themselves on your property and sue you for damages, you would have the financial support needed to survive such an ordeal.

Running a business in today’s highly unpredictable and litigious society can be an incredibly stressful endeavor if you are unprotected and are running your businesses with the knowledge that one freak accident and expensive lawsuit could put you out of business for good.

Even if your business is lucky and isn’t hit with a natural disaster that damages your property or a lawsuit by a customer that injured themselves on your property, having the right liability and property coverage allows you to confidently run your business and take calculated risks knowing that your business has insurance to protect itself from things that are outside of your control.

What Does It Cover?

As already mentioned, a CPP is similar to a BOP because it allows business owners to bundle various types of coverage and bind them as a single policy. The main difference between a CPP and BOP is that the CPP does not have as many limitations regarding the other coverages that you can bundle along with the typical coverage a BOP would provide.

As is the case with a BOP, a CPP typically begins with the following essential coverage:

Commercial Property Insurance: Covers damage to property, bot just buildings, but also inventory, equipment, signage, and more.

General Liability Insurance: Covers legal costs related to claims arising from third-party bodily injuries or property damage.

Business Interruption Insurance: Helps cover lost revenue, unpaid wages, rent, and a slew of other expenses if your business is damaged and needs to close down for a period of time in order to renovate or relocate.

Other coverages that are typically bundled within a CPP to provide more diverse and expansive coverage for businesses with more demanding coverage needs include the following:

Commercial Auto Insurance: Covers damages related to vehicles owned by your business or private vehicles used for business purposes.

Commercial Crime Insurance: Covers financial losses resulting from employee dishonesty, burglary, fraud, forgery, and other business crimes.

Commercial Umbrella Insurance: Broadens liability coverage when necessary in order to fill gaps that might arise within your coverage and provides coverage for liabilities that might not have been specifically covered by another designated policy.

Equipment Breakdown: Covers losses related to equipment breakdown including heating, electrical air condition, refrigeration, and other equipment failures.

Pollution Liability: Covers pollution-related costs such as personal injury and required clean-up procedures.

While these are some of the most popular coverages that are typically bundled, the CPP provides businesses with very diverse options when it comes to other types of coverage they may want to include in their CPP.

What’s Not Covered?

No matter how flexible CPPs are and how many types of coverage you are able to bundle into the package, there are some insurance policies that you simply cannot include in a CPP, including the following:

Directors & Officers Insurance: Provides liability cover for company management, protecting directors and officers and their personal assets from claims which may arise from decisions, mistakes, and “wrongful acts” they may have committed while acting on behalf of the company.

Key Person Insurance: A life insurance policy that a company purchases on a key executive or employee who is incredibly vital to the success of the company.

Workers Compensation: Covers damages related to employee injuries such as lost wages, medical bills, rehabilitation, and in the worst-case scenario, death benefits, and funeral expenses.

If your business needs these coverages as well, you will have to purchase them separately.

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