All businesses need insurance for financial protection, but standard policies aren’t always the best fit. A commercial package policy allows you to select certain types of insurance to meet your specific business needs and create a custom plan. Here are some of the key differences between commercial packages and business owners policies.
Business owners policies automatically include insurances such as:
- General liability coverage
- Property insurance
- Business disruption insurance
You can also add extensions for theft, equipment breakdown, workers compensation and professional liability.
When you purchase a commercial package, however, you handpick each individual insurance option that your business needs. You probably want to stick with general liability and property insurance, but you call also add full insurance for:
- Business auto
- Business disruption
- Debris removal
- Outdoor property and signs
Check with your provider about which options are available to you.
For a standard business owners policy, you are charged a flat rate based on the market price and an evaluation of your business risk. However, when you purchase a commercial package, you are only charged for the types of insurance you select. Plus, you are typically given a discounted rate for bundling multiple insurances into one policy.
Talk to Your Provider
If you think that a commercial package policy might be a better fit for your business, talk to your insurance agent for information and to get a quote.