Having the right insurance coverage can be the difference to properly safeguarding your business and exposing your operation to many of the common risks that exist. For many small business owners, since they often lack any specialized risks, bundling policies together in a Business Owners Policy, or a BOP usually provides all of the basic property and liability coverage required.
But for those owners who have a company that is growing, both in size and complexity, or because of the type of business you’re in you face specialized risks, then you may be better off purchasing a commercial package policy, or CPP insurance to address the type of issues prevalent in your line of work.
A CPP offers greater protection
With a BOP the property you own, lease or rent will be fully protected. This includes the signage that proudly displays your brand, computers and other equipment you own and any inventory stored on premises. So, for example, if a fire destroys your operations, or you’re the victim of equipment breaks down due to a power surge, the insurance you purchased helps replace your property as well as covers payroll and any lost income if your business must cease operations for any length of time.
Like the BOP, CPP insurance enables you to bundle various types of coverage within a single policy. However, where a BOP has certain limitations because it’s only available for specific, primary types of coverage used by most smaller businesses, and covers fewer types of risk, a commercial package policy is available for a wider range of businesses and can be customized to the specific needs of your enterprise.
With a CPP you can add a broader range of coverages to your bundled policy, including commercial auto, inland marine, employment practices liability coverage, equipment breakdown, and even umbrella coverage in the event you experience costs outside of the range of your current policies.
Speak to an agent that can help keep your company running smoothly in the event that any adverse conditions threaten to ruin your business.