A recent report by the Property Claim Services (PCS) division of Verisk Analytics of the first nine months of 2017 found that the United States lost between $36 billion and $40 billion from direct insured property losses from catastrophes, according to the Insurance Information Institute. With a Commercial Package Policy (CPP) in hand, you can keep your business covered for the worst possible scenario, and then some. Stay safe, stay mindful and stay prepared with Commercial Package Insurance in Glen Rock.
The Benefits of a Commercial Package Policy (CPP)
A Commercial Package Policy covers midsize businesses of a specific industry, while lumping multiple policies together, hence the name. That means your business gets covered for multiple situations and scenarios, including things like natural disasters, secure building/property and general liability coverage under the same plan. While it seems like it might not be something of importance, having your policies tied together could be useful in the long run.
Why You Need Property and General Liability Coverage
Property insurance covers damage or destruction of buildings, equipment, inventory and more, according to the Insurance Information Institute. General liability insurance covers if someone is injured on the job while using your products. Both policies are necessities for the workplace. While one always hopes they never have to use their insurance, it’s always good to have it. You never know when something is going to happen, and Commercial Package Insurance covers every worry.
After choosing your initial coverage, you can choose to include other coverage policies such as:
- Commercial auto insurance – covering vehicles used by your company
- Inland marine – covering the transport of goods over water and land
- Equipment breakdown – covering equipment malfunction and loss, also known as boiler and machinery insurance, according to the III.
- Business income with extra expense and others
While extra coverage is optional, it’s better to be safe than sorry. Having the basics is good but be better prepared with a decent policy. A wide array of other brands of insurance are included in a CPP, including: covering professional liability, supply chain risk, terrorism, farming or ranching losses, and more. Preparation is key with Commercial Package Insurance, and this includes knowing what isn’t part of the package.
What Isn’t Covered Under a CPP
It’s important to keep in mind that certain policies such as workers’ compensation, fiduciary liability and professional liability are not covered under a commercial package policy. This is because these policies are typically independently covered.
About David G. Sayles Insurance Services
At David G. Sayles Insurance Services, we strive to protect the investments of homeowners like you. Our comprehensive policies are customized for you to provide the exact coverage you need. For more information, contact us today at (800) 439-0292.