Most startup companies need to budget and can do this by bundling several well-priced insurance policies together, commonly known as a business owners policy (BOP). But for a company that’s experiencing expansion and growth, it will likely require a more robust and comprehensive approach when it comes to providing the kind of protection they’ll need.
This is when sitting down with an agent and taking a look into a commercial package policy can really make sense. There are some great advantages to purchasing a commercial package policy in Carmel for those operating in this area, particularly for a burgeoning business.
A BOP versus a CPP
Bundling is a simple concept that applies to the purchase of multiple business insurance policies. Individual insurance policies means having to keep track of all of your different policies with different companies, but as a small business owner you have two sound options for insurance packages: a business owners policy or a commercial package policy. Both offer multiple types of policies that are bundled together, one more basic than the other, so there are some obvious differences between the two options.
A BOP is perfectly suitable for people looking to save money, but a commercial package policy (CPP) offers a lot more options, plus it can be better tailored to cover all aspects of your business. In either case you’re able to buy several policies that are bundled together, but the BOP may not necessarily fulfill your needs or expectations of what your coverage should include. With a CPP you can customize your insurance needs to get the exact coverage you want, just at a slightly higher cost.
There are several options for you to choose from when putting together your commercial package policy, with the most common types of coverages for a small business being product liability, general liability, property, and business income (also called business interruption). Many owners will also opt for professional liability (also called errors and omissions), business vehicle, employment practices liability, and commercial umbrella.
All of these policies can be customized for coverage limits, named perils, and what deductible amounts that you prefer to pay. Your commercial package policy in Carmel will help your business get the most reliable coverage available that any small business needs and should always have in place.