If you run a business of any kind, chances are that you are aware of the risks involved and you know that you need insurance coverage to address many of these risks. However, what is the best way to obtain this necessary coverage?
Most businesses go the typical route and obtain separate policies for each risk that needs to be addressed but there are actually other, potentially better options. One of these options is commercial package insurance.
What Is Commercial Package Insurance?
Commercial package insurance or a commercial package policy (CPP) is an insurance policy that combines coverage for multiple risks into one comprehensive insurance policy. An example would be a policy that combines general liability insurance and property coverage.
What Are The Pros and Cons Of Opting For Commercial Package Insurance?
Commercial package insurance has one main benefit. Combining insurance policies into a commercial package policy can save you a lot of money as opposed to purchasing many different policies for each risk you need coverage for.
On the other hand, however, commercial package insurance cannot always include the coverage types you need. If you need workers’ compensation, for example, you’ll have to get a separate policy.
Running a business can be risky at times but purchasing individual insurance policies can get expensive. Opting for a commercial package policy could end up saving you a lot of money.