Carmel commercial package policy
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For those familiar with the bundling of insurance for small businesses, a Carmel commercial package policy works similarly to a business owners policy (BOP), except that a BOP has more limitations and covers fewer areas of risk. The reason why so many companies might prefer a commercial package policy (CPP) is because they are typically written for small to medium sized businesses with specialized risks. Also, the selection of coverage is a bit broader than the lines of insurance coverage available in a BOP, and you can base it on your particular companys needs.
Various policies available under CPP packages
Property insurance coverage will protect your real property (buildings or structures) whether you own or lease, along with business personal property (this includes betterments and improvements to real property), and any inventory exposures are covered as well. You can also choose to insure any real property for replacement cost value or actual cash value. This coverage can also be tailored to fit your individual needs.
General Liability (GL) insurance is kind of the foundation of most insurance packages, both BOP and CPP. This policy helps protect your assets by providing defense against a variety of claims for alleged negligence or wrongdoing. As always, this is subject to any agreements and exclusions contained within the policy. Your GL coverage is designed to keep your operations running smoothly and without major interruption.
Depending on your type of business you may want to include inland marine coverage. This is property insurance designed for property in transit over land, certain types of moveable property, instrumentalities of transportation (such as bridges, roads, and piers, or communication (such as television and radio towers), and legal liability exposures of bailees. Many inland marine policies provide coverage without regard to the location of the covered property; these are sometimes called “floater” policies.
Other coverages to consider include equipment breakdown, business interruption, crime insurance, umbrella liability, and employment practices liability. There is a range of other policies that may also benefit your business, all of which you can discuss with an agent, and determine exactly what falls in line with the type of services or products your company provides.
There are some standard policies that cannot be included in your Carmel commercial package policy, and these include directors and officers, health and disability, life insurance and workers compensation coverage, all of which, if needed, can be purchased separately. Speak to an agent about all of your insurance needs.