Businesses come in all shapes and sizes. Protecting their assets and identifying the risks they face can be a challenge due to each business's unique exposures. General liability, commercial property, and umbrella/excess exposures, amongst others, can vary greatly, and tailoring adequate and appropriate coverages remains exceedingly important for business owners.

Addressing these needs can be accomplished through a Commercial Package Policy (CPP), a flexible insurance solution designed for businesses. It allows them to work with their agent to customize and combine multiple types of coverage into a single package while also avoiding the costs of unnecessary coverage not associated with their operations.

How

A CPP allows businesses to custom tailor their insurance portfolio by leveraging various policies based on their specific needs. These components serve as a comprehensive risk solution, help manage risks more effectively, and can potentially reduce overall insurance costs compared to purchasing standalone policies.

What

General liability
This coverage protects a business from liability risks arising from its unique operations. Coverage generally comes in two primary forms: indemnity for amounts the business may be legally obligated to pay and, most importantly, for defense costs against suits, claims, or other actions alleging that the business may be legally obligated for a loss to a third party.  

Property
Property coverage includes coverage for your buildings and your business's personal property. In recent years, inflation has caused property values to skyrocket due to increased building material costs and the added logistical strain of supply and demand, transportation, and labor. Reviewing and maintaining adequate property coverage is paramount to protecting your business’s physical assets. 

Umbrella or Excess Liability
Insurance carriers typically limit their liability coverage under a general liability policy. These limits may be enforced on an occurrence or aggregate basis. Increased social inflation has resulted in more activity from litigious third parties, and many businesses may need to work with their local agent to evaluate their current limits and determine if those limits are adequate to shield themselves from catastrophic loss. Umbrella or excess coverage is designed to provide additional layers of protection above and beyond standard general liability limits.

Why