Insurance companies selling business insurance offer policies that combine protection from all major property and liability risks in one package. (They also sell coverages separately.) One package purchased by small and mid-sized businesses is the business owners policy (BOP). Package policies are created for business that generally face the same kind and degree of risk. Larger companies might purchase a commercial package policy or customize their policies to meet the special risks they face.
Business Owner Policies (BOP) include:
BOPs do NOT cover professional liability, auto insurance, worker's compensation or health and disability insurance. You'll need separate insurance policies to cover professional services, vehicles and your employees.
For small businesses without specialized risks, a Business Owner Policy or "BOP" may offer the basic property and liability coverage that you need. But if your company is growing in size and complexity or you face specialized risks due to the nature of your business - you may want to consider purchasing a Commercial Package Policy, or CPP for short.
Like a BOP, a CPP enables you to bundle various types of coverage within a single policy. However, while a BOP has limitations--it is only available for certain types of smaller businesses and covers only a few types of risk--Commerical Package Policies are available for a wide range of businesses and can be better customized to the specific needs of your business.
A range of other types of insurance covering professional liability, supply chain risks, terrorism, farming or ranching losses, and more can also be included in a CPP.
What a CPP doesn't cover
A CPP can provide your business with coverage against a broad range of risks. With that said, it's important to recognize that your CPP will not include:
These coverages must be purchased separately; discuss your additional insurance needs with your professional.
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