Commercial Package Policy
At Briteline Insurance we have dedicated commercial lines carriers who can save you as much as 50% on what you are currently paying.
What Is a Commercial Package Policy (CPP)?
A commercial package policy which is commonly referred to as a (CPP) is an insurance policy that combines coverage for multiple perils, such as liability and property risk. A commercial package policy assists business in taking a flexible approach to obtain insurance coverage. The benefit of CPP is that allows the business to pay out a lower amount of premiums than if it purchased a separate policy for each risk (I.e. Property, General Liability, BOP).
Key Points:
CPPs can include general liability, property, auto, and crime policies, cyber liability, etc.
These policies are normally utilized by small to medium-sized businesses.
Commercial package policies CPPs are insurance policies that combine multiple policies, such as liability and auto.
CPP differs from the business owner policy (BOP) because the CPP can be customized, while BOP is more rigid and has a set of policies that cannot changed.
It is important to note that some types of insurance aren't allowed in CPPs, such as workers' compensation and group life insurance policies.
How a Commercial Package Policy (CPP) Works.
Commercial package policies are highly customizable and may combine two or more coverages into a single policy. While each plan is specific, the average CPP will cover different property and liability exposures. Coverage options include general liability and property coverage. Business auto policies are commonly added to the bundle, along with crime protection and more and more commonly, cyber liability. Crime protection policies insure businesses against more than just vandalism and include coverage for forgery, embezzlement, check, or money tampering, credit card and other types of fraud. These can include employee dishonesty provisions as well.
Inland marine coverage is also commonly covered under a CPP, which provides on-the-ground, logistical coverage for items in transit. Additional policies can be added at an additional expense, allowing each business to cover precisely cover its unique set of risks.
Again, CPPs can't include certain items like workers' compensation or directors-and-officers insurance. Workers' compensation insurance is required by law and must be purchased as a separate policy. Directors-and-officer's policies are necessary for non-profit organizations.
At Briteline Insurance, we can provide a free, detailed review for your business, to ensure you are getting the right combination of coverage for your specific business need.