Some more particular (and less widely needed) coverages that CPPs might be able to provide include:
- Pollution Liability Insurance, which businesses that use chemicals (e.g. a pool contractor) might need
- Supply Chain Risk Coverage, which businesses that rely heavily on their supply chain (e.g. a manufacturer) may want
- Terrorism Coverage, which any business that wants insurance against acts of terrorism might purchase
Are There Coverages That Commercial Package Policies Don’t Offer?
While commercial package policies can include many coverages, there are a few coverages that usually aren’t available through these types of policies. Workers compensation insurance, health insurance, and disability insurance are normally purchased as separate, stand-alone policies.
What Benefits Do Commercial Package Policies Offer?
Being individual policies, most of the coverages listed above can be purchased as stand-alone policies. Getting them through a commercial package policy, however, makes it easier to manage premium payments and can save a business money. Businesses only have to make one payment, rather than several, and insurers will frequently provide significant discounts for getting several policies together from them.
Is a CPP the Same as a Business Owners Policy?
CPPs are similar to business owners policies (BOPs), in that both are package policies designed for businesses. CPPs are able to provide more robust and customizable coverage, though. In general, BOPs are suited for small businesses and usually are not as flexible as a CPP. Larger businesses and those that are exposed to unique risks often are better off with a CPP.
How Can Businesses in New York Get a CPP?
Businesses in New York that think a commercial package policy might be right for them can contact an independent insurance agent for assistance. An agent can help a business assess its risk exposure and determine what insurance coverages it needs. Assuming a CPP is the best way to obtain those coverages, an agent can then compare commercial package policies from different insurers to find the one that provides those coverages.