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What is a Commercial Package Policy?
An insurance policy that combines coverage for several or multiple perils, such as liability and property risk. A commercial package policy, or CPP, allows a business to take a flexible approach to obtaining insurance coverage, and may allow the business to pay out a lower amount of premiums than it would had it purchased a separate policy for each risk.
Commercial package policies afford companies a high degree of customization, and may combine two or more coverages into a single policy. In addition to property and general liability, this type of policy may also provide coverage for automobile, inland marine, crime, or other risks. The policy premium depends on the risks that are being covered, as well as the number of coverages that are being combined.
This type of policy differs from a business owner policy, or BOP. While a business owner policy also combines multiple coverages, it often includes a variety of standard coverages that may not be of interest to the policyholder. For example, the policy may include business income coverage regardless of whether the policyholder wants this. Commercial package policies* only include coverages that are selected specifically by the policyholder.
A commercial package policy (also known as CPP) consists of two or more commercial coverages, such as general liability and commercial auto. If you are insured for general liability or commercial property under a package policy that is not a BOP, your policy is a CPP.
The requirements to qualify for a CPP are much less restrictive than those for a BOP. Most types of businesses may be insured under a CPP. A CPP is considerably more flexible than a BOP. Coverages can be tailored to the needs of your specific business type and needs.