The business of doing business continues to evolve amidst a backdrop of constant technological advances. In today’s digital world, transactions across time zones have become as easy as pressing the “send” button or processing a bank wire. Hand in hand with those changes is exposure to new risks that a traditional business owner policy (BOP) is not designed to cover.
Fill the Gap
Because of this gap in coverage, a commercial package policy (CPP) is a good solution. Businesses, large and small, can choose from a variety of standalone policies or endorsements that are designed to provide comprehensive risk protection.
Customize Your Coverage
A standard BOP typically provides property and general liability coverage. A package policy provides the same with the cost-effective option of bundling additional coverage.
Some small companies may find a BOP is all they need. However, if you operate within a niche industry or face complex risk exposures, a CPP may be the better choice. Consider adding additional coverage like:
- Cyber liability
- Errors and omissions
- Business auto
- Non-owned auto
- Boiler or equipment breakdown
- Inland marine
- Employee benefits liability
- Farm coverage
As always, consult with an experienced broker or agent when determining your company’s CPP insurance needs. The world continues to change; make sure your business doesn’t fall behind.