Commercial Insurance is broken into two basic types, Business Owners Policies (“BOP”) for smaller, more general type risks and Commercial Package Polices (“CPP”) for larger, more complex risks.
“Commercial Insurance has two basic types of policies; Business Owners (BOP) and Commercial Packages (CPP).”
BOPs are most often used for retail, some restaurants, offices including professionals and small commercial business. There are BOPs for Artisan Contractors as well. A CPP policy is used for any business that does not fit into the categories above or who have a business that is too large to qualify for a BOP.
The commercial package is a mainstay of the business insurance industry and can be tailored to the needs of the individual business where a BOP is less flexible. There are literally hundreds of different coverage endorsements that can be added to a CPP policy. A typical package policy includes Property for your buildings and contents, as well as Liability protection against negligence lawsuits. Many popular additional coverage includes “Business Income” coverage for lost profits and continuing expenses in the event of a loss, “Crime” coverage for theft of money and employee dishonesty and “Inland Marine” coverage for equipment coverage when taken away from the main premises.
“Business insurance is not the same. Just one endorsement can affect coverage in a meaningful way.”
This is why you want to deal with a qualified insurance agency that gets to know your business and will structure your insurance to fit your specific needs. Contact us for a full evaluation and our recommendations. We welcome the opportunity to work with your company!