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Commercial Package Policy

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We offer flexible payment plans to fit any budget needs.

We offer flexible payment plans to fit any budget needs.

We've helped over 60,000 employers buy more affordable insurance coverage.

We've helped over 60,000 employers buy more affordable insurance coverage.

We shop your coverage with up to 35 national carriers.

We shop your coverage with up to 35 national carriers.

We shop your commercial insurance to save you time and money.

What is a Commercial Package Policy?

A commercial package policy (CPP) is essentially a business owners policy for larger businesses. It bundles two or more lines of insurance into one package that can be customized to suit the needs of any business. One advantage to packaging your policies is the organization. When multiple policies are purchased through various carriers at different times you often have staggered policy periods, payment schedules and conditions. With a CPP, all your policies are rolled together, as are their declarations, conditions and coverages.

CPPs generally afford great price discounts and more continuity within their coverage. Insurance companies are more willing to give premium credits and policy discounts when they write more lines of coverage for a business. A single business is unlikely to sustain simultaneous claims from more than one line of coverage, therefore, giving the insurance company more premium dollars to help offset claim costs. Another advantage to packaging your insurance in this manner is the ability to close potential gaps in coverage. Since a CPP is written by a single carrier, in one policy, it is easy to see where coverage ends and begins, allowing you and your agent to identify gaps easily. When reviewing multiple policies written by various carriers those gaps are harder to define, as policy language and standards vary between insurance companies.

While a commercial package policy can technically be written for any sized business, they typically work best for small or mid-sized businesses. Smaller businesses typically have fewer liability risks than larger companies, making it harder to purchase out of the box policies that have too much coverage. Most CPPs combine property and general liability; BOP, professional liability must be bought separately. Unlike a BOP, a CPP does not automatically include any standard coverages. A CPP is the most customizable option for business owners. Instead of paying for coverage you don’t need you simply build it from the bottom-up. Additional lines can be added to a commercial package policy as well, but coverages such as workers compensation and employee benefits must be written separately.

Find your lowest business insurance rates.

Find your lowest
commercial package policy rates

We take the time to make sure your business and employees are classified correctly and then we get to work finding the lowest rates available for your insurance coverage.

  • National commercial package policy specialists.
  • Licensed throughout the United States.
  • Programs for standard and tough class codes.
Compare quotes from over 35 carriers.

Compare quotes
from over 35 carriers

Once we've got your best quotes back from our carriers, we take the time to help you understand your options and take the next steps to get you covered quickly.

  • Easy billing and installment plans.
  • Pay As You Go insurance coverage options.
  • We continue to follow up after binding; our service to you never ends.

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Commercial Package Policy
We shop your commercial insurance to save you time and money.

Why Do I Need a Commercial Package Policy?

If you run a small to mid-sized business and think you need more than the basic property and liability coverage afforded by a business owners policy then a commercial package policy is probably right for your business. All businesses need property insurance which will cover damage or destruction of building, equipment, inventory and more. They also need general liability insurance to cover costs resulting from third-party injuries at their business or from using their product or service. A CPP will generally start with these two coverages then allow the policyholder add coverage for any specialized risks to his/her business on top. For example, if you run a dry cleaning business, which uses hazardous chemicals, you may consider adding pollution liability coverage to your CPP. It will cover the costs related to pollution, including clean-up and personal injury. You could purchase pollution liability coverage separately, but when you package it into a CPP you save money, time and effort, both at the time of policy creation and when (if) you have to make a claim.

What does a Commercial Package Policy Cost?

Commercial package policies are so customizable that there is not typically a price point associated with them. When insurance companies can write more than one line of coverage at a time for one customer they save money and pass that onto their customer. Statistically, an insured who buys more than two lines of coverage will not be filing claims on each line. Knowing this, the carrier will discount the premiums on each line in order to acquire your business. The carrier knows that you will not likely use all your coverages so they can use your premiums to cover costs elsewhere. It is for these reasons that carriers also disregard minimums when packaging policies. When buying a single line of insurance there is often a minimum premium, and if you buy all your coverages a la cart, those premiums will add up!

What are Common Commercial Package Policy Claims?

The first step to take when you think you have a claim is to call your agent. Your agent will help you organize your information and guide you through calling the insurance carrier who will process your claim. The following are the top five property and liability claims for small businesses as reported by The Hartford1 (2015):

  1. Burglary and theft
    1. 20% of claims.
    2. Average cost to business owner: $8,000.
  2. Water and freezing damage
    1. 15% of claims.
    2. Average cost to business owner: $17,000.
  3. Wind and hail damage
    1. 15% of claims
    2. Average cost to business owner: $26,000.
  4. Fire
    1. 10% of claims
    2. Average cost to business owner: $35,000.
  5. Customer slip and fall
    1. 10% of claims
    2. Average cost to business owner: $20,000.

According to The Hartford study, more than 40 percent of small businesses will submit a claim within the next 10 years. Will your business be covered? The Insurance Shop specializes in designing small businesses insurance solutions with the right coverage for the right price. Let us guide you through identifying your risks, and the coverages you need to mitigate those risks, so your business can have its best chance at success.

1The Hartford Newsroom

How Can I Reduce my Risk?

As a business owner, you know your job is never done. Reducing risk at your business means taking precautions and being proactive. Making sure you are insuring against all your specific risks, not just common risks covered by standard policies is a great start. However, you must pay attention, if your business, or the way in which you do business, changes, then your insurance should too. If you are operating a small café then decide to offer catering services, you have just added a new category of risk to your business.

There are many ways to reduce property and liability risks. Start with keeping your property and buildings up to code and properly outfitted with interior/exterior lighting, security systems, signage and more.

Frequently Asked Questions

  1. What does a CPP not cover?
  2. Commercial package policies are written as all-risk or named peril policies. If the CPP is written as an all-risk policy then your business will be covered for all perils, except for any hazards specifically named as excluded. In contrast, a named peril policy will only cover specific perils listed in the policy. Commonly excluded perils include water damage, earthquakes, pollution/smog, corrosion and computer system malfunction or failure.

    However, there are some perils you will not be able to cover with a CPP, no matter how it is written. In general, only coverages related to commercial property or general liability can be added. Any insurance lines that cover people or human resources must be purchased separately. These lines would include such coverages as employment practices liability insurance, workers compensation insurance, professional liability insurance and employee benefits.

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Our Special Products and Services Make Us Better

Whether you are looking for the best coverage or to save more money over your current policy, our fast and friendly service staff is always here to help. As we work with numerous carriers across the United States we can offer more products at the best competitive rates. We at The Insurance Shop don't stop there, we also have a highly trained and experienced customer service team who guide and support you both before and after you've obtained your coverage.

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