Opening up a small business may no doubt be one of the most exciting endeavors. When starting a business, however, you don’t want to forget about insurance. At first, policies may be difficult to understand or you may be unsure which policies fit best you have to start somewhere. Why not start by learning about what a commercial package policy is.
What Are Commercial Package Policies?
Commercial Package Policies are more flexible than other options. These policies work best with large companies that need more protection than a typical Business Owners Policy. In this type of policy, you essentially group policies together instead of separating them. This will lower your deductibles, provide more coverage and keep your prices low.
What Do Commercial Policies Exclude?
While many policies come under a CPP, there are exclusions. Here are some coverages that you may have to purchase outside of the policy:
- Disability insurance
- D&O liability
- Health insurance
- Workers compensation
- Life insurance
Despite the exclusions, most business owners pay less with the CPP than they would with other types of coverage. The customizable options make it appealing.
When you start a business, you have to start looking into a variety of insurance policies. If you’re starting out, learning about what a commercial package policy offers is a good first step.