Package policies are more of an A la carte vs. all wrapped into one option, unlike a Business owners (BOP) policy. While, BOP policies are mainly meant for smaller businesses and only for a few types of risks, package policies are available for a wide range of businesses. Together, we’ll customize a package of various types of coverage you need and apply specifically to your business.
COMMON COMMERCIAL PACKAGE RISKS
- Habitational – Apartments, dwellings with more than four units, apartments above businesses
- Auto Repair & Service / Dealerships
- Contractors
- Industrial & Processing
- Motel/Hotel
- Mercantile
- Religious Institutions
- Service
USUAL COVERAGES IN A “PACKAGE”
- Liability – Damage done by YOU to the OTHER guy that you are legally obligated to pay! Usually this is in the form of bodily injury or property damage. There is also personal injury (injury to the mind or character of another, i.e slander, libel, etc.) ,advertising injury and medical expense.
- Property – Main portion of package to cover your property (building), business personal property (BPP) (tools/machinery/equipment, furnishings, stock(inventory), etc.).If you own a building but do not occupy it, property can be written to cover the building only. If you occupy the building, but do not own it, the coverage can be written to cover contents only. If you own And occupy, then both would apply.
- Inland Marine – Usually coverage for items when they are more than 100 ft. from your premise. Typical coverage options include: contractors equipment, installation floater, Builder’s risk, transit coverage, computer
- Liquor liability
- Crime – Employee Theft, Forgery & Alteration, Theft of money and securities
- Garage Keepers – Covered property of others when it is in your care, custody and control, while attending, servicing, repairing, parking or storing in your “garage operations”
COMMON ENDORSEMENTS
- Equipment Breakdown – Sudden and accidental breakdown of machinery and equipment that is part of a building or part of the production process
- Business Income/Extra Expense – Loss of business income or extra expense incurred due to the suspension of you operations caused by a physical loss to your property listed on your policy
- Cyber Liability
- Miscellaneous E&O
- Water Back-Up and Sump Overflow – damaged caused by water which backs up through sewers or drains or overflow within a sump pump
- Ordinance or Law – Increased cost during demolition, construction or repair of buildings to meet code
- Property in Transit
- Spoilage – Coverage for perishable stock caused by breakdown or contamination
- Additional Insured Blanket
- EPLI – Provides coverage, for claims brought against you or your business due to a wrongful employment act against your employee.
The risks, coverages and endorsements listed above are just a few examples. So, make sure to give us a a call to discuss how to keep you and your business best protected. Let’s tailor a package together that is meant specifically for your needs!
Call us today or head over to our contact page to get started.