Package Policy

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What is the coverage?

A Package Policy is made up of a General Liability and Property Coverages. General Liability can be purchased with limits as low as $250,000. However, due to the cost, amount of coverage offered, and the exposure that faces most small businesses, we do not recommend purchasing a policy with limits lower then $1 million.

What does it include?

Package Policies, many times referral to as a BOP (Business Owners Policy) or Commercial Package, include General Liability, Property Coverage and may include Business Interruption, Sign Coverage, and various others. The General Liability coverage will protect your business from Bodily Injury or Property Damage claims or suits caused by or alleged to be caused by your employees or from your product or completed operations. The policy includes defense costs even if the claim or suit is fraudulent. The Property Coverage is going to protect your business against losses including fire, lightning, wind, vandalism, theft and other perils to your building, and business personal property which may include desks, computers, equipment and inventory. Many business owners underestimate the cost of business personal property, so make sure you inventory all business contents at least once a year, and accurately report them to the insurance carrier. It is important not to under report your contents, because in the event of a loss, you want to ensure you are fully covered.

Who should look at purchasing?

Every business should have a General Liability policy and if the business has Business Property they should purchase the coverage to protect the business assets. Package policies provide a tremendous amount of coverage and by packaging several coverages on one policy is usually the most economical way to cover your basic insurance needs. In addition, many vendors and even landlords require evidence of coverage to offer leases, contracts, sales agreements, or appointments. By having this policy in place, you are establishing yourself as a credible business, that is demonstrating a positive management style as well as risk management.

Why is it important?

Where a General Liability policy can cost hundreds to a few thousand dollars per year, a claim can cost in the tens to hundreds of thousands. In addition, anyone can sue you and the policy covers defense and the associated cost. As a small business with affordable risk management options, there is no reason not to protect your business to ensure that you business can succeed for years without the burden of court costs and claims expenses.