As a business owner, you strive to ensure that your business has the insurance coverage it needs to be shielded against losses. Risk management is a critical part of your planning, but you also have an eye on keeping costs down. Thankfully, your insurance agent may be able to assist in both areas. Bundling your commercial property insurance and general liability policies, along with other types of coverage, can be a smart move in terms of both risk and costs management.
Common Types of Packaged Business Policies
When you’re shopping for insurance for your business, you’ll likely encounter several different types of bundled packages:
- Business owners policies, which typically include commercial property insurance and general liability coverage
- Commercial package policies, which include commercial property, liability and other types of custom coverage options
Generally speaking, BOPs are sound options for small businesses while packaged commercial coverage is customized for mid-sized and larger firms. However, your company’s needs will dictate the best solutions for you. Other types of policies, such as cyber liability, inland marine and business auto can be included with a commercial packaged policy. Additionally, some BOPs include options such as business interruption insurance, which is essential to ensure you can continue operations.
Commercial property insurance is just one part of your risk management strategy. A custom-tailored solution can be built from existing types of coverage. Talk to your agent to determine the best products to shield your business against severe financial losses.