Business insurance is an essential part of any operation’s risk management strategy but trying to find comprehensive coverage at cost effective prices can be challenging depending on the industry. For this reason, some insurers offer variation on package policies, which essentially provided multiple lines of coverage through for a single premium. This can help businesses gain essential business coverage for a lower price. These package policies will vary based on the insurance provider, and can sometimes be limited to basic property and general liability coverage. Businesses should also understand that the size of their operation will greatly affect whether or not a package insurance policy is the right fit for their endeavor.
There are two basic package policies available to New Jersey businesses. A Business Owner’s Policy (BOP) is a strong option for small and medium sized firms. A typical BOP packages will include property coverage for business buildings, their contents and the personal property of others along with general liability coverage to protect the business owner from financial hardship should their operation face litigation or regulatory fines and fees. BOP coverage, in general, offers basic protection for the business owner form a number of hazards and risk exposures common to their industry. Additional policies are often needed to completely protect a small business against other losses.
A Commercial Package Policy (CPP) on the other hand offers more inclusive coverage to larger operations with higher risk exposures. Business growth and expansion is always accompanied by additional hazards and exposures to losses. Large operations have a higher need to protect their additional business assets, property and employees and often face more complex liability exposures and challenges. As such, CCPs are designed to offer higher limits and more extensive coverage than a BOP policy. Commercial Package Policies will often include a more protection for different types of business property as well as help protect large firms of extensive losses that could result from property damage, breakdown and other mishaps. General liability coverage is also included in a CCP, often with higher limits.
While neither package policy is enough to thoroughly protect an operation from the countless risks they may face, package policies can be a great way to attain vital coverage for your operation at competitive and reasonable rates. At Tri-State Insurance Agency, we offer take NJ business insurance package policies to a whole new level. Our BOP coverage includes property coverage for your building, its contents and the personal property of others as well as equipment breakdown, business interruption, and general liability coverage. We also offer complex business auto policies to businesses throughout Pennsylvania, northern New Jersey and New York, which offer inclusions above and beyond the standard property and liability coverages. All our policies are fully customizable to fit the specific needs of your operation, so give our NJ business insurance specialists a call today at (888) 990-0526 to start crafting a policy for your operation.