If you are a business owner, you must have the idea that a business has so many potential risks. As a business owner, you need to protect your business from inside and outside threats and risks. Commercial Package Policy provides coverage from almost every type of risk that a business can face.
But what exactly is it? Let us try to find out its answer in the upcoming section!
What is Commercial Package Policy?
It is an all-inclusive insurance plan that provides protection to businesses against so many potential risks. The common name used for commercial package insurance is CPP. It entails most of the business risks and has a wide range of coverages in it. You can customize CPP according to your business needs.
Rather than buying so many policies separately, one can go for a single plan. It provides you better coverage at a lower rate, and it encounters so many discounts. Also, it becomes so difficult to manage so many plans separately. It becomes really handy for businesses to pay for a single premium and manage documents of a single insurance plan.
Most of the high-risk businesses in the United States of America, especially in New Jersey and New York, now buy CPP.
Is CPP different from BOP?
CPP is often mixed with BOP (Business Owners Policy) because both are package policies for business. But both are different because BOP is for the businesses that have smaller insurance needs. It does not provide specialized coverage to businesses and fails to properly satisfy the insurance needs of a business.
On the other hand, if we look at the Commercial Package Policy, the case is different. CPP insurance plan meets the insurance needs of almost all types of businesses. CPP is customizable, whether it is a small business or a large one, or it has some unique needs.
What coverages does it include?
General Liability Insurance and Property Insurance are two basic coverage plans. However, these two extend to a large number of plans. Let us now have a look at the plans that CPP provides:
- Business Income Insurance
- Commercial Umbrella Insurance
- Inland Marine Coverage
- Employment Practices Liability
- Business Crime Insurance
- Coverage for Electronic Data Processing
- Business Vehicle Insurance
- Pollution Liability
- Equipment Breakdown Coverage
- Business Interruption Insurance
In short, the CPP insurance plan provides broader coverage options at a low price and is also easy to manage. If you want to have expert advice to get Commercial Package Insurance in New Jersey, Contact MKZ Insurance. We will thoroughly guide you about your business insurance needs and what type of plan is suitable for it.
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