Commercial Package Policy in Vermont
What is a Commercial Package Policy?
Commercial package policies are package insurance policies designed to meet the insurance needs of commercial businesses. As package policies, they include several individual policies that have been bundled together. The policies included are generally commercial policies, rather than personal policies.
What Benefits Does a Package Policy Offer?
In most cases, the individual policies that a package policy has bundled together could be purchased separately. Getting several individual policies through one package policy, however, is more convenient because there is one premium, rather than several, to pay. It’s also financially advantageous to purchase coverage through a package policy, as insurers frequently provide discounts when multiple individual policies are lumped together.
What Coverages Can a Commercial Package Policy Provide?
Commercial package policies are intended to be customizable policies that can offer robust protections. Therefore, a policy might provide any number of coverages. Some coverages that can frequently be obtained through one of these policies include the following:
- Business Interruption Coverage, which can help replace revenue that’s lost due to a covered claim
- Commercial Property Coverage, which may provide protection for a building, equipment, tools, and other property a business owns
- Employment Practices Liability Coverage, which typically covers certain employment-related lawsuits
- Inland Marine Coverage, which might be used to protect equipment or products that are in transit to a job site or customer’s location
- Pollution Liability Insurance, which is sometimes necessary if a business uses pool chemicals, pesticides, fertilizers, or other chemicals
- Commercial Auto Insurance, which businesses that have vehicles often need
These are just a few of the common coverages that Vermont businesses often choose. Other examples of possible coverages that a policy may contain are farming or ranching loss coverage, supply chain risk coverage, and terrorism coverage.
Are There Coverages Commercial Package Policies Don’t Usually Have?
While commercial package policies can contain a diverse array of individual policies, there are a few insurance policies that usually aren’t available through these package policies. Workers compensation, health, and disability insurance policies typically must be purchased separately, if they’re needed.
Are Commercial Package and Business Owners Policies the Same?
Both commercial package and business owners policies contain multiple individual commercial policies within them. Commercial package policies usually offer more available coverages, though. Business owners policies typically only provide commercial property insurance, business interruption insurance, general liability insurance and, sometimes, cyber insurance.
Business owners policies may be sufficient for small businesses that have limited risk exposure, but businesses that are exposed to unique risks or many risks often are better off with a commercial package policy.
How Can Businesses in Vermont Get a Commercial Package Policy?
Vermont businesses that want a commercial package policy should talk with an independent insurance agent who specializes in business insurance. An independent agent will be able to help a business consider its risk exposure, determine what individual policies the business wants in a package policy and compare several commercial package policies from different insurers.
While businesses in Vermont face different risks, most businesses are exposed to at least several potential perils. For example, a restaurant in Rutland, VT, dog groomer in Stowe, VT and retail store in Middlebury, VT each need to insure themselves against different risks, but they all have multiple risks to protect themselves from. A commercial package policy offers a customizable insurance solution that Vermont businesses can adjust to meet their particular insurance needs.