The main difference between the policy for business owners and the commercial package policy is that a BOP is a prepackaged package, while a CPP is not. When you buy a BOP, you know what policies you're going to get. The CPP offers the possibility of grouping many more types of policies than the BOP, making it attractive to insured persons who need these different coverages. The CPP is more complex than the BOP; however, if your company doesn't require additional coverage, the CPP may not offer any other advantages over the BOP.
The Business Owners Policy (BOP) is a popular policy package that includes several business coverages, such as general liability, property damage and business interruption (business income). The BOP doesn't include several essential coverages you may need as a business owner, including professional liability, commercial automobile, workers' compensation, crime, equipment breakdown, and other special coverage. The difference between a commercial general liability (CGL) policy and a business owners policy (BOP) is that, while the former only covers liability losses, the latter covers both liability and property losses. Fortunately, there's a better way to choose what's right for your business, and learning what coverages a BOP policy offers versus a commercial package policy is a good place to start.
Policyholders can determine what coverage they need, based on their risks and exposures, and group together relevant policies. Workers' compensation and health insurance are examples of coverage that cannot be bundled into either the BOP or the CPP and that, if necessary, would require separate policies. Keep reading to learn more about these business policies, which are the best fit for your business. Then, contact the experts at Fusco, Orsini & Associates, for more help.
While a business package policy also includes different types of coverage, it is designed to offer greater flexibility to medium and large companies that need to deal with unique risk exposures. Property insurance and commercial general liability insurance are the two essential policies that usually form the basis of the CPP, since most companies need these coverages. Both business owner policies and business package policies provide protection to business owners. Both types of package policies simplify your coverage by combining different policies, simplifying the insurance experience for you as a customer.
However, there are also options to add business income insurance, commercial general liability insurance, electronic data processing coverage, equipment breakdown coverage, vehicle insurance, occupational liability, inland navigation protection and pollution liability. Both the Business Package Policy and the Business Owners Policy offer certain benefits for small business owners. Business Package Policy (CPP), compared to the Business Package Policy (CPP), is a much more flexible policy that allows you to add and package more coverage according to your company's needs. You may have heard of two main types of package policies: the business package policy and the policy for business owners.
You don't need to take out a CPP to add these different policies; instead, you can add them separately as needed and keep the BOP for your general liability, property damage and business interruption coverage...