Good Things Come in Packages
For many of our clients, bundling their insurance into one package makes sense. Your business may benefit from a package policy as well.
- Business Owners Policy (BOP): Many small and midsize businesses share some common risk exposures. The insurance industry has responded by providing an option that streamlines policy choices and premium billing. The BOP bundles the most needed coverages into one overarching policy. You will find Commercial Property insurance, Commercial General Liability insurance and some level of Business Interruption insurance. Of course, there are other Property and Liability policies that can enhance your protection, but a BOP contains the basics, protecting companies from common causes of loss, such as fire, windstorm, vandalism and theft. If you want to insure for flood or earthquake, we can find you coverage outside your BOP.
FGIB offers Business Owner Policies across a broad spectrum of industries, and many of our insurance partners offer expanded liability options, depending on the business or professional niche. Some also offer Business Income with Extra Expense, Equipment Breakdown insurance, Crime insurance, Hired and Non-owned Auto insurance, coverage for outdoor signs, money and securities, and other Inland Marine insurance.
- Commercial Package Policy (CPP): As your company grows, you want to customize a package of insurance policies that are particularly suited to your business. A Commercial Package Policy package differs from a BOP in that you select the specific coverages you want and bundle them as a multi-policy package. Often, you can receive a discount on your premium when you combine policies in this fashion.
You can choose to limit your CPP to General Liability and Building/Contents Property coverage, or you can include other policies, such Business Auto insurance, Inland Marine, Equipment Breakdown, Crime, Business Income with Extra Expense and others. Liability insurance specific to your needs can often be added; although, some Liability policies must be bought outside the CPP.
In addition, we can also provide a package with built-in coverage for various expenses, such as debris removal, valuable papers, outdoor property and signs, and sewage and drain backup, to name a few. A Commercial Package Policy is very flexible and highly responsive to your company’s particular needs.
FGIB will review all your options with you and help you decide what you require to best protect your company.