When Is a Commercial Policy the Right Move?

If your company is growing in size and complexity, it may be opening itself up towards certain risks that might not be covered by a simple business owners policy. For larger companies with unique liabilities, it can be advantageous to bundle several services together into a commercial package policy. This type of policy can also offer the additional benefit of a premium discount, which can save your company money. Some commercial policies are limited to liability and property coverage, but for most companies this is just a starting point.

Including other coverages—beyond property and liability—in your commercial policy can help to customize protection around your unique risks. Some of these additional coverages can include fleet insurance for business-related vehicles, crime insurance to cover losses from employee misconduct or burglary and equipment breakdown insurance to address malfunctions in heating, cooling and electrical systems. If your company is involved in any type of supply-chain efforts, inland marine insurance may be a good option. This type of coverage protects goods and assets that travel over water or land, usually between storage, warehousing and points of sale. Various distinct liability coverages can be added to a commercial package policy as well. These can be uniquely customized for your particular company, so working directly with an insurance professional should be strongly considered.