As the business world rapidly evolves, so must the ways in which businesses protect themselves from new threats and unexpected exposure. A smart commercial property package (CPP) can do that. But what should you include in your CPP insurance policy?
CPP’s are built for commercial property owners in a way that allows for customization. With a CPP, a business owner can work with an insurance agent or broker to build a policy that works best for the company. This is a bit different than the coverage provided by a classic business owner’s policy.
What’s Included in a CPP Policy
From the outset, each CPP insurance policy includes common policy declaration and conditions. Declarations simply name the business entity covered, as well as the property and coverage type. Conditions outline all the rules around the policy agreed upon by the insured and insurer.
Business owners can build coverages into their package. The reason why certain options are selected likely depend on the company’s size, the industry it operates in, the age of its equipment and more. Common add-on policies include general and professional liability insurance, crime and auto coverage, errors and omissions and, these days, cyber security.
Building the right CPP insurance policy ensures a business is adequately protected. It can also reap benefits such as extended coverage and lower premiums.