If you’ve been searching for insurance coverage for your business, you may have come across references to package policies insurance in Babylon but not understood what it meant. Basically, a commercial package policy is a plan that is more comprehensive and customizable than a traditional business owner’s plan.
What Is a Commercial Package Policy?
At baseline, a commercial package policy will cover commercial property, business interruption, and general liability for your business. Depending on your business, coverage for professional liability, employment practices liability, and commercial auto can also be added to cover your unique business needs. A commercial package policy is intended for large businesses in the fields of retail, wholesale, office, and light manufacturing.
What Is the Difference Between a Commercial Package Policy and a Business Owner’s Policy?
A business owner’s policy is less comprehensive, combining commercial property coverage, general liability, and business interruption coverage at baseline. Typically, small to medium-sized businesses with a less complex risk profile that do not require a lot of additional coverage do very well with a business owner’s policy and find that it is sufficient to meet their insurance needs.
Both the size and type of business that you own factor into whether you require package policies insurance in Babylon, or if a business owner’s policy will be sufficient. An insurance agent who specializes in commercial coverage will be able to help you choose the best plan for you.