Commercial Package Policy
For larger businesses with greater risk. Build a custom package that fits your unique needs.
"Local when you need in-person help. They help you when you need answers about your policies."
Inside a Commercial Package Policy
In choosing the right insurance for your business, you need to look at certain factors. This includes the size of your business and the services or products you offer. You can buy lots of separate policies to cover your different risks. Or, you can choose between two different package policies that bundle coverage all in one.
A Business Owners Policy (BOP) may make sense if you are a small to mid-size company with low risks. But, if you are a larger company with greater risks, the Commercial Package Policy (CPP) may be right for you. Manufacturing firms, industrial and processing risks, specialized contracting risks and other more complex risks, for example, are better suited and eligible for a CPP.
Look at the BOP as a pre-packaged insurance program, and the CPP as more of a cafeteria-style package where you assemble the parts. With the CPP, you pick and choose what you need and customize the coverages, wording and terms to fit your needs.
How the CPP Works
A CPP brings together core coverages to help protect your business. Liability coverage helps when someone outside your business is injured or has property damage and you’re responsible. Property coverage helps cover damage to your building, equipment, and inventory. You can then choose additional coverages to fit your business needs, including:
- Business Income. This replaces lost earnings and covers extra expenses if your business has to close because of property damage, such as a fire, while repairs are being made.
- Crime Insurance. Covers losses from burglary, employee dishonesty, and computer fraud.
- Commercial Umbrella. Gives you even more liability coverage beyond what you have on your General Liability insurance.
- Employment Practices Liability. Protects your firm against claims of discrimination, harassment, wrongful termination, and other workplace disputes.
- Inland Marine. Covers property or goods that move around.
Professional Liability coverage can also be added to your CPP. It helps protect your business if a client or a third-party experiences financial loss and holds you responsible for an error or omission in your services. Indiana Farmers Insurance offers this coverage for a limited class of businesses. Certain professions, such as doctors, lawyers, and engineers, typically require more specialized carriers.
Workers Compensation insurance needs to be added as a separate policy. Commercial Auto insurance also needs to be added as a separate policy.
Insurance products are subject to terms, conditions and exclusions not described on this Website. The information on this Website concerning insurance policies and other products is intended to give you an overview of the policies and products offered by Indiana Farmers Insurance. None of the information—including any policy or product description—constitutes an insurance policy. The policy contains the specific details of the coverages, terms, conditions and exclusions. Coverages and their availability may vary by state.