Commercial Package Policy in Massachusetts

What is a Commercial Package Policy?

A commercial package policy (CPP) is a flexible insurance solution that combines several separate policies into a single, convenient package policy. The individual policies contained in commercial package policies are normally commercial, rather than personal, insurance policies.

What Coverages Are Available Through Commercial Package Policies?

Because the individual policies inside a CPP are customizeable, there isn’t one set of coverages that all commercial package policies offer. Depending on a business’ risk exposure and insurance needs, a policy might offer any combination of the following coverages:

These are just a few examples of the many coverages that may be included in a CPP. Many other coverages can also be included, including highly specific coverages like pollution liability coverage, farming or ranching loss coverage, and terrorism coverage.

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Are There Any Coverages Commercial Package Policies Don’t Provide?

While there are lots of coverages that commercial package policies may have, there are a few types of insurance that normally aren’t available through commercial package policies. Health, disability, dental, and vision insurance policies are typically purchased separately, as stand-alone policies.

What Are the Benefits of Commercial Package Policies?

There are two main benefits to purchasing individual policies through a package policy. First, paying a single premium rather than a premium for each individual policy is simply easier to manage. Second, and more significant, most insurance companies in Massachusetts offer discounts -- often sizeable discounts -- for getting multiple insurance policies from them.

What Businesses in Massachusetts Need Commercial Package Policies?

Most businesses in Massachusetts have multiple insurance needs and, therefore, may want a commercial package policy. Smaller businesses are sometimes able to get the insurance coverages they need through a business owners policy, but larger businesses and those that have unique insurance needs often need a CPP.

How Are Business Owners Policies and Commercial Package Policies Different?

Business owners policies and commercial package policies both provide multiple insurance coverages in a single package policy. They differ in how many coverages they offer, though.

Business owners policies usually include basic coverages that most small businesses need. The list of coverages usually includes general liability coverage, business interruption coverage, and commercial property coverage. Other coverages, sometimes even including commercial auto insurance, are excluded and must be acquired separately.

Compared to business owners policies, commercial package policies generally offer more coverages. They can both contain more coverages, and their coverages can be more varied. Commercial auto insurance, for example, is widely available through commercial package policies, not to mention much more specialized coverages.

How Can Businesses Obtain a CPP?

Businesses with insurance needs beyond what business owners policies can meet should talk with an independent insurance agent in Massachusetts. An agent can help a business find an affordable commercial package policy that includes the insurance coverages the business needs.

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