Business owner’s policy coverage typically includes coverage for hardships such as property damage and loss, legal disputes, broken or damaged equipment and the interruption of business operations. However, if you own and operate a large commercial business, you may require additional and more extensive coverage. Fortunately, most insurance providers offer policies that are suited to your business’s needs, no matter the size of your operation.
Commercial Policy Coverage
A commercial package policy differs from the traditional business owner’s policy coverage in that it allows you to choose from different coverage options to create a multi-policy package. This package can include:
- Business Auto Insurance: If you own company vehicles, business auto insurance is a must. To make your life easier, bundle your business’s auto insurance with that of your business’s overall coverage.
- Crime Insurance: Insurance that protects you against crime—including theft, vandalism and assault—can be beneficial if your operation is large and if you have valuable assets on hand.
- Equipment Breakdown: If you operate a manufacturing business with expensive equipment, equipment breakdown insurance would be a worthwhile investment, as most manufacturing equipment can cost upwards of $100,000.
While it is always wise to invest in a general business owner’s policy, speak to your insurance agency to discuss other business owner’s policy coverage that you might benefit from. While you might not need any additional coverage, it never hurts to find out.