Understanding CPP: What Is a Commercial Package Policy? 

What if your business was at major risk and you did not even know it? 

It is important for all business owners to have the right kind of insurance. One of the best options available to entrepreneurs is the commercial package policy. Unfortunately, many who would benefit from this coverage do not know exactly how it works and why it is so beneficial. 

How do these policies work, though? And what makes them the superior commercial business insurance solution for entrepreneurs throughout the nation? Keep reading to discover all of the answers for which you are looking. 

What Is a Commercial Package Policy (CPP)? 

CPP insurance combines multiple kinds of protection into a single plan. In many cases, this is more convenient for owners because it streamlines coverage needs, maximizing protection while minimizing paperwork. 

For many entrepreneurs, this specialized business insurance coverage is ideal. To decide whether or not it works for your own needs, it is important to know the definition and purpose of this commercial policy as well as what sets it apart from other coverage options. 

Definition and Core Purpose of a CPP 

The CPP meaning is simple: the acronym stands for “commercial package policy.” The name describes the core purpose of this insurance, which is to offer entrepreneurs the flexibility they need as well as an easy opportunity to save both time and money. 

Why Businesses Choose CPPs Over Separate Policies 

Those who purchase CPP insurance are those who would normally be buying each type of coverage separately. Buying this is like buying a bundle, allowing you to customize the types of protections you need while paying less than you would pay if you bought everything piecemeal. 

Key Coverages Included in a CPP 

A commercial package policy offers more flexibility than a business owner policy. Therefore, no two policies look exactly the same. But most CPPs offer certain key coverages that all entrepreneurs need. 

Chiefly, this includes property and liability insurance. Beyond that, you can add additional types of protection as you see fit. Rather than having to accept a one-size-fits-all BOP, you can instead customize the commercial policy to your exact needs. 

Property and General Liability Insurance 

A commercial package policy typically comes with property and liability insurance. The property policy is designed to protect the actual building you do business out of as well as your property, furniture, equipment, and so on. Meanwhile, liability coverage protects you from clients who get injured at your business and hold you responsible. In some cases, it also protects you against slander, libel, and copyright infringement. 

Optional Add-On Coverages 

Different carriers will offer different add-ons for this unique business insurance coverage. For example, you may be able to add a commercial auto policy. Additionally, a crime rider may be available that can help protect against revenue lost to illegal activities. 

Benefits of a CPP for Businesses 

There are many benefits to choosing a commercial package policy for your business. The primary benefit is that you will likely save money buying a package rather than purchasing each type of coverage on its own. 

Streamlining your insurance like this can also save time as well as money. And the ability to customize the policy to your needs means you will only pay for protections that you actually need. 

Cost Efficiency and Convenience 

As mentioned before, this type of commercial business insurance saves money in the same way that bundling different personal policies (like homeowners and automobile insurance) does, effectively lowering the cost of each. Additionally, when you only have to deal with a single carrier for all your coverage needs, that minimizes the time you must put in to protecting your business each month. 

Customization Options Based on Business Needs 

No two businesses need the exact same kinds of coverage. With a commercial package policy, you can get precisely what you need without getting stuck with protections you will never likely need. 

CPP vs. Business Owners Policy (BOP) 

For veteran business owners, the CPP sounds a lot like BOP insurance. They are very similar in that each type of policy bundles together multiple kinds of coverage that you would otherwise have to pay for separately. 

What are the differences between CPP and BOP, though? And which one is right for you and your business? Below, you will find all the answers you need. 

Main Differences Between CPP and BOP 

The primary difference between these two polices is that a BOP cannot typically be customized, and a CPP can. Most entrepreneurs appreciate having the flexibility to decide exactly what kind of protections their businesses need. 

Which One Is Right for Your Business? 

Only you can decide which commercial insurance policy is best. If a BOP offers exactly what you need, it may be the simpler and easier choice. For entrepreneurs who need more flexibility, though, the CPP is typically the better choice. 

Who Needs a Commercial Package Policy? 

Again, no two businesses are exactly alike. And that means that CPPs are not universally beneficial. That leads to the obvious question: Who actually needs this specialized policy? 

In actuality, certain types of businesses are likelier to benefit from a CPP, and certain industries are likelier to find these policies useful. Below, you will learn more about who does (and who does not) stand to benefit. 

Types of Businesses That Benefit from CPPs 

In short, any business that incurs a high amount of risk will benefit from a CPP. That usually means any business that needs more than one type of coverage. Because of this, more established businesses may benefit from CPP, whereas BOP may be a better business insurance for startups. 

Industries Commonly Covered by CPPs 

CPPs cover a wide diversity of industries. This includes education, entertainment, real estate, restaurants, religious organizations, and more. To make sure your own industry is covered, be sure to find a carrier that offers all the protection you need. 

Get Your Custom Commercial Package Policy Quote Today 

Now you know what a commercial package policy is, including how it works, what the benefits are, and who needs them. But do you know where you can find a carrier offering all the protection your business deserves? 

At InsureOne, we are here to protect entrepreneurs just like you. Ready to get the most effective policies at the most affordable prices? If so, it is time to get a quote online. You can also pick up the phone and give us a quick call at 800-836-2240. Finally, feel free to come find an InsureOne office near you.