About Insurance Package Policies
These are some factors (not all) that Heritage Insurance Agents will assess in determining which of our companies fits your risk management needs. We will then shop the price to ensure the best fit within those companies.
Package Policies Defined
A Commercial Package Policy (CPP) provides the coverages selected by the policyholder. A CPP can consist of only general liability and building and/or contents property coverage, or can also include several other coverage forms. These types of policies are designed for all risks that do not fit into the Business Owner Policy.
The most common coverage forms include property, general liability, inland marine, crime, equipment breakdown, and commercial auto.
The property form covers buildings, personal property, signs, property off premises, valuable papers, newly acquired properties, and personal property of others. Some of the coverages are subject to sub-limits that can be increased for an additional premium. Property insurance can be bought on replacement cost or actual cash value basis and a coinsurance provision generally applies.
What Isn’t Covered?
- Workers Compensation
- Health, Life & Disability Insurance
- Directors' and Officers' Liability
- Fiduciary Liability
What Affects Premium?
The main items that affect premium in a Commercial Package Policy include age, credit score, and number of years in business. Other factors might include loss history, age and condition of the building.