Selecting the Right CPP Insurance is as Easy as Ordering from a Menu

Your successful business is always growing and changing. If your commercial insurance policy isn’t keeping up with the changes, a significant loss could derail your success. When you purchase a commercial package policy (CPP Insurance) from LoPriore, you can count on layers of coverage that will protect you now, and keep up with the growth of your business.

 
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WHAT IS IT?

A commercial package policy is a group of commercial coverages customized to fit the needs of your unique medium to large business. As a business owner, you can tailor the coverages and limits to meet your needs today and make adjustments as your business grows in the future.

WHY DO I NEED IT?

A commercial package policy provides multiple custom coverage options on one policy. Any business owner who needs more than one commercial insurance policy can save money by choosing a CPP.

WHO IS IT FOR?

Any type of business that’s mid-size or larger can benefit from CPP insurance. Indeed, your successful business can quickly outgrow a standard insurance policy, leaving you underinsured. A CPP can be adapted to keep up with changes in the business.

CPP Insurance Coverage Details

Every business faces a variety of risks. However, the potential risks for one business may be completely different than those for another. A customized CPP will allow you to choose the layers of commercial coverage you need without forcing you to pay for things you don’t. Your custom CPP can provide the following coverage options. You will need to select at least two types of coverage.

Commercial Property Coverages

There’s a lot at stake when your business property faces potential damage. Commercial property can be expensive to repair and you want to avoid downtime as much as possible. Property insurance provides coverage for land and buildings, and also personal property on the premises. A deductible usually applies to each loss. These types of commercial property coverages are available on your CPP.

Buildings and Business Personal Property

Building coverage includes the building, attached and unattached structures, outdoor fixtures, and installed machinery and equipment. However, property coverage includes property on the premises not expressly excluded in the policy.

Coverage Extensions and Additional Optional Coverage

If your standard coverage doesn’t provide the entire scope of protection you need, you can add coverage extensions to your CPP. These optional coverages may include flood, earthquake, agreed value on buildings, fine arts, money and securities, and spoilage due to temperature change.

Commercial Crime Coverage

Crime coverage protects your business against loss related to crime like theft by burglary, robbery, or employees. This covers money and securities both on and off the premises.

Employee Dishonesty Coverage

This protects an employer from financial or property loss due to the fraudulent acts of employees.

Equipment Breakdown Insurance

This critical protection is often excluded from standard commercial policies, but it can be used to cover all electronic losses including telephone systems and computers. This protection covers both repairs and business interruptions related to the covered event.

Inland Marine Insurance

This provides coverage for possessions in transport as well as the property of others in your care. It also covers property not usually found on business premises like employee’s possessions and contractor’s equipment.

 

Law and Ordinance

When a substantial amount of a commercial building is destroyed, local ordinances may require demolition and rebuild of the damaged area that meets current building codes. This coverage may include the cost of demolition and rebuild as well as increased construction costs to meet building codes.

Commercial General Liability Coverages

Every business working with the public faces certain liability risks. Commercial liability coverage can protect you from the losses related to these potential risks. General liability insurance provides coverage for bodily injury or property damage when the insured is legally responsible. Medical costs, accidents related to complete manufactured products, and defense costs may be covered.

  • Personal Injury or Advertising Injury: Personal injury describes injury other than bodily injury, including false arrest, malicious prosecution, invasion of privacy and damage to reputation. Advertising injury can include harm caused by an advertisement like libel or slander.
  • Products and Completed Operations Injury: Product coverage refers to products manufactured or sold by the insured that result in events that lead to damage or injury. Completed operations describe coverage for damages related to accidents that occur after services have been completed by the insured.
  • Medical Payments: This covers medical expenses for bodily injury caused by an accident on the premises or an accident caused by the insured’s operation. Payment is unrelated to standard liability limits.
  • Fire Damage Limit: This provides coverage for fire damage due to the insured’s negligence.
  • Liquor Liability: Coverage for bodily injury or property damage for which you may be held liable for causing the intoxication of any person, furnishing alcoholic beverages to anyone who is under the legal drinking age, intoxicated, or violating any statute regarding the distribution of alcohol. Coverage only applies if the insured is involved in the manufacture, sale, or distribution of alcoholic beverages.

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CPP Insurance FAQs

A Business Owner’s Policy (BOP) is designed for small to medium businesses. While you can add optional additional coverages, the main protection options are typically the same. CPP is for continued growth. A CPP has many customizable options for the specific coverage you need.

It is possible to purchase commercial insurance policies separately. However, a CPP is usually the most cost-effective way to get complete commercial coverage.

Since your CPP is largely customizable, costs can vary. Some factors included in the price of your policy are your chosen coverage and limits, the size of your business, and your safety practices.

If you have the proper liability coverage in place and the costs don’t exceed your limits, your CPP will protect you in the event of a lawsuit related to a covered event. Some exclusions may apply, so it’s important to understand the details of your policy.

Massachusetts law requires all businesses to provide worker’s compensation for all employees no matter how many hours they work. Local ordinances, your vendors, and lenders may require you to have additional commercial coverage.

Learn More About CPP Insurance

A commercial package policy can protect your business from unexpected risks and help you avoid significant losses and downtime. Our experienced agents work with several insurance companies to provide you with a variety of commercial insurance options. Don’t waste your time shopping around! Indeed, let the LoPriore team help you customize a CPP designed to fit the needs of your unique business. Get in touch today to learn more about our commercial package policies, or get a quick quote for the policy you need.

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