At Frankenmuth Insurance, we work hard to protect growing businesses with comprehensive coverage. But you may be wondering: What type of business insurance do I need? That depends on a number of factors, like the size of your business, the number of employees, and the type of business you run. Both business owners policies (BOP) and commercial package policies (CPP) offer protection and peace of mind, but one is certainly better suited to your unique needs.
Your agent will get to know your business and recommend a policy for you. But to help you understand the differences, we’re breaking down BOP vs. CPP. Discover them now.
What is a business owners policy (BOP)?
Business owners policies are pre-assembled, standard policies, and work especially well for small businesses such as contractors, retail stores, and wholesalers and distributors. Although the policies come pre-made, your insurance agent can work with you to add coverages that are right for you.
Standard policy features include:
- Business liability – Was someone injured at your business, while using one of your products, or while participating in a service you offer? Business liability covers related legal and medical costs up to the limit of your policy.
- Commercial property – This feature protects your building and its contents. This includes items such as computers, office furniture, mechanical equipment, inventory, and more.
- Business interruption insurance – If you need to close your doors temporarily because of a covered loss, this coverage offers financial protection.
What is a commercial package policy (CPP)?
Commercial package policies are great for larger companies or those with unique risks. In addition to property and liability coverages that are the basis of every insurance policy, you may need additional coverages, including:
- Commercial umbrella
- Crime
- Cyber and data
- Employment practices liability (EPLI)
- Equipment breakdown
- Inland marine
- Professional liability (Errors and Omissions)
What type of business insurance do I need?
Your insurance agent is here for you to help determine the right coverage for your business. The best way to make sure you’re fully covered is to have a frank conversation about where your business is today, and where it’s going tomorrow.
Talk to one of our local, independent agents to get the coverage that’s right for your unique business needs.
