Thursday, December 22, 2011

Commercial Package Policies – Business Insurance

Baton Rouge Business InsuranceThere are many types of risks that a small business owner might encounter and each requires a separate insurance policy. Buying individual policies for each risk can get confusing. Your agent will be able to offer you commercial package policies to help business owners organize their policies needed to protect their business in one convenient package. These packages may also include discounts to save business owners money as well.
Not every type of commercial insurance is offered in a commercial package policy though. Business owners can create a custom package using any of the following coverage types:
  • Property coverage
  • General liability
  • Employment practices
  • Auto
  • Inland marine coverage
  • Machinery coverage
  • Crime coverage
  • Boiler coverage
  • Farm coverage
  • Professional liability coverage
Your individual package may also have declarations, endorsements and conditions specific to you and the needs of your business. For instance:
  • Each package will have what is called a common policy declaration spelling out the details of whom and what is covered. It will include the policy holder’s name, coverage dates, a description of the nature of the business covered and the premiums.
  • Common policy conditions will spell out the responsibilities and obligations of the primary insured. This ensures that, in the case of a business with multiple owners, one individual owner will be responsible for paying premiums and responding to inquiries. This is also the only individual on the policy with the power to cancel it. In order to do so, he or she must send the request in writing to the insurer. If the primary insured wishes to transfer these responsibilities to another, the request must also be made in writing and must be approved by the insurance company.
With commercial package policies, it’s important to know that your insurer will be permitted to audit your business' books at any time while the policy is in-force and up to three years after it has been canceled.

Call us today at 225-935-8751 for more information about Commercial Package Policies or get a free Baton Rouge business insurance quote.

JG

No comments:

Post a Comment