The majority of small to medium-sized businesses are able to sufficiently operate with a business owner’s policy (BOP), especially if they don’t have a lot of specialized risks. A BOP offers basic levels of general liability and property coverage for many businesses. However, if your company operates with specialized risks, you might want to consider a more customized policy from IPA Risk Management, LLC. This is done using packaged products for commercial entities where multiple coverage options are combined under one umbrella.
Do you have questions about the package products we offer? Does your business operate with specialized risks? It’s time to call IPA Risk Management, LLC, to explain the needs of your business. Call us today at 201.797.1084 to speak to a member of our brokerage.
The ability to bundle
The ability to bundle multiple insurance coverages in one policy is an excellent option for all types of businesses. A BOP is only able to cover certain types and size businesses, making it a limited option for most companies. However, a package product policy covers a wide range of risks and the majority of businesses, no matter the industry in which they operate or their size.
What is in a basic package product bundle?
The most basic package product bundle will include the following coverage options:
Is there anything a package product bundle doesn’t cover?
Like all other types of insurance policies, there are things that a package product bundle will not cover. These items include the following:
- Directors and Officers (D&O) liability
- Errors & omissions
- Health and disability
- Life insurance
- Workers compensation
This doesn’t mean you cannot find coverage for these items, you will just need to purchase the coverage separately and IPA Risk Management, LLC, can help you with these additional policies.
Cost savings with a package product policy
There are cost savings when you choose to bundle multiple insurance policies into a large package. If the policies can be secured from the same company, many will offer discounts for bundling the insurance together. This is another advantage of purchasing this type of policy. Aside from expanding the coverage of your business to protect it from dozens of different hazards, you can also save money with the premiums you will be paying.
Close gaps in coverage
An added benefit of purchasing a package product policy from IPA Risk Management, LLC, is that it helps to close the gaps in coverage. This is done by having the policies written by one company. When policies are written by different companies you run the risk of there being gaps in coverage due to the language used. This is especially important when looking at the language used to explain how the insurance company responds to claims. Having multiple policies from one company removes any doubt when filing a claim as to how the process will work.
Industries that use package products
The most common industries where companies use package products policies include the following:
- Wholesalers & Distributors
- Lessor’s Risks/Large Offices/Habitational Buildings
- Resort Hotels
- Travel Plazas/Truck Stops
- Country Clubs
- Golf Courses
This is not an exhaustive list, which is why it’s important that you speak to a member of our brokerage with your questions regarding commercial package products for your company. We will review your operations, size, industry, and known risks to determine the coverages that should be included in the package. Call IPA Risk Management, LLC, today at 201.797.1084 today to schedule a consultation.
Why choose us?
We understand that it is challenging to deal directly with insurance companies. That’s why we have built our brokerage from the ground up to represent our clients thoroughly in any insurance inquiry they might have. We build long-lasting relationships with our clients so you feel comfortable calling with questions or requests to change coverage. We provide superior service to all of our clients, whether you joined us yesterday, are thinking of joining us tomorrow, or have been with us for years. Let us show you what we can do to protect your company’s assets with a package product policy.
In Need of a Commercial Package Product? Call IPA Risk Management, LLC, Today
As your business grows with the addition of new employees or added specialized risks, you should explore a commercial package product that encompasses much more coverage than a business owner’s policy. It’s a smart move that protects your business from many different risks. Call the office of IPA Risk Management, LLC, at 201.797.1084 to schedule a consultation for your business with a member of our brokerage at your earliest convenience.