Define: Commercial Package Policy

A commercial package policy is a type of insurance policy that combines multiple coverages into a single package for businesses. It typically includes property, liability, and other optional coverages tailored to the specific needs of the business.

A CPP is suitable for a wide range of businesses, including small and medium-sized enterprises, retail stores, restaurants, manufacturers, contractors, and professional service providers.

A CPP can cover various aspects of a business, such as property damage, liability claims, business interruption, equipment breakdown, crime, and inland marine coverage. The specific coverages included in a CPP can be customised based on the business’s needs.

Yes, a CPP can be customised to include additional coverage based on the specific risks faced by your business. Examples of additional coverages that can be added include cyber liability, employment practices liability, and professional liability.

The premium for a CPP is determined based on several factors, including the type of business, its location, the coverage limits selected, the deductible amount, and the business’s claims history. Insurance companies also consider the business’s industry risk factors and the specific coverages included in the policy.

Yes, you can generally cancel your CPP at any time by providing written notice to your insurance company. However, it is important to review the terms and conditions of your policy, as there may be specific cancellation provisions that you need to follow.

Yes, you can generally transfer your CPP to a new business location. However, you should inform your insurance company or agent about the change in location to ensure that your policy remains valid and covers the new premises.

Yes, you can make changes to your CPP during the policy term. If you need to add or remove coverage, increase or decrease coverage limits, or make any other changes, you should contact your insurance company or agent to discuss your options.

It is recommended to review your CPP annually or whenever there are significant changes in your business operations, such as expansion, acquisition, or changes in the nature of your business. Regular reviews ensure that your policy adequately covers your business’s evolving risks and needs.