Any company considering an insurance policy CPP, or commercial package policy, should be familiar with the three elements the product comprises. While the policy provides peace of mind by protecting organizations from nearly any commercial risk, understanding the components well will help you select the right policy.
Perhaps the biggest benefit of a commercial package policy is how it covers a company for multiple situations, including scenarios like natural disasters and general liability. It does this by combining policies into one package.
The 3 Elements of a CPP
When considering a CPP, https://www.dsayles.com recommends you review these three components. If you have questions along the way, don’t be afraid to ask your agent:
Common Policy Declarations
This is where you will provide your information as the policyholder. Answer questions like who is the insured, what property is covered and what coverages are packaged in the CPP. All of the policy’s pertinent information is found here.
Common Policy Conditions
This component identifies the insurer and the insured’s rights and obligations. These might be premiums, policy changes, cancellations and more.
Here’s where you will outline the coverages you’re combining into the CPP. Those coverages might include general liability coverage, commercial crime, commercial auto and more.
Once you understand the three elements of a CPP, you can better strategize how you will build yours. Remember to seek help if and when you need it.