Commercial Package Policy in Vermont

WHAT IS IT? WHO NEEDS IT? COVERAGES OFFERED

A commercial package policy is a customizable business insurance solution.

These package policies are especially well-suited for businesses that face unique industry-specific insurance risks and those that have grown beyond the size of a small business.

• Employment Practices Liability Insurance
• Inland Marine Insurance
• Pollution Liability Insurance

What is a Commercial Package Policy?

Businesses in Vermont face many and varied risks. A microbrewery in Killington, VT, bakery in Montpelier, VT and contractor in Barre, VT are each exposed to risks that are unique to their business and industry. Through a commercial package policy, a Vermont business can get a tailored insurance solution that includes policies specific to its needs.

A commercial package policy is a customizable business insurance solution. A package policy contains two or more policies within it. In most cases, the policies contained in a package policy could be purchased individually. Getting them through a package policy, however, is often more convenient and can help businesses reduce their premiums.

What Kinds of Vermont Businesses Can Benefit from a Commercial Package Policy?

While any business in Vermont may want the protections that a package policy can provide, these package policies are especially well-suited for businesses that face unique industry-specific insurance risks and those that have grown beyond the size of a small business. Since commercial package policies offer more specialized and customizable coverages that business owners policies, they’re better able to meet the needs of these businesses.

What Coverages Are Available Through Commercial Package Policies?

Being customizable policies, commercial package policies are able to offer many different types of coverage. Most package policies include general liability insurance and commercial property insurance. Some other coverages that businesses frequently get are:

Business Interruption Insurance
Business Crime Insurance
Equipment Breakdown Insurance
Employment Practices Liability Insurance
Inland Marine Insurance
Pollution Liability Insurance

In addition to these, there are many other coverages that are available through package policies. Depending on a business’ needs, a policy might also have supply chain risk coverage, farming or ranching loss coverage, terrorism coverage, or any number of other additional coverages.

Are There Any Coverages That Commercial Package Policies Don’t Include?

There are a few types of insurance that aren’t typically included in package policies. Directors and officers liability insurance, health insurance, disability insurance, life insurance (for business owners and partners), and workers compensation insurance usually must be purchased separately as stand-alone policies. Most agents that help businesses choose package policies are also able to help businesses find these other insurance policies as well, though.

Mike Bancroft is simply an amazing agent. When my business got burglarized, I was so upset and didn't know what to do. I contacted Mike and he was very prompt in calling me back and he put my mind at ease. He made me feel so much better and handled all of the paperwork immediately. His customer service is top notch and I highly recommend him to be your insurance agent!

Becci Kepnes-Letourneau

Our business was with the same trusted agent for over 20 years. Mike Bancroft offered to evaluate our policies and see if he could save us some money on both Workmen's Comp and general liability. He did, and in the process even moved us to better coverage. Mike also offers a superb quality of service. Cannot recommend highly enough.

StoryWorkz Creative

Mike Bancroft has been great to work with. He has assisted with my Business Auto, Tool Coverage, Homeowners and all other types of insurance needs. I wouldn't be surprised if they change their name to Paige, Campbell & Bancroft soon!

Lance Garrett

Extremely prompt, personable, and professional service! Despite only needing a workers' comp policy for one employee, Paige & Campbell was very receptive and ensured to shop my policy around to ensure I received a great price that was almost half of what another broker quoted me.

Jennifer L.

How Are Commercial Package Policies and Business Owners Policies Different?

Commercial package policies and business owners policies are similar. They’re both customizable packages of individual insurance policies that businesses can use to insure themselves. They are different insurance products, though.

Business owners policies are generally designed for small and medium businesses. They generally offer basic insurance policies that almost all businesses ought to have, such as general liability, commercial property, and business interruption insurance.

Commercial package policies often include these basic coverages, and they can also include more specialized policies. A package policy, for instance, might include inland marine, pollution liability, and commercial auto insurance. These kinds of coverages typically aren’t available through business owners policies.

How Can Businesses Get Commercial Package Policies?

Because package policies are customized to meet the particular insurance needs of a specific business, businesses in Vermont should work with an independent insurance agent when designing a commercial package policy. An agent can help a business consider the different risks that it’s exposed to and find policies that will protect against those risks to include in a package. An independent agent can also compare different insurers' offerings to see which company offers the best coverage and the most affordable price.