• Inland Marine Insurance
• Pollution Liability Insurance
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.
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.
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:
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.
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.
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.
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.