Choosing the Right Bundled Insurance Package

Business owners that run a mid- to large-sized business operating in the great state of Indiana have enough to worry about with daily operations, meeting deadlines, providing good customer service, and maintaining employee retention. The last thing they need is to have to add getting the right insurance policies to the list.

While you can purchase several essential policies separately, a Carmel commercial package policy can be issued to include almost any type of coverage offered, from property and cyber liability, to auto, crime, inland marine and professional liability. Cyber, always a hot button topic, has become essential for most business entities.

Purchase coverage that addresses specific exposures

Commercial package policies allow for greater flexibility in determining which coverages you desire, and allows you to specifically design for the needs of your organization, unlike a simple business owner’s policy (BOP). It also enables you to have much of your essential coverage in one convenient package. This means only having to deal with one insurer whenever a claim for any of those particular issues comes to light.

Partnering with the right insurer is always important. You need someone in your corner who can analyze the amount of risk you might face in order to determine what type of liability coverages you actually need, as well as the amount of coverage, since any current coverage amount you have may be inadequate for the types of risks your business faces.

You may also need to have adequate protection from other exposures you may face and, depending on your particular type of business, you should probably include additional types of liability coverage protection. You may benefit by including pollution liability, directors and officers, professional liability, employment practices liability, or umbrella/excess liability, to name a few.

You need to understand that there may be gaps in coverage that you are unaware of, as well as the negative effect this can have if ever faced with a claim you end up having to pay out. It may be appropriate for you to increase policy limits, or expand to broader coverage in order to ensure that you have a truly comprehensive Carmel commercial package policy in place.

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