Can I Get a Policy That Combines Different Types of Commercial Insurance?

Is it possible to get a policy that combines different types of commercial insurance?

Commercial enterprises must be diligent in planning and preparing for the future. This process should include establishing appropriate risk management and loss control measures that can help a company correct its course following unexpected mishaps.

Efficient and effective insurance solutions may be critical investments. After all, your company’s coverage portfolio incurs inherent costs, and you should maximize the cost-effectiveness of these purchases.

Why Combine Different Types of Commercial Insurance Under One Policy?

Businesses of all sizes and sectors must secure appropriate commercial insurance, typically requiring several types of coverage. While fulfilling these needs, many organizations may have to purchase and maintain many separate policies, which can increase the burden on decision-makers and overall costs.

Fortunately, there may be opportunities to curb these issues and maximize cost-effectiveness and time efficiency by securing multiple types of insurance under a single arrangement. By doing so, your company may enjoy lower total costs than what separate premiums for various types of policies might incur.

It can also reduce the number of points of contact you must maintain since a single insurance agent or company could be servicing multiple needs.

What Are My Options?

The ability to combine multiple types of insurance under a single policy may vary significantly depending on your unique circumstances, including your coverage needs, risk tolerance and the offerings of your insurance company. To begin, consider asking about the following possibilities:

• Business owners policies (BOPs)—These arrangements are often available to small- and medium-sized enterprises and usually combine several core coverages relevant to most companies. Typical offerings include the following:

• General liability insurance
• Commercial property insurance
• Business interruption insurance

• Commercial multiple peril policies—These insurance policies may be attractive to larger corporations due to their ability to bundle more forms of coverage, such as the following:

• General liability insurance
• Commercial property insurance
• Equipment breakdown insurance
• Commercial crime insurance

While the above examples include commonly bundled coverages, some customization may be available. Speak with your agent to learn how a bundled policy can be tailored for your business needs.

We’re Here to Help

With a history of service dating back nearly 70 years, the team at Blackburn Insurance Agency, Inc. has the track record and commitment to ensure businesses in Grand Prairie and throughout Northeast Texas are adequately insured by ideal policies. Contact one of our agents today to learn more about your coverage needs.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.