Ohio Commercial Package Policy Insurance Coverage

Every business is unique, and each faces different exposures. We make it our business to become experts in your business so we can identify the key exposures you face, and then provide the best coverage solutions to address the risks of loss.

We work for you to provide the security and peace of mind you deserve so you can spend more time running your business and less time worrying about your insurance. It's a simple philosophy, but one that many Ohio businesses have come to expect from the licensed advisors at Simon Insurance Agency. We appreciate these lofty expectations, we look forward to exceeding them for our current clients, and we continually strive to help prospective clients increase their expectations of their insurance protection.

Our Business Insurance Products Include:

Bonds

Builders Risk

Business Income

Businessowners Policy (BOP)

Commercial Auto

Commercial General Liability

Commercial Package Policy

Commercial Property

Crime

Directors & Officers (D&O)

Employee Benefits Liability

Employer's Liability (Stop Gap)

Employment Practices Liability (EPLI)

Flood

Inland Marine (Contractors Equipment)

Professional Liability and E&O

Umbrella

Workers’ Compensation

Ohio Commercial Package Policy Insurance

Chances are, your business has either a Commercial Package Policy or a Businessowners Policy. The Businessowners Policy, or BOP, is a package policy designed for businesses of a simpler nature. Most businesses however are insured on a package policy.

A package in insurance lingo combines types of insurance in one policy. It takes at least two coverage forms to make a package policy. A coverage form details your insurance protection. Individual coverage forms may have additional conditions, or coverage limits.

So for a business, a package policy could mean one of each of these coverages:

• property damage
• liability against lawsuits
• crime

Monoline (one line of coverage) insurance policies are still common; of course package policy discounts don't apply to these. Today most businesses opt for the premium savings and more complete coverage of a package policy.

A Commercial Package Policy has a policy jacket that contains:

• general material common to all policies
• Declarations pages (often called "dec" pages)
• various, specific coverage forms.

Some coverage forms you might see depending on your business needs are:

• commercial property
• commercial automobile
• general liability
• inland marine
• employment practices or employment-related practices liability.

Your agent's goal is to help you understand and select the coverage essential for your operations.

Declarations

The Declarations pages personalize the insurance for you and your business. If any of the information on the Declarations pages is wrong, you may face disastrous consequences in the event of a loss. When you receive a new insurance policy or a renewal policy, your first priority is to review the new Declarations. Are all your business entities named correctly? Are the coverages and limits you agreed to listed as expected? This review is not a big job, but it is an important one.

Exclusions & Endorsements

Each coverage form in a package policy will have its own exclusions and perhaps one or more endorsements.

• Exclusions help set parameters on the coverage granted by the insuring agreements set out in the form.
• Exclusions are added to make a policy better fit for certain insureds.
• Endorsements are additions to the policy.

You must take into account each part of the policy to understand the whole package. Just as it takes many parts to run the engine in a car, all the parts of an insurance policy must work together, too.

A Quick Review

• Package policies contain Declarations, Insuring Agreements, Exclusions, Endorsements, and Conditions. Each line of insurance has a separate form.
• The policy parts work in unison to provide coverage.
• Premiums are often discounted for package policies.

Beware, insurance terminology changes over time! Also, insurance companies add their own policy names. Why? It helps them differentiate their product and design policies for specific types of businesses.

Request A Free Quote

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Requesting a free quote is easy, straight forward and time saving!

All we need from you is some basic information to get the process started. By filling out the form to the left with a few lines of information, it will allow one of our experienced insurance agents to contact you to discuss the different options of the insurance type you requested.

We are here to work for you so that is exactly what we will do. Once we have all the information we need, we will carefully look over all the options that are available to find out the best coverage for the best rate that will fit your needs. Then we will call you back to let you know how much money you saved by switching your business to Simon Insurance Agency.

Thanks for inquiring about insurance through Simon Insurance Agency.

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