Insurance companies generally write packaged business insurance plans for small or mid-sized businesses. These firms may have more minor liability needs because they do not operate extensive facilities or only require added insurance protection for minor risks. For example, a food manufacturing company and a car wash facility won’t require the same coverage that a real estate developer needs.
Packaged plans permit a high degree of customization and may incorporate two or more coverages into a single plan. While each plan is specific, the average packaged business plan will cover various property and liability exposures. Coverage options comprise general liability and property coverage. In addition, business auto policies are generally added to the bundle, along with crime protection. Crime protection policies protect against more than just vandalism and comprise embezzlement coverage, forgery coverage, check or money tampering coverage, and credit card fraud coverage. Inland marine coverage is also standard under a packaged plan, providing on-the-ground coverage for transit items. Additional policies can be added at an expense, allowing each business to precisely cover its unique risks.
Packaged plans can’t include certain items like workers’ compensation or directors-and-officers insurance. Workers’ compensation insurance is mandated by law and must be purchased separately. Directors-and-officers policies are necessary for non-profit organizations. Group life and disability policies are also particular items with different plan choices and decisions.